If you’re fed up with your wallet not being full and your sick of having to dip into your savings (if you even have any) it might be time to sort your savings and make 2020 the year that you really start taking money seriously. Here are a few things that will help you with that:
Tackle Your Debts
Tackling any debts you may have is the first thing you need to do if you want to improve your finances. It’s so easy to stick your head in the sand when the credit card bills are mounting up, but this will only make the problem worse.
How do you pay down debts quickly? First of all make a budget and stick to it. Funnel any spare money you have to paying down debts even if it means a few less nights out for a while. If your debts are really serious and you can’t meet the payments, talk to a debt charity and they will help you work out a plan that will stop you from drowning in debt.
Stop Buying Stuff
A great way to improve your finances no matter how much trouble they may be in is to simply stop buying stuff you don’t need. If you’re someone who’s always on Amazon ordering this gadget and that only for them to be cast aside after a week or two, challenge yourself to only buy food, toiletries and other essentials in 2020, first using up what you already have. You might be surprised by just how much money you usually waste and just how little you need to be happy.
If you absolutely do have to buy something, think about if you can buy it second-hand first. A lot of things, especially cars, will depreciate in value the second you buy them so it makes no sense to buy over the odds anyway, especially when places like Reed Autos have some great deals. Buying used but in good condition on everything from cars to clothing will save you a bundle you can use to pay down debt or start saving and all of that while maintaining the lifestyle you love. What’s not to like?
Round It Up
There are numerous apps like Monzo, which will not only monitor your spending, but also allow you to round up any purchases to the nearest pound and put the extra into savings. This is an easy way to put a little cash aside and get you used to saving money.
Check Your Subscriptions
If you’re anything like me, you have a lot of subscriptions to things like Spotify, Netflix, and Readly. A good way to save money is to go through each and every subscription and assess whether or not you use it often enough to justify the cost. If not, cancel that subscription and save the money instead.
If you put the above ideas into action, you should pretty soon start to see a positive improvement in your finances, without having to face too much hardship along the way.