New Year | New Resolutions - How you gonna manage your finances - 2021 ?

[so98nn]

We all know how this year was, mostly all the negative words would come out of our mouth! That's because many people lost their job, got sick and got entangled into pandemic disturbance. Whether you are a doctor, surgeon, mechanical engineer or artist, all of them struggled one way other.

This was real loss emotionally as well as financially.


The 2021 is one day away (for some time zones 2 days).

With the new year, only our calender is changing but "Pandemic" worsens with all new mutations. It means more challenges to manage our finances over the time.

I just want to know how different people from different countries are going to look forward to their finances?


For example, I have made resolution that I am going to contribute few % of my salary directly into the bitcoin purchases and will continue this for next year no matter what the condition is.

My reason is, I see huge up surges in the upcoming years considering bitcoin is getting stronger economically.

Whats your plan?

[zanezane]

Save enough money to invest in bitcoin when the bull run stops and the bear season starts. I do not have that much plan when it comes to finances besides lessen my spending on things that do not go up in value overtime. Also do not put your plans for others to see like a resolution, it is better if you just do it instead of saying it to the world that you can do it, you are more likely to succeed with your plans/resolutions.

[TravelMug]

Well I guess still the same, just HODL bitcoin next year and see how it goes. Everyone is saying that 2020 is a good year, but 2021 is going to be better as it might be the bubble that we all have been waiting, so the price could go as high as $50k-$100k.

So earn or buy bitcoin, save in your wallet for a year and just wait for it to rise. Regardless though, I will still look at every thing that I spend for next year, we really need to take control of our finances, there are still a lot of uncertainty, and even if there is this vaccine already, it will still be different and we can't go back to the normal way of life.

[Maus0728]

I am planning to hold bitcoin for long term so using Dollar(peso) cost averaging is my best bet while being frugal at all cost. I am just a student living alongside with my parents so bills and other expenses is not a big deal (for now).

Also, I am learning on how to trade and I even enroll myself to a trading course which will serve as a guidance to how and when to execute a trade. We're starting the guided trading session by January so I think that would be a great deal to learn risk management. I am hoping that I can do it consistently throughout the year while studying.

[pecson134]

I would still save them for this year and won't be planning to use in the near future. Unless there would be unforeseen circumstances that I need it badly then I would use it to the least possible way. I'm still waiting for a better time and amount before I can utilize it effectively

[maydna]

I will still hold bitcoin for some time and not going to sell if the price does not reach my target price. I will be happy to sell bitcoin if the price can rise more than $50k because that means, my profit will be bigger. But I also still trying to make more bitcoin from trading because this current situation can give me a chance to make more profit. I know that I need to learn more about trading, so I can get more opportunities to make a profit from trading. But I will sell my bitcoin if I need money to buy my family's daily needs, and I will sell bitcoin from the profit that I got from trading.

[so98nn]

Save enough money to invest in bitcoin when the bull run stops and the bear season starts.

Well I guess still the same, just HODL bitcoin next year and see how it goes. Everyone is saying that 2020 is a good year, but 2021 is going to be better as it might be the bubble that we all have been waiting, so the price could go as high as $50k-$100k.

Yup, everyone will be directed to the same results now, and thats holding. This is because of increased price of bitcoin and it's added bonus that we have more users than the previous years. This user base will keep on increasing over the period of time and thus demand for btc.

The end conclusion? Well more capital investment and thus more price.

I am planning to hold bitcoin for long term so using Dollar(peso) cost averaging is my best bet while being frugal at all cost. I am just a student living alongside with my parents so bills and other expenses is not a big deal (for now).

Also, I am learning on how to trade and I even enroll myself to a trading course which will serve as a guidance to how and when to execute a trade. We're starting the guided trading session by January so I think that would be a great deal to learn risk management. I am hoping that I can do it consistently throughout the year while studying.

Without any doubt this is best idea to follow up. As far as it's you, I know you will have more capital through your Artist Hands dear Maus0728. 
For you it would be better to keep saving that money and using it over your education. Moreover you can always save up some portion of this income into bitcoin for longer storage.


In anyway, it's best to hold since everyone is agreeing and voting to this way of earning more promptly than others. 

[dothebeats]

I think I did pretty good in 2020 if we’re gonna talk about finances. I haven’t had any unnecessary spending on my part, and haven’t incurred any debt whatsoever and increased my investments portfolio by a bit. Perhaps in 2021, I’ll try to widen my position in bitcoin even more and commit to buying every salarg again, just like what I did 5 years ago. With the way things are going right now, the only way for bitcoin is up from here.

[plvbob0070]

My focus is to save money for future expenses since I don't have a stable job and I'm only relying on here in crypto. Since I don't have much bitcoin with me, I will continue to hold them and I also plan to save more altcoins for the altcoin seasons.

Since we are mostly affected by the pandemic that will surely be lasting until next year, I need to handle my budget well and lessen my expenses.

[Genemind]

This coming new year, as soon as the crypto price gets corrected, I'll start saving more crypto. I also plan to spend more of my free time learning about trading and crypto. This year had been a huge roller coaster ride, the pandemic, the bull market, and a lot more. This had brought a lot of lessons for me. May the upcoming year be fruitful to each of us. Happy New Year.

