As 2019 draws to a close, most of us are beginning to think about the new year and the changes and improvements we would like to make for personal growth in the new year. Maybe you are hoping to lose weight, make some home improvements or take up a new hobby. But one of the top New Year’s resolutions that people make are to do with their personal finances. Below, you’ll find some top tips to help you achieve your financial goals for 2020.
We all know the saying about looking after the pennies, but it definitely works. A convenient way of saving without even noticing is to set up new bank account, or get an unused one back in action, and transfer a small amount of money – the price of a coffee – into that account each week. You probably won’t notice an amount so little coming out of your bank account and it’ll add up quicker than you think.
Glued to your smartphone? Get it to work with you to achieve your goals. There are plenty of apps that you can download which will track your spending habits and monthly bills and show you where you can save money. Some of them will even round up your spending to the nearest pound, dollar, or whatever your local currency is, so the remainder goes into a saving account for the future.
High interest is what you should be looking out for wherever possible. If you are considering which credit card you should pay off first, the answer is the one with the highest interest. Similarly, when picking a savings account. Check your interest rate wherever possible and make an informed decision about how you manage your money.
This really is the first step to anything money-related, and will pave the way to financial success in all other areas of your life. If you’re not sure how, do some research and make a plan that seems realistic for you. And then stick to it.
It’s all too easy to have a big spree and then dramatically cut up all your cards vowing never to spend again. This is not a realistic goal and, while you might manage it for a few days or weeks, won’t be sustainable forever. Allowing yourself a percentage of your income means that you can still go out, for dinner, to the movies, and buy things when you want them, but can also save for larger recreational items or experiences.
Try creating a vision board with pictures or inspirational quotes. If you can see the things that you’re saving for, seeing them laid out before you will motivate you to take lunch from home rather than buying it on your way into work and keep up those small changes even when the temptation is to splurge.
Saving might not seem like the most fun way of using your hard-earned cash, but the rewards that you will reap will be more than worth it in the end. Of course, if you find yourself struggling with an unexpected expenses that you just haven’t been able to foresee, there are online payday loans available if necessary. However, by following just a few simple financial tips you can make 2020 your best year yet.
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