As 2020 ended, people now look forward and hope that this year will be different. Most wish that 2021 will be a time of achieving goals that the previous year derailed. For some, 2021 is a year to restart and refresh their bucket list that they plan to pull off this year. With vaccines rolling out to different countries across the globe, the hope of ending the pandemic is at its peak.
While some wait for the vaccine to arrive in the country, others waste no time and see 2021 as the year to bounce back. Indeed, many have already planned out their 2021: what to do, what to buy, where to go, and more. Some have also started their businesses and maximize the newly developed skills that they have learned over the quarantine months from last year.
Overall, 2021 feels like a clean slate that allows all possibilities. Here is a bucket list that can guide those who still feel unsure about the future for this overwhelming phase.
A WHOLE YEAR ACTION PLAN
It is always best to start with the bigger picture. Having a clear vision for the year ahead allows one to go into specifics when handling and executing goals. This is where planners come in handy in listing down those to-dos. When enumerating goals for the year, highlight the priorities. This can be getting fit, starting a small business, getting a new job, or mastering new skills.
Schedule periodic goals to avoid getting pre-occupied and overwhelmed by trying to achieve them all at once. Though tedious, this is beneficial in keeping one on track of their milestones. It is also best to set a deadline for each goal. Part of planning also means welcoming the possibility of things not going according to plan, requiring a set of contingencies. In summary, one must prepare for the best and at the same time think of a back-up for the worst.
A STABLE INCOME FOR THE NEEDS AND WANTS
If there is one thing the pandemic highlighted, it is the need for a stable income source. This may come from one’s jobs, business, or investments, to name a few. Achieving goals more often than not requires resources. Making sure that one has their source of income secured is a significant step in the realization of their plans.
Diversifying investments can help multiply one’s income source. Instead of just depending on that corporate salary or business profit, people can check trusted online trades as their secondary cash inflow source. With the internet and the world wide web’s power, one can now earn from the comfort of their home by investing in stocks, putting up online businesses, and many more.
Here are some examples of trendy online businesses:
- Start your clothing line
- Become a freelancer
- Sell thrift store finds
- Sell home-made sweets
- Sell arts online
After securing a stable income source, the next step is managing finances well by balancing needs and wants. If one’s goal, for instance, is to move into a new house and lot by the end of the year, one might want to avoid splurging on international vacations in the meantime.
SAVINGS FOR THE LONG RUN
After securing resources for the needs and wants, one must also allocate a sum of their earnings for savings to prepare for the future. Savings can serve multiple purposes in the long run. When thinking about saving, one should always think about tomorrow and weigh their expenses today. This can be done easier by setting budgeting techniques.
At present, there is a myriad of saving and budgeting applications that one can download explore to help monitor their spendings. Here are some applications that can be downloaded from the App Store or Google Playstore:
- MINT
- GOOD BUDGET
- POCKET GUARD
- YNAB (You Need A Budget)
Think about the things that are helpful not only for the present but also for the future. When receiving an income, setting aside one’s savings must be one top priority. The rest will be divided into expenses and daily needs. The ideal breakdown is to have 30% of the income as your savings and the remaining 70% for the costs.
To know more about the types of savings one can set up, below are the general examples:
- Short-Term Savings: Savings that are ideal for the travel goals or buying the things one needs or wants. This is the type of savings that people usually set up for an upcoming occasion or plans such as traveling with friends, having a vacation, or buying the material things one likes. Most of the time, this type of savings focuses on the wants and seldom on the needs.
- Long-Term Savings: This is the type of savings set up for the future. This includes getting married, settling for a stable life, and more. This is ideal to be deposited in a bank account for it to gain interest. Opening a time-deposit type of bank account is also recommended. This ensures that one cannot withdraw the deposited money until the time set comes.
- Emergency Savings: This type of savings is essential in times of emergency. There is nothing wrong with hoping for the best, but it would not hurt to prepare for the challenging times. The emergency fund is where one would ideally withdraw money to buy medicines, pay hospital bills, or reimburse any other form of unforeseen eventualities.
INVEST WHILE YOU’RE AT IT!
Investing is an ideal goal for the year 2021. It is even better for people who already had a headstart last 2020. Aside from stocks and businesses, real estate poses itself as the right place to put money on. Real estate generally does not depreciate, which makes it a safe investment. Real estate can also generate passive income and help one live mortgage-free. Those who want to have an earning investment may also choose to sell or rent out their property.
When looking for a real estate property to invest in, choosing a well-known developer is most advisable. As the Philippines’ top house and lot developer for over four decades, Camella’s value propositions promise rewarding returns for its investors. Pioneering townships and innovating through time, Camella continuously elevates its offerings and its value to homeowners. Each Camella community provides its homeowners a complete set of amenities such as a clubhouse with swimming pools and basketball courts. Camella’s neighborhoods additionally offer jogging paths, green avenues, recreational areas, and pocket parks. For more investment opportunities and Camella’s latest offerings, visit www.camella.com.ph.
