How are you getting Financially Fit in 2020?
Consider this question: Whether good or bad, what has put you in the financial place you are now? Was there been a lack of a budget throughout the previous year? Did you keep up with your budget until the holidays, but then splurge a little? We want to help you plan, budget and set goals in the new year.
10 Tips to get you back to Financially Fit!
Clean Up and Sell Some Stuff
A new trend is if something doesn’t give you joy, to get rid of it! But why not try to make a profit from cleaning out your closet? Check local stores who may give you money for clothing, hold a garage sale, or even sell your items online. Not to mention having an inventory of what you have in your household may help you with your spending at the store. Why pick something up that you already have?
-
Rebuild / Start an Emergency Fund
Consider starting with a small goal, maybe it’s $100 or $500, anything will help. Choose a percentage or amount from each paycheck and set up an automatic transfer and forget it – you’ll be surprised how quickly it can add up.
-
Set Up Goals and a Budget
Do you have goals set? Write them down and keep them in a place you will be forced to look at them regularly! Then figure out how much you need to save to make them a reality. Seeing a plan in writing can help motivate you and help you stick to your budget.
Example: You’d like to take a vacation this year. Let’s assume it’ll cost $1,000. Plan on putting $200 a month into a vacation account and you could have money for your trip in just five months!
-
Track Your Spending & Cut Costs
Keep every. single. receipt...for 30 days. Daily transactions, as well as anything automatic that comes out such as subscriptions, or monthly bills. Take a look at where you are spending your money. Next, see if there is anything that seems wasteful where you could cut costs.
-
Start Saving for the Next Holiday Rush, Yes – Already!
To avoid the usual holiday stress & budget strap, start saving right now. Putting back $50 each month now till December will help you save $600 for the holidays.
-
Spare Change Adds Up
One of the easiest ways to save money is to keep your spare change. Designate a jar in your household where all spare change is kept. Empty it every other month and then put that money towards your emergency fund, or other goal-based savings, or use that money towards a treat for yourself!
-
Say it with us... Automate Payments and Set Reminders.
Making payments automated or setting reminders helps you to not miss any payments which mean NEVER paying late fees out of your pocket. Do this for all bills from your credit card, to cable, to utility bills. Why pay a late fee if you have the funds available?
-
Yearly Check-Ups are For Your Health and Your Credit Score
There are always opportunities to increase your score, and doing so will help you in the long run when you apply for things like personal loans, mortgages or credit cards. Having a better credit score also saves you money, because you’re paying less in interest.
-
Comparison Shop
Do your research and shop around – don’t impulse buy. When shopping for more expensive items such as appliances or furniture make sure you shop around to compare prices before making a purchase, it could save you a lot of money. It may also help you to research the best time of year to buy the item.
-
Hold Yourself Accountable
One of the most important parts of being financially fit for 2020 is creating accountability for yourself and being mindful of your financial decisions. Set the goals with the intent to stick with it to the end. Review your finances, budget, and goals throughout the year to see if you need to make changes
By trying out all, or even just a few of these financial fit tips you can help yourself plan out your year, your budget and your goals! Make 2020 your best financial year yet!
0 comments