Financial resolutions: seven ways to be more money savvy in 2021

You might want 2021 to be the year in which you eat healthier, learn a new skill or land the job of your dreams.

But it’s also an opportunity to ditch your bad money habits.

One in five households relying on wages or a salary couldn’t raise $2000 within a week for an emergency, according to recent figures from the Australian Bureau of Statistics.

Financial planner Cameron Howlett said the global pandemic has highlighted that people often don’t financially prepare for the unexpected, like ill health or losing their job.

“People think that money will last forever and that’s not the case; when it’s gone, it’s gone.”

The first step to get your money in order may sound obvious but most people don’t do it: Examine exactly how and where you spend your money over a year.

Most people underestimate their actual spending by 50 per cent, Mr Howlett said.

“People are spending much more than what they think,” he said.

Continue reading about seven ways to be more money savvy in 2021.

First published on www.thenewdaily.com.au and republished with permission from The New Daily. For the full article visit The New Daily website.