Top 9 Money Tips for 2021
A fresh calendar gives people a fresh slate. A new year to mold in any fashion. It’s a great time to evaluate where you’re at in life, including your finances. Here’s a list of the top 9 money tips for 2021 that can have a significant impact on your finances in the coming year.
Evaluate Expenses
Make a list of all your monthly expenses (if you don’t already have one) and evaluate each one for value against its cost. This should be done periodically, and the beginning of the year is a perfect time. My son joined a gym before the pandemic started, and just recently took the time to cancel it even though it’s either been closed, or he’s been uncomfortable to go. That’s nearly a year’s worth of membership he’s paid for unnecessarily.
Increase Saving
There are some Americans who have not been affected financially by the pandemic. But, we’ve all seen some restrictions on our daily life. Restrictions on travel, dining, and entertainment have made it easier if not forced a reduction in spending. If this describes your personal situation, this is the perfect time to save more, pumping up that emergency fund.
Here are some apps that can help you save more.
Apps: | Fees and Minimum: | Best For: |
---|---|---|
Digit | 30-day free trial period. $5 per month | Setting aside automatically. |
$1 per month | Spare change investing. | |
$3 membership | Letting you set rules to automate savings. |
Invest Extra
If you are financially able, increase your investment budget. The incoming of a new President may be viewed favorably by the markets due to the potential of a third stimulus package, better handling of the pandemic, and greater overall stability of the country.
Here are some of the apps to get you started in investing.
Apps: | Fees and minimum: | Best for: |
---|---|---|
Free | Investing for Beginners. | |
$1 per month | Spare change investing. | |
$1-$9 per month no account minimum | Investing for the future. | |
$99 for the first year. | Stock advising. |
Refinance Your Mortgage or Buy a Home
Mortgage rates continue to be extremely low. If you already own a house, refinancing may lower your monthly payment putting more money in your pocket. Alternatively, you could shorten the term of your mortgage to get that house paid off more quickly. If you don’t own a home, current interest rates make now a great time to jump into homeownership.
Increase Auto Insurance Deductibles
Many are driving less due to lockdowns. I have a coworker who has filled his car up with gas twice since March. Less time behind the wheel means less risk for an accident. You can save on your auto insurance bill by raising your deductibles.
Wait on Wardrobe Updates
Wearing pajamas all day has almost become a cultural joke at this point. Personally, I spend the vast majority of my day in athletic shorts and tank tops. There’s no reason to go shopping for clothes, as I’m not going anywhere that requires new clothes. Hold off on updating that wardrobe until things open up and life starts to move closer to normal.
Grow Your Skills and Your Value
Skills mean earning potential, whether it be in your current job or a future one. If you’re spending more time at home take online classes to increase your education and skill level. It will make you more valuable to your employer, unlocking new opportunities and you might just have fun learning something new.
Be Healthier
Eat healthier, get outside, and be active. If you’re able, invest in some home gym equipment to help you get into better shape. Not only will you (and your significant other) like the results but being overall healthier will lower your risk of getting sick and having to pay those hefty medical bills.
Make One Big Goal, and Drive To It
Reading through this list may be overwhelming. Admittedly it may be difficult to bite off several large projects at once. Pick one big goal, and put all your energy into it. If you happen to accomplish it before the end of the year? Pick another, and then another. You’ll be surprised what you can get done in 2021.
These top 9 money tips for 2021 aren’t unique for this year, although some of them have an increased impact because of the pandemic. There’s never a bad time to work on financial goals, but the new year might just be the inspiration you need to get started.
Read More
Read more great articles from Clever Dude:
- 3 Financial Goals For The New Year
- Guide to Setting Goals (and my own New Year’s Resolution)
- Four Ways To Inexpensively Teach Yourself a New Skill

Brock is a software engineer by day and personal finance blogger at night. He is a fitness junkie and enjoys grilling and smoking meat. Married with two children, Brock strives to improve his skills as a husband and father, and is always on the lookout to stretch his family’s budget as far as he can.