As the holiday season draws to a close and we (gleefully) toast the end of 2020, many of us will turn our attention to setting our goals and resolutions for 2021. What do we want to accomplish by this time next year? Well, it is no secret that improving health and fitness top the list of most common resolutions year after year. However, it may (or may not) surprise you that improving personal finance, particularly increasing savings and decreasing spending, also sits near the top. As my Millennial cohort continues into its peak earning years and solidifies its position as the largest generation in the current workforce, financial health grows evermore important. Personal finance is a personal passion of mine and I've enjoyed the opportunity to share my financial strategies with friends, family, and others. Now, I want to share 4 strategies with you, the reader, that might be advantageous to you reaching your financial goals in 2021.

Track Your Expenses
The first step to understanding your financial picture and putting together a financial plan is determining where your money is going, typically on a monthly basis. To start, set aside a Saturday morning to bust open the books and review your spending. As Millennials, this is a bit easier than our parents as the world has moved to a much more cashless society. Log into your online financial accounts and scroll through your credit card and debit card transactions from the last month or two. Record the amount and assign each transaction a description like "Grocery" "Mortgage" "Gas", etc. I'd suggest using a spreadsheet (Microsoft Excel, Google Sheets, Apple Numbers), if possible. Once you've outlined the last month or two, organize your spreadsheet in a way that you can easily manage and understand and begin tracking your expenses in more regular increments - for example, you might schedule 30 minutes every Saturday morning to review and track your expenses from the previous week, or you might be able to start each day reviewing your accounts while enjoying your morning coffee or tea. Whatever it is, just make sure you are regularly tracking your expenses so you can start to visually see your expense trends.

Review and Cut Unnecessary Expenses
Now that you are tracking your expenses regularly, you'll start to see spending habits and expense trends. You'll also start to see recurring subscriptions and other expenses that you might consider cutting. Think of it like spring cleaning. Can you imagine that feeling of when you clean out your closet each spring or let go of those unused items in the corner of the garage? Letting go of unused subscriptions and modifying certain habits to cut down superfluous spending will feel like a weight being lifted off your shoulder. It is important to note balance, though. Some people might view certain spending habits differently than others. While we all can agree that removing unused subscriptions makes sense, modifying other spending habits is subjective. To me, I'm not the type of person who purchases a speciality coffee on my way to the office and thus I might view that as an unnecessary expense. However, a colleague might find tremendous joy in that habitual spending and that is OKAY. I'm not here to tell you what to spend your money on, simply to practice awareness of your financial habits and empower you to review and make decisions based on your own experience. By auditing and cutting back on unnecessary spending, you'll be well on your way to improving your financial health.

Refocus Your Debt Strategy
A majority of Millennials have some type of debt on their personal balance sheet - student loans, credit card debt, car loans, mortgages, and more. No matter your current debt position or how much the balance, the key here is to refocus your strategy based on your current financial picture. To start, take a moment to list your current debt obligations, the remaining balance, what you're currently paying each period (week, month, year, etc.), time remaining on the debt term, and interest rate. Once complete, sort the list by interest rate, highest to lowest. Interest is the cost of your loan. The higher the interest rate, the higher the cost of the loan. With this in mind, look at your list of debts and see where you might refocus and reallocate your current spending. Are you paying the monthly minimum due on a student loan with a 9% interest rate but paying an extra $50 each month on your 4% mortgage payment. By moving the $50 to your student loan payment, you'll decrease your overall interest cost. As you pay off more and more of your debt, keep this principle in mind. And of course, ALWAYS pay the minimum due each period at the very least, otherwise you will most certainly get hit with fees and additional interest charges.

Pay Yourself First
Once you've refocused your debt strategy, understand your spending habits, and feel confident moving forward with your plan, the next most important piece of the puzzle is paying yourself first. What I mean by this is utilizing automatic deposits or transfers. If you utilize direct deposit, ask for a portion of each paycheck to be deposited into a savings account that you never touch and then the remainder be sent to your regular checking account. Or, set up a recurring transfer every day, week, month from your regular checking account to a savings account. If you want to take it a step further, consider setting up retirement or brokerage accounts that generate a higher return. Understand that certain investments are riskier than others and are subject to market fluctuations. And of course, if your employer offers a retirement savings account with a company match - make sure your contribution is AT LEAST equal to the match percentage or amount. It's free money, after all. No matter the way you do it, just make sure you determine how much you want to pay yourself and then do it first before your regular spending.

