What Won’t Happen in 2021

by Gary Foreman
What Will Not Happen in the New Year photo

At the beginning of each new year, you read and hear a lot financial predictions for the year. In the interest of being different, here is a forecast of financial things that will NOT happen this year.

Surfacing this time of year are all kinds of forecasters, prognosticators and swamis. The temptation to join them is too much.

But, in the interest of trying something different, we’ll forecast things that will NOT happen next year.

Your credit card company will not lower your rate.

The credit card company will not lower the interest rate they’re charging on your balance this year even though other interest rates are near record lows.

It’s now harder for them to raise rates on troubled accounts, so they’ll protect their profits. It will be harder to get a rate decrease even if you deserve it. So if you get an unsolicited letter from your credit card company offering to lower your rate, check your calendar. It could be April Fool’s Day.

You will not win the lottery.

Ok, it’s possible that one or two of you might win a sizeable prize, but this prediction will be right for thousands and thousands of readers.

If you doubt it, check the odds on winning the lotto you play (how many decimal places can you count?). And, if you quit playing you’ll be ahead of the game next year. In fact, you’ll be the real winner.

Your savings account balance will not magically grow.

Contrary to a popular request, money will not deposit itself into your saving account without help from you. Unless, of course, you set up a direct deposit for each month.

If you don’t make withdrawals, your account will increase a little because of the interest earned. But you’ll need to take steps if you really want the account to grow.

Your spending habits will not change unless you take action to change them.

You can spend months reading financial self-help books. Even make a hobby out of studying the various ways to save money. But, it’s all just head knowledge unless you specifically take action to change your spending habits.

Your debts will not get easier to repay.

True, when you spent the money it didn’t look like it would be hard to repay the money borrowed. Then the payments started. They won’t get any easier this year unless you reduce the amount owed.

Sounds like a pretty negative year. And, in many ways, it will be tough financially for many people, but there is one final ‘not’ to consider.

You are not required to let finances ruin the year. There are things you can do to reduce your expenses or increase your income. Use the many web resources available with money-saving ideas (including TheDollarStretcher.com). Consider starting a home or micro business. Find ways to cut expenses by just a few dollars each week. Even small changes can make your financial picture better.

You also have the ability to focus on the things that you do have, rather than the things that you don’t. That alone will give you a different, happier mindset. In fact, it could also be the key to a happy new year!

Reviewed January 2021

About the Author

Gary Foreman is a former financial planner and purchasing manager who founded The Dollar Stretcher.com website and newsletters in 1996. He's the author of How to Conquer Debt No Matter How Much You Have and he's been featured in MSN Money, Yahoo Finance, Fox Business, The Nightly Business Report, US News Money, Credit.com and CreditCards.com. You can read Gary's full bio here. Gary shares his philosophy of money here. Gary is available for audio, video or print interviews.

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