As we continue to deal with the effects of the COVID-19 pandemic, personal finance has become a major focus for everyone. But while we understand the importance of properly managing our money, many of us may feel lost when it comes to figuring out how we can do so more successfully. Can you relate to the above? If so, here are three resources to help you properly maintain your finances in 2021.
1. Develop a physical organizational system for your finances.
Let’s imagine that you run your own small business from home. With all of the invoices and receipts, you have to manage, chances are that your organizational system may look a little bit hectic at the moment. Maintaining your finances in this regard can be as simple as finding the right physical materials to cultivate a better storage system.
For example, purchasing high-quality accounting supplies will give you everything you need to keep your most important financial documents in one place. Whether you need tax folders, tax return envelopes, or report covers, getting started is half the battle. Make it a priority to develop a better organizational system for your physical financial documents now!
2. Look for safe storage solutions if you invest in alternative assets.
Have you heard of cryptocurrency? Cryptocurrency or crypto is a digital asset that has exploded in popularity in the past few years. Whether we’re talking about Ethereum, Cardano, Algorand, or other crypto assets, many are investing their funds into these tokens. That being said, holding these assets in exchanges can leave your funds susceptible to hackers. Instead, you will want to protect and maintain your crypto using hardware wallets. One great product that you can rely on to secure your funds is the Nano X by Ledger.
The Nano Ledger X is a compact USB device that serves to protect your funds by requiring you to physically have the device and the passcode in order to get into your crypto wallet. With Bluetooth capabilities, support for over 1300 current assets in the cryptosphere, and support for all major desktop and mobile operating systems, you don’t have to worry about your funds being unsafe in a web wallet any longer.
3. Download a comprehensive budgeting app to monitor your finances.
It can be difficult to see all of your finances in one place. Whether you’re looking at your main checking account, a checking or savings account at another bank account, or even credit card spending, many people have accounts spread across multiple banks.
Instead of trying to spread yourself too thin and making mistakes with your money, consider downloading one of the many budgeting apps that are available today. Budgeting apps can track your bank accounts and spending, investment accounts, Foreign Earned Income Exclusion and even loans like credit cards or student loans. This ensures that you’re always up-to-date on your financial health and can catch any unhealthy spending trends or errors before they affect you.
In today’s world of finance, learning how to leverage available tech makes it far easier to keep your finances in check. Just make sure that you do your research and never invest in a product that you’re uncertain of.
Financial health and wellness are often discussed but rarely do we get the advice that we need to actually make a difference. If you’re ready to take better care of your finances but don’t know how to get started, consider the three resources above for both physical and digital organizations. With the right money management habits, you’re well on your way to bolstering your finances and breaking free of debt and bad money habits.