As you work towards your improving your finances in 2021, I want to remind you that you can and will be successful if you commit to it. Don't worry about how your situation compares to others because everyone is different. What you value most will differ from what others value you most. These strategies are guidelines and aren't meant to help you reach specific targets. But, if implemented, they can most certainly help you understand your personal finances more and start to understand how you can get back in the drivers seat to improving your financial health. And if you have questions or are interested in a more detailed approach, feel free to contact me.

There are only ten days remaining until Christmas Day. And, as we continue on in the midst of a pandemic, supporting small and local businesses has never been more important. As you search for those last-minute stocking stuffers or a gift for that special someone, here are five ways you can support your favorite local shop(s) this holiday season at the same time.

Shop Local
This one may seem obvious, but it's the most important part. The easiest way to support local small businesses is to SHOP local small businesses. While the tradition of window-shopping small businesses might be hindered this year due to the pandemic, many local shops have capitalized on the online marketplace. And the interesting thing is that a lot of small businesses are able to service demand more quickly than larger, mainstream retailers. Curbside pick-up is more and more common these days and with help from independent delivery options, home delivery that once seemed uneconomical is now achievable. So when you're surfing the web for your last minute gifts, make sure you also search for local providers. And, don't forget about gift cards and certificates! And remember, they don't necessarily need to be a gift for someone - consider buying a gift card that you can use later on.

Write A Review
Small businesses thrive on word of mouth advertising and testimonials. In an increasing virtual world, consumers are relying on reviews and ratings from Google, Yelp, and everywhere in between. Leaving an honest star rating is a good first step, but take it a step further. What specific details can you share about your experience? How did the shop owner go above and beyond to meet your needs? What are the things that you enjoyed most that earned your repeat business? Share all of these experiences in a written review. Not only will the business appreciate it, but prospective customers respond to and trust real-life experiences much more than a simple 4 or 5-star rating.

Get Social
At the very least, give your favorite local shop(s) a "Like" or "Follow" on your social platform of choice. As a follower, you'll be able to stay up to date with the latest products and services and any upcoming events and have the chance to share them with your network. With that in mind, don't be afraid to engage! Comment on posts and tag friends who you feel might be interested in what your local favorite is offering. Is one of your friends asking for a recommendation? Take a moment and tag the business or shop owner in a comment. In doing so, you'll play a part in growing organic reach and extend the "algorithm life" of existing and future posts. A quick "like" is important, but taking the extra minute to write a comment and start a conversation is way more impactful.

Refer A Friend
One of the most rewarding ways to give back and support local businesses aside from being a customer yourself is to directly drive new businesses. Directly referring a friend takes it one step further than writing an online review. Take your friend shopping to your favorite shop next time and introduce them to the owner. Have a contractor that you rely on for all of your home projects? Introduce them to your neighbor who is starting a home renovation. Remember, people are much more likely to do business with people they trust. By referring a friend directly to a small business, you are the initial trust bridge between your friend and local business.

Team Up
This one might not apply to everyone, but it's worth highlighting. What skills or professional experience can you lean on to support your favorite local business? Are you an independent accountant? Maybe a social media marketer? Perhaps a legal professional? As a holiday gift, why not offer a free trial or consultation to your favorite local shop. Be sure to go into it with no strings attached and full intention of supporting the small businesses and not expecting anything in return. You might be surprised at how your goodwill and interest in supporting local business might pay dividends for you down the road.

Small businesses represent the heart and soul of the business world. They are the foundation for our collective economic success. But, the things that make small businesses most special are the shop owners and store employees. Behind every counter, register, and even computer screen is a person. After time, we might forget the products or services we once purchased, but it's the shop owners and their employees that we remain steadfast in our memory. Remember, people do business with people.

