12 MONEY RESOLUTIONS FOR 2021 (AND HOW TO KEEP THEM)

After a difficult year, it’s important to make the most of your money. Here’s our plan to help steer your finances back on course

Take control of your finances

GO PAPERLESS

Arrange for household bills, bank statements and insurance policies to be sent electronically. Some companies offer a discount for receiving bills via email, and if you create a folder system on your computer (think of it as an electronic filing cabinet), you’ll be able to find things more easily and keep better track of your outgoings. While you’re at it, it’s useful to set up an email address or dedicated folder that you only use for shopping e-receipts, so they’re all in one place, too.

SET A WEEKLY BUDGET

A month is a long time if keeping to a budget isn’t your strong point. It’s far easier to keep control and remain motivated if you plan week-to-week. Fixing your budget to run from Monday to Sunday creates an added incentive to be frugal during the week so you have more money for fun at the weekend. Choose a budgeting app to help you: Yolt lets you set goals and will tell you if you’ve blown the budget; Money Dashboard is great if you want an overview of what’s going in and out of all your accounts.

NO MORE BOREDOM BUYS

You know the drill: you’re checking emails or watching videos, then an ad pops up in your feed and before you know it, you’ve bought something. Here’s a new rule to try before you hit ‘buy’: send yourself the link to the product page and pick up on it the following day. Ask yourself: is this still a good purchase?

PRACTISE MONEY MINDFULNESS

The number of us living an almost cashless life has more than doubled in two years, according to UK Finance. Fewer than one in four payments were made with cash last year (even before the corona crisis). Convenient though contactless or plastic is, the downside is that it makes it harder to hear the ker-ching when we spend. The ‘pain of paying’ that can help keep spending in check is even more deferred when we use credit cards or ‘buy now pay later’ schemes, such as Klarna, as we don’t see money leaving our account. To avoid overspending, set up a different account with a separate debit card and transfer your weekly disposable income into it. Or take a look at Monzo,