[n0ne]

In Auckland (Newzealand) New Year has already dawn and people have begun to celebrate the new year. As per the present condition, it is time for survival than making resolution and financial plans. In my country the new year celebrations were stopped and the lockdown has been extended to 31st January. This means once again we're into the life same as 2020. What need to be prioritised is the positivity within us, because it isn't easy to live in a place where people will be surrounded with negative thoughts.

[TopTort777]

I’m going to hold and save as much as possible fiat during 2021. This is all due to covid-19. Our country is still on partial lockdown, number of cases still grows, even though we had first supplies of medicine delivered. With all that decrease in econonics, countries 2021 budget is in such deep ass, that government will try to squize every pennt from us. Think next year will taugher than 2020, that is why I’m going to economize on things I could have spent money on just for fun.

[The Sceptical Chymist]

Ah, the traditional "Whatcha gonna do for your new year's resolution?" thread.

Manage my finances?  Same way as I've been managing them for a long time now--I stay away from debt and live frugally.  No credit cards and if I have to or want to buy something, it'll only get bought if I have enough cash.

About things in general, I think last year I said I was going to try to be a better merit source, but I'm not sure if I actually improved.  I think I'm going to make that same resolution right now, and it might be easier this time since my sMerits are being replenished much faster than they were for a good part of 2020.  Now it's just a matter of finding posts worth meriting (which is always the stumbling block).

Happy new year to everyone here.  Stay healthy!

[el kaka22]

I am planning on surviving honestly. I don't know about other people, how you managed to spend your 2020, but it hasn't been too nice to me just like other tens of millions of people, probably hundreds of millions of people, financially. So in 2021 I have just one dream, never go in debt, as long as I can live 2021 without having any more debt than I already have that would be fine with me.

I can't even begin to think about putting money aside or anything, that would be like a dream and I am not even sure it could ever happen this year, but in any case I will not be even aiming at that however if it happens I am sure I will put it on ETH. If I had any aim to save money, that would be 32 ETH, I know it doesn't pay well with just one 32 ETH, only 5% or so in a year, but I say that would be better than any other investment I could make in the fiat world.

[tabas]

You should do that before we see the most incredible prices of bitcoin can reach soon. In my finances, I'll continue to invest too. And I'll create a list to track all of those investments that I have. Bitcoin/crypto mainly to be the distribution of any income that I'll get. I don't have a certain percentage how much it would be but I'll distribute on it as soon as I got my money. For expenses, I'll also list it to avoid where I'm spending that much to things that are not of my necessities.

[bassbity]

For example, I have made resolution that I am going to contribute few % of my salary directly into the bitcoin purchases and will continue this for next year no matter what the condition is.

My reason is, I see huge up surges in the upcoming years considering bitcoin is getting stronger economically.

Whats your plan?

Considering that in 2020 there have been many complaints that everyone has experienced due to the pandemic, of course we will all try to make new plans, to fix everything that is left behind. all have their respective resolutions.

for crypto activists, they will really do their best, investing some of their assets as best they can to cover up 2020 which is less profitable for most people. As for those who are just starting to put their money into crypto, hopefully this will be the start of a better career.

[BITCOIN4X]

Well I guess still the same, just HODL bitcoin next year and see how it goes. Everyone is saying that 2020 is a good year, but 2021 is going to be better as it might be the bubble that we all have been waiting, so the price could go as high as $50k-$100k.

I didn't expect that bitcoin's rise was something contrived to qualify as a bubble. Fluctuation is normal for bitcoin price as the market is generally out of control due to the activity of thousands or hundreds of thousands of traders. As we all know, bitcoin price volatility is normal and not artificial so it should not be considered a bubble and all of it is influenced by the supply and demand of traders.

OP, I think you can do anything with your money and your investments for the future and hope there will be a bright future for that. Bitcoin is not completely predictable with certainty although sometimes the results of analysis can lead to it. You can buy at any time regardless of the price you enter, but I believe that's not good investment advice right now. I will probably do the same thing to buy periodically and keep it for a long time. But I have to wait for the right momentum depending on the current market conditions. I just didn't want to buy at a time when bitcoin was at its peak like it is today. This reminds me of the end of 2018 where bitcoin prices fell after ATH was formed.

[wheelz1200]

3 simple words " keep stacking sats".

Honestly just putting in a little at a time a certain intervals is the easiest way to accumulate whether its bitcoin, stocks, etc.  It doesn't affect your weekly budget as much and by the end of the year you will have a nice portfolio.

[kaya11]

It's not just new year's eve that I am gonna make a new beginnings in life. I will make it everyday, everytime I made mistakes I tell myself that I won't do it again. Sooner the later I would be able to avoid decisions that made my life suffer. Change your beliefs that you should only change for a certain day in a year, what if you had those bad habits in the very first day of 2021, are you gonna bring it all along and decide to change when 2022 comes? That's one of a hell 364 days to go man. Well it's our own choice to make so better be clever.

[Hydrogen]

In business, life and finance most will pursue a path of least resistance to achieve goals. They'll grasp for low hanging fruit and search for easy outs. On a superficial level this may seem like the easiest and simplest road. It is also the most heavily saturated, played out and travelled path. With the most competition.

Sometimes the path with least competition and highest reward is creating real value and solving real problems.

I can't say how things will go in 2021. Hopefully I can lean more towards the latter.

Happy new year to everyone! Success in all that you do!