A few years back when I worked in collegiate athletics, I narrowly escaped making myself the next billy goat or Steve Bartman. Well - maybe not as noteworthy given the circumstances, but it's a night that, had it gone differently, I'd never let myself live down. And it all comes back to executing and following up on your planned promotions.

It was the biggest basketball game of the year - the Drake Women's Basketball team was poised to clinch the MVC regular season title over in-state rival Northern Iowa on a cold February Friday night at the Knapp Center in Des Moines. A program-record 6,456 fans were crammed into the raucous arena for the heavyweight tilt. Our team went all out to pack the place - and it worked. The city of Des Moines came out. And so did close to a thousand students, in large part thanks to the promise of free pizza for the first 200 of them.

Back then, I worked in the ticket office full-time and then once the games started, I picked up the microphone and served as the on-court emcee to hype up the crowd. I was an entertainer - getting people off their feet during the "YMCA", having fun with contestants during on-court promotions, shooting t-shirts into the rafters with a slingshot, you get the idea. Well, with this game being so busy, I was strapped for time getting from the ticket office down to the court for the first media timeout when our first on-court promotion was scheduled. Really no big deal, because I've done so many that I could honestly do it in my sleep. But, I missed the chance to check in with our marketing team on how our pregame promotions went - specifically with the student pizza giveaway. What happened next nearly led to my figurative dismissal from the campus.

It was a simple activation - two cheerleaders join me at center court with a fresh pizza from our pizza sponsor and I engage the fans in a "Loudest Fan Contest". I go section to section and get the crowd into it, usually looking for a group of kids wearing Drake gear. It's the point of the promotion, right? Get the crowd into it, spoil some kids with some pizza to hopefully create some life-time customer value. Well, as I'm going through the motions, the roof is about to blow. The fans are into it. I narrow it down between the student section and an area packed with kids. As time is running out, I have in the back of my head that the students had access to free pizza as part of the pre-game promotion so to me, I knew I was going with the group of kids on the other side of the arena - a no-brainer. And that's exactly what I did, but never in a million years did I anticipate the insanity that ensued. Boo's from the student section reigned on high as I walked off the court and the buzzer to resume play sounded. What was just a venue filled with cheers for the home team had turned on a dime.

With a confused look on my face, I walked over to my colleague and casually remarked "what are they so upset about? 200 of them got pizza right before this!". She looked at me with a worried smile and said "well, the pizzas aren't here yet". My jaw hit the floor. Students, who had been enticed to attend with a promise of free pizza, had not received the value they were promoted. I felt like I had snagged candy from a baby. Here we are in the biggest game of the year and I've turned the home student section against me. And this all could have been prevented if I had checked in on the promotion before going out there.

As the game went on, the dust settled and the Bulldogs took control of the game. The students were in it, but each time I made my way onto the court for another on-court promotion, I was met with some (deserved) jeers. Then, during the last media timeout, I found my moment of absolution. 20 fresh pies arrived after our team furiously worked with our pizza provider throughout the game. As I walked towards the student-section following the conclusion of our last in-game activation, I jokingly reminded them about not giving them the ONE pizza back in the first quarter. Some started to boo, others rolled their eyes. I took a pause and said "well...", as they stared at me with perplexed interest. "I've got TWENTY fresh pizzas for you to thank you for your support and attendance tonight. Who wants one!?". The place erupted. Our team was up and on their way to their first outright conference title in more than 15 years and the crowd was into it. And selfishly, I was "saved". I've never been so thankful for pizza in my life.

So why share this story? Here's the takeaway - follow up on your promotions and don't assume you hit the mark with your consumers right after you launch. Effective marketing is a process and requires us to fine-tune things throughout. Lucky for me, I was saved by the bell and a fast delivery driver. While your promotion might not consist of 20 large cheese pizzas and an entire student section booing at you, ensuring that your campaign is reaching your consumers the way you intended will save you a big headache later. And always make time to check-in with your team, no matter how busy you are. Make the time and it'll save you from potentially shooting yourself in the foot later on. That's what teammates are for - to support each other!