Did you make a resolution to be better with your money in 2020? If that crossed your mind, that’s great!!
Here are 5 ways to do that:
1. Up your savings a little at a time.
It’s not easy to go from saving 0 percent of your salary to 15 percent overnight. But, just like exercise, you can work up to doing more and more over time. Start small, then up the amount you save in small increments. You could start with 1 percent now, then up it by another 1 percent on your birthday. Keep doing this year after year until you’re saving about 15% of what you make.
2. Be more tax-efficient.
Every year you do your taxes. Maybe even itemize deductions to help lower your tax burden. A financial advisor may be able to show you different strategies and help you work more efficiently toward your financial goals.
3. Be wise with your debt.
Debt, like mortgages, can ultimately help you grow your net worth or reach important personal goals, but hanging on to a mortgage for 30 years will cost a lot more in the long run. Whether you’re repaying credit cards or taking on a mortgage, resolve to be strategic about your debt in 2020.
Life changes. No two year is the same, so it’s important to update your financial plan to reflect where you are today. This will help you get to where you want to be in the future. If you don’t have a financial plan, do get one in 2020.
5. Find a balance
Sometimes resolutions can have a bit of a negative connotation. It’s more enjoyable to sleep in and eat a custard-filled donut than to hit the gym and have a salad. But getting in shape doesn’t mean a diet of nothing but dry greens. The same is true with your money. When you’re taking the right steps to reach your financial goals, you’ll find yourself more confident about spending your hard-earned money on the things you value. A budget is very helpful here.
Do resolve to find the right financial balance so that you can tackle your future financial goals and live the life you want today.
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Until next time…..
Agree or disagree? I love your comments! So please let me know your thoughts in the comment section below.
I look forward to hearing from you!!!
Althea
Helping God’s people realize and achieve their true financial potential, become debt-free, build wealth and give generously!!
PS. Financially, most of us know what to do; we just have trouble doing it. That’s where a coach can help. CONTACT ME for a FREE 15-minute consult.
