15 Dec What Are Your Financial Goals for 2020?
New year, more changes! Setting a goal (or multiple goals) after the holiday season has always been a tradition of celebrating the arrival of a new year. Whether the goals you are making are small or large, one thing is for sure: everyone should have at least one financial goal on their list going into 2020. If you haven’t yet thought about what you can do to help your current financial situation, now’s the time. We’ve gathered a short list of just a few of the things you can add to your New Year’s resolutions.
Pay Your Bills First
It’s easy even for those of us who manage our money well to push paying the bills to the back of our to-do lists. That being said, how much stress would be lifted off of our shoulders if we paid them as soon as we were able? When your paycheck arrives, make it a priority to knock out the bills you know will be a hassle to pay off later.
Improve Your Credit
Improving your credit score takes time, but there’s no better time to begin trying than a new year. Consider using your credit card for minimal, everyday purchases that you know you’re able to pay off. Not only will this ease the stress of your day-to-day struggle, but it’ll slowly but surely raise your score.
Start an Emergency Fund
It’s always a good idea to have something to fall back on in case of emergency or unexpected financial hardship. Not only will an emergency fund help you in times of financial difficulty, but it will also give you peace of mind in the meantime. While young people may not think that building an emergency fund is a necessary short term goal, you will be better off in the event of an emergency. Set aside part of your monthly income, or put in any spare funds you come across into an emergency account, and you’ll be safe when unexpected hardships come your way.
Use Cash Only
Spending money that you know you don’t have isn’t difficult when it’s hidden behind plastic. To avoid this, consider going a few weeks post-January 1st carrying nothing but cash! This way, it’s easier to keep track of what you spend and also easier to not overspend.
By setting and following these financial goals in 2020, you can set yourself up to be financially healthy for many years to come! Contact the Bank of the Lowcountry if you have any questions about setting up a savings account or how you can achieve these goals.