Give Your Finances a Fresh Start in 2020
New Year, new me is so 2019 - why not try a new financial philosophy instead? Implementing better financial management strategies early on into the new year is something your bank account will thank you for! Read more and find out about our top tips for better financial planning.
Review What You Spent in 2019
The great Maya Angelou once said, “If you don't know where you've come from, you don't know where you're going.” So, a good place to start when implementing better finance management in the new year is to review what you spent money on the year before. While this may be an easy task for those of us who maintain a budget, or who keep our receipts and bank account statements, it’s not impossible. It may not be necessary to include the regular monthly items like rent and electricity - rather focus on non-necessity items like take-out meals, expensive clothing or cinema tickets. These are the items you can cut back on, and knowing how much you’ve spent on them in the past can provide you with an idea of where you can save money in 2020.
Set Financial Goals and Start Saving Early!
Once you know where you can save money, you can start creating financial goals for yourself or your family for the year ahead. Like any goal, they should be realistic and attainable. To make things easier, try setting monthly, bi-monthly or even quarterly goals. This will help create a sense of accomplishment once you have achieved these goals, as well as help keep you motivated for the rest of the year! An important goal everyone should set is to save money- and you can never start too early! Save whatever amount you can afford to, whether it’s for a rainy day, a mid-year holiday, or for the next round of Christmas holidays.
Increase or Improve Your Credit Score
One way to improve your financial standing and better manage your finances is to improve or increase your credit score. A healthy credit score is useful in a multitude of ways, such as by providing you the foundation to obtain your dream home, or even purchase a new eco-friendly car. Not many people realise that improving your credit score is not necessarily down to how many small credit accounts you can acquire - sometimes, simply revising your credit report and removing incorrect credit accounts or details can greatly improve your score, too! Other methods of improving and managing a healthy credit score include paying instalments on time, managing your debt and maintaining credit cards.
