It feels as though 2019 has flown by – but there are only a few months left of the year. Soon, we’ll be planning for the holidays, and then it will be time to come up with yet another new year’s resolution. If you’re keen to start making a real difference to your life before January the 1st kicks you back into gear, then now could be the first time to start working on your saving strategy in time for 2020.
These days, making the most of your savings isn’t exactly straightforward. However, with a few simple steps, you may be able to change the way you handle your money before the new year rolls around and you start worrying about another 12 months of bills and expenses.
Start with a Dedicated Savings Account
One of the easiest ways to transform your savings strategy in time for 2020, is to separate your savings from your regular current account. This might sound like you’re just giving yourself more statements to slog through each month. However, the truth is that it allows you to get your head around the fact that the money left over in your bank account after you pay your bills isn’t just there to pay for what you need right now. It should also be making it easier for you to live a better quality of life in the years to come.
A dedicated savings account will allow you to ignore the money that you’re putting aside for your future, which means that you’re less likely to spend it. What’s more, you can shop around for a savings account that gives you a good interest rate or extra benefits too.
Work on Your Credit
For your credit rating to have a genuinely phenomenal impact on your future finances, you’re going to need a lot more time than just the few months left at the end of 2019. However, since the best time to start working on your credit score was about 5 years ago, the second-best option is to begin doing whatever you can to raise your rating today.
Use a free service online to find out what your credit score looks like, then start looking up ways that you can improve your standing. Some steps are as simple as joining the electoral role and making sure that your credit details are correct. You can also boost your chances of credit score success by making sure you pay your bills on time and setting up automatic repayments for your loans. The better your credit, the easier it will be for you to borrow money, apply for cash advances, and even impress your future boss in certain job interviews.
Shop Around More Often
When you’re going to buy a brand-new television or car, the chances are that you spend some time shopping around, looking for a better deal. The last thing you want to do is walk into your local shop or dealership and accept the first price you’re given. Yet countless people take the first and only price they’re offered for things like car insurance, utility bills, and other essential expenses.
Rather than just assuming that you’re getting the best deal on your services, schedule a date every six months or so where you can do some comparison shopping. Enter your details into one of the countless comparison tools online and find out whether you can cut the fees on any of those expenses that make up the “mandatory costs” segment in your budget. Even calling your provider and haggling over costs can save you some serious cash.
Increase your Income
It may sound obvious, but one of the easiest ways to improve your saving potential in 2020 is to make more money that you can put aside. Speak to your boss at work and find out what you would need to do to earn a promotion. If it’s something as simple as doing a bit of extra training once a week, then it might be worth the effort.
If earning more cash from your current job isn’t an option, you can also look into doing some additional work in your spare time. These days, there are plenty of ways to sell your skills and services online via freelance job posting sites and digital forums. You can even avoid the extra work entirely by making money by renting out a spare room at your house or giving people the option to hire your parking space.