The New Year is almost here making now the perfect time to set a few money goals. Here are some of the top financial resolutions for 2020.
Make More Money
Let’s begin with the financial resolution that most people don’t think of—to increase your income in 2020. Think it’s not possible to earn more? That’s precisely the problem. If you don’t believe you can earn more your eyes aren’t open to your full earning potential. It’s time to stop letting your employer decide what you are worth and decide for yourself.
Know Your Credit And Debit
January is the perfect time to check your credit report. You need to do more than just look at your score, but at all debt and credit that populates. Work to resolve bad debt, file a dispute for any incorrect information on your report, and continue to pay all bills on time.
No New Debt
Make 2020 the year that you create no new debt, with the exception being if you plan to purchase a car or home. Instead, focus this year on paying off your current credit cards and debt. As you pay cards off, keep them open as this will boost your debt-to-credit ration.
Save More Money
There are many things you need to save for, including:
- Putting more in your 401k, at least matching your employer’s minimum
- Creating a 6 to 12-month emergency fund
- Saving for vacation
- Saving for your kid’s college
Set A Budget, Then Slash Your Budget
Most of us don’t have a budget, so it’s time to sit down and create one. First, estimate what you should spend in each category, then compare it to what you actually spend over the next month or two. You are sure to be in for a few eye-openers. In the meantime, look for ways to reduce spending in areas like your monthly cell phone bill, cable, internet, digital subscriptions, and any monthly subscriptions—like your gym membership. The goal is to stick to your budget and spend less so that you can pay off debt and save more money!
Here’s to your financial health!