Making (and keeping) your financial resolutions for 2021

Time flies when you’re having fun, but also when you’re weathering a global pandemic. And if you’re like most of us, you’re probably starting to wonder where the year had disappeared to.

But while 2020 may have zoomed (pun intended) by, the new year presents a host of wonderful opportunities for you to get back on track and achieve your goals.

To help you do so, we’ve put together a few useful tips to guide you in making and keeping your financial resolutions for 2021.

Tip #1: Be positive, but also realistic

Resolutions aren’t hard to make, but making realistic ones that you’ll actually keep? Now, that’s the tough part.

To overcome this first hurdle, start by wording your resolution positively.

For example: instead of saying ‘I want to spend less’, try saying ‘I will only spend on what I need’. You’ll be surprised that a simple re-wording of your resolutions can make a world of difference to how you approach them.

Once you’ve got your positive resolutions all set, find ways to make them SMART – Specific, Measurable, Achievable, Relevant and Timely.

Not only does this allow you to re-assess your resolutions, it will also make achieving them far more plausible.

Tip #2: Create opportunities for accountability

It’s much easier to achieve your goals when you’re not doing it alone. Grab a friend, partner or family member and make them your accountability partner for the new year.

It doesn’t have to be complicated – simply share your resolutions and let them know how they can be supporting you.

Say you want to better protect your family’s finances in the coming year by relooking your insurance portfolio, your accountability partner can keep you on track by reminding you of your goal.

Another good way to stay accountable to yourself is by keeping your resolutions visible throughout the day – yes, literally. Put your resolutions on your phone’s lock screen or place a sticky note at the place you frequent the most, whichever works for you.

This way, ‘out of sight, out of mind’ can never become an excuse.

Tip #3: Celebrate small victories

With all that we’ve been through the past year, the last thing you need is the additional stress or anxiety from your resolutions looming over your head.

But while setting realistic goals may make your resolutions less overwhelming, finding ways to reward yourself along the way can make the entire process more enjoyable.

Set checkpoints for your goals and allow yourself to celebrate, however you like, when these milestones are met so you’ll always have something to look forward to.

Life is tough enough. So quit being so hard on yourself and recognise that small victories – like achieving 1/8 of your savings goal – are worth celebrating too.

Tip #4: Don’t forget to do your research

Resolutions can be hard to achieve when you don’t know enough before making them.

When it comes to making smart financial resolutions, it’s especially important to know where your hard-earned money is going to.

After all, with the wealth of options available out there, you wouldn’t want to be overspending on something you don’t need.

A good starting point for your research would be the websites of financial product providers themselves. Even if you’re new to the scene, you’ll be relieved to know that financial institutions such as FWD uses simple language (yes, no complicated terms or technical jargon!) so you know exactly what you’ll get every time.

This way, you’ll have the information you need to craft realistic goals that you can keep.

Your financial resolutions can affect those around you

Start the new year on the right foot by ensuring that you and your loved ones are well-protected. One way to do so is by making life protection a part of your New Year’s resolution.

With FWD’s Term Life Plus insurance, you can get a million dollar coverage from as low as S$1 a day¹ and the freedom to pace your premiums with your income.

This means that you can start with a low premium and enjoy guaranteed yearly renewals up to the age of 100 or opt for a fixed premium for any number of years, from 5 years up to the age of 70.

You can also enjoy this coverage without the need for a medical examination if you are in the pink of health.² And yes, there is no lengthy questionnaires to be filled either.

Plus, we give you the option to enhance your coverage by adding optional benefits such as Critical Illness or Total and Permanent Disability riders.

So while you go about making your financial resolutions for the new year, bear in mind the tips above and you’ll be on your way to becoming a better you in 2021. After all, your financial goals are often linked to your personal ones too.

Get your quote for FWD Term Life Plus insurance.