4 Financial Improvements To Make This Year*

Whatever your new year resolutions might normally involve, it is always a good idea to use this time to think about your financial situation and what you might be able to improve there. There are many financial improvements we can each make, and this is as good a time as any to think about doing so. If you are keen to do this, but you are not quite sure which improvements you might want to make first, then take a look at what follows. In this article, we are going to look through four financial improvements which you might be keen to make this year, to ensure that you are in a much better financial position at the end of the year.

Change Your Credit Score

Your credit score is hugely important for your financial future. As long as it is strong, that means that you are going to be able to borrow money again in the future, which is essential if you are going to want to buy a house or anything else of that kind of significant size. Of course, you can sometimes borrow money if you have poor credit, by getting one of the best guarantor loans, but generally, you will be in a better position overall if you have a good credit score. Luckily, even if it is currently very low, you can always do plenty to help improve it in good time, so that is something positive to focus on.

If you want to improve your credit score, you will need to ensure that you pay off all the debt that you have in the world. That might take some time, but as long as you keep at it you will be able to get there. You should work towards that, indeed, before doing anything else – and that is why this too is one of the most important improvements that you should try to make this year.

Pay Off Your Debts

If you think that your debt is so large you can’t possibly pay it all off in 2020, set yourself the challenge anyway. You might be surprised at how close you get. And in any case, it’s still worth trying to pay off as much as you possibly can along the way. You might actually be pleasantly surprised at how easy it can be to pay off debt, once you start to do it. An important part of the process is to list your debts in order of priority so that you know which to pay first in order to maximize your money. Then you can make sure that you are going to get rid of your debt as quickly as possible. Paying off your debts is one of the best things you can do for yourself, so it’s absolutely something to think about doing in this coming year – if you have any debt in the world, that is.

Track Your Spending

One of the main reasons many of us struggle to keep control of our money is that we actually lose track of just how much we spend. This can be very easy to do, and you might feel that it is probably a good idea to try and track your spending a little more effectively in the coming year. Fortunately, that is something that is often going to prove easier than you might assume, and you will find that the benefits of doing so are absolutely worth the effort. One of the best ways in which you can hope to better track your spending is by paying, wherever possible, in cash rather than on card. When you pay by card unthinkingly, you are much less likely to be aware of what you are actually spending overall, so this is something that you will really want to think about. It could make a huge difference to your year, and to your finances beyond 2020.

Cut One Huge Expense

We all have that one thing – that bad habit, or extra naughty vice. If you want to keep your spending under control and improve your situation, one thing you can do this year is to cut out one huge expense that you know you don’t really need. Maybe you drink a little too much, or you are thinking about quitting smoking – this could be the perfect opportunity to kill two birds with one stone. Do that, and you might feel that you are ending 2020 in a much better position than you started it out in.


This post is a collaboration where money or goods were exchanged for it to be published; however, all opinions are my own.

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