6 New Years Resolutions for 2020
According to WalletHub, approximately 80% of Americans are planning to make New Years resolutions ahead of the New Years. It is the perfect time for self-reflection in all areas of your life, especially in your personal finances. However not everyone sticks it through to the end of year. By identifying your key financial goals and breaking them over the span of the year, you can help ensure that you’re in a great position at the end of the year. Here are some tips and tricks to get you set up ahead of the New Year.
- Create a fast track budget to payoff your debt. If you have high balance credit card bills or an expensive car loan, choose one bill each month to tackle aggressively. Whether that means paying an extra $100 a month each month or using rewards to lower your balance, having less debt is always a great thing.
- Make a list of upcoming events and social activities you may have coming up and pencil those into your budget. If you find yourself coming up short, figure out where you can cut expenses or which activities it would not hurt to miss. Try to commit to days or weekends where you spend absolutely no money after you’ve already used what you have in your budget.
- Make a plan to pad your savings, even while paying down debt. This is always a smart thing to do because you never want to end up in an emergency situation where you don’t have rainy day funds. Your finances can be uprooted by the smallest of surprises if you don’t have savings to protect yourself.
- Consider cutting down on utilities. In this day and age, there are more and more subscriptions coming out that can be very tempting, but aren’t particularly necessary. Take a good look at your subscription list and evaluate where you can deprecate some expenses. Another great idea if you can’t cut down on bills is to call your utility companies and ask them to change your due dates so that you can redistribute your budget.
- Subscribe to a personal finance blog or podcast to keep you in the loop. You can never know too much about money and finance trends. There are a host of resources that will keep you up to date on the newest information.
- Get on track with your retirement savings. Saving for retirement is one of the most important parts of your personal finance journey. The start of the New Year is the perfect time to comb through your finances to find where you can increase your contributions in your savings.
No matter what your financial goals are for the New Years, make sure to at least try to build a plan that is manageable for you to follow. If you need help creating a budget or just want an analysis of where your finances stand schedule a consultation with us today. We can help you prioritize bills and offer you personalized advice to put you in a position of control. We can tailor a financial road map that is customized for your specific situation.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.