9 Ways to Improve Your Financial Situation in 2020
It’s that time of the year once again to make (and uphold) resolutions.
For those who are looking to improve their financial situation this year, one of our suggestions is to apply for a loan. It’s the fastest solution we know.
There are a lot of financial institutions that you can easily find online. For instance, OpenCashAdvance has good resources for improving your financial situation. However, we do understand that not everyone wants to start a year with a loan. If you’re looking for other measures to improve your financial situation then we invite you to join us as we list down our tried-and-tested ways of doing so.
1. Set Your Financial Goals at the Start of the Year
Here’s what special about this January. It’s not just the start of a new year, it also marks the beginning of a new decade. This makes it a perfect time to list down your financial goals.
In fact, take it one step further: Lay out your financial goals for the next ten years as well. You don’t have to be overly detailed about it. Just setting concrete milestones is enough.
2. Explore Your Investment Options
There is no better time to invest than today. Trust funds, equity funds, bonds…all of the information you’ll ever need to make a smart investment is already available to you online. And when in doubt, you can also visit your chosen bank to ask a representative to explain the details further with you.
Investing in the stock market or a profitable business venture are not the only ways to make a smart investment. You can also do it by learning a new skill or even buying a good book.
3. Fix Your Credit Score
You will be surprised at how many errors are made each day in credit records. Stay on top of things by constantly checking your credit score and asking for professional assistance if you notice questionable entries: like a debt listing that you’re sure you’ve already paid in full!
4. Start an Emergency Fund
It’s always a good time to open a savings account that will serve as your emergency fund or “buffer” during unforeseen events. If you haven’t done so, then put this financial goal at the top of your priority list. Financial experts suggest that it should be at least three to six months of your current monthly pay. But for us? The bigger, the better.
5. Pay off Your Debts
Aside from building an emergency fund, you need to start liberating yourself from debt as well.
Here’s a question that our readers frequently ask: Which is more important: setting up an emergency fund or paying off your debts?
For us? Both. But if you have to choose one, setting up an emergency fund is more important since it will prevent you from making more debt in the future should someone suddenly loses his job or gets sick.
6. Have a Finance Journal
Stay on top of all your accounts. Know how much money you actually have. By creating a finance journal where you can track all your expenses and basically, anything money-related, it will provide you a deeper insight on how your finances flow, and later on, make the necessary adjustments.
7. Have “the Talk” With Your Family
Money-related topics curiously hang an awkward shadow whenever they are brought up in family talks. That shouldn’t be the case! With your finance journal in hand, let your family know about your current financial situation and what you can do as a team to improve it.
8. Shop Smarter
Buy things in bulk and if you need anything in particular, then do your shopping online. Mark the next big sale in your calendar and do your shopping then to enjoy the best available deals.
9. Hire a Financial Planner
Finally, it can be difficult to do things on your own. It’s sometimes better to just hire a financial planner instead. By doing so, you will have someone you can consult especially during important financial decisions. A financial planner can also help you budget more efficiently, and simply make the most out of your money.
So, to summarize here’s a quick list of all the tips we have shared with you above:
1. Set your financial goals at the start of the year.
2. Explore your investment options.
3. Fix your credit score.
4. Start an emergency fund.
5. Pay off your debts.
6. Have a finance journal.
7. Have “the talk” with your family.
8. Shop smarter.
9. Hire a financial planner.
By keeping the tips we have shared with you in mind, we’re sure that you will have a more financially stable year that will help you get closer to living your dream life.
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