Another year and another decade is about to come to an end. With the holidays approaching, you might feel pretty stressed about money and how you’re going to make it through another year like the last. You might be feeling the pressure to start the next decade on the right track. First, take a moment to breathe — you’re on your own timeline and no one else’s. Next, turn your gaze to these five financial resolutions for 2020. They’ll help you get on financial track and give you space to think smart about money, without the stress and pressure.
Start a Savings Account
Try to do this before 2020 rings in because it might be the most important step. How can you expect to have any money spare if you don’t have a savings account set aside for it? Find one that has no fees and offers great interest rates so that you can make even more on your monthly savings. You can usually put the account on your online banking app as well, which means you can keep track of it on the move as well as transfer money in and out of it.
Get Better Insurance Deals
So many of us are paying way too much on our insurance — and that’s across every type. You might not even realize how much you could be saving, so when the time comes for renewal, you need to do something very important. Search for auto insurance quotes, home insurance quotes, and all of the insurance you need to stay safe and stable without burning a hole in your wallet.
When you perform these searches, you get comparison websites that will find you the best deals and discounts. Want to take it a step further? Call up your chosen company and show them where you can get insurance cheaper; they will almost always match the price or make it even cheaper.
Learn to Budget — and Stick with It
We all know how hard it is to budget, but once you get the hang of it, you’ll realize it’s worth it! Generally speaking, you should save at least 10% of what you earn (20% is ideal), pay your bills, and then keep the rest for yourself so that you can have fun. After all, if you don’t treat yourself, then the concept of budgeting and working becomes a lot less meaningful. If you can stick to a budget, you’ll have a lot more money left over for saving as well as spending on the things you love — all without the added financial ruin.
Learn from 2019
Take an hour to list all of your financial failures and successes from the past year. Look at where you went wrong and make a note of how you can change that in the future. Did you go on too many shopping sprees you didn’t need? Overspend on food when you could’ve cooked for yourself? The little things can end up having a big impact over the course of the year, which is why it’s important to learn from the past and see where you can improve.
Consolidate Your Debt
Five credit cards, two loans, a mortgage — it’s all a bit overwhelming. When you consolidate your debt, it means you move it all into one place instead of many. For example, you can take out a new loan, pay off all of the debt you have, and then just pay off the loan amount each month. It’s way more organized and it can boost your credit rating nicely. Failing that, there are financial aid companies that can help you with the consolidation process.
These five resolutions are there to make life easier for you. If possible, try to implement all of them into your life as you welcome in the new year. You’ll feel so much better, and your bank account will stop looking so terrifying when you check in on it. Remember to do one thing at a time and don’t overwhelm yourself. You’re going to get back on top of things; you just need a little time, patience, and organization.