Making Financial Plans for 2020

You’ve probably already started to think about the Christmas holidays. Most of us have. The high streets are filled with decorations, some towns already have lights and trees up, and you may have heard festive tunes playing. You might have even started your Christmas shopping, as offers and deals have already begun, and there’s a lot to do. 

But have you thought about 2020 yet? It still feels a long way off, but as Christmas rushes towards us, it will be here before we know it. Another thing that many of us think about at this time of year is our New Year’s Resolutions. We often announce that we’re going to save more money, pay debts off, or improve our financial situations. But, we rarely make plans on how exactly we’re going to achieve these goals. So, before the Christmas season really begins, let’s take a look at some of the financial plans you should make for 2020, to help you keep those resolutions. 

open empty leather wallet

Plan Your Switches

Do you switch providers every year, or stick with the same companies either out of loyalty or because you can’t be bothered with the effort of making changes? Many of us are guilty of this. 

But, switching providers is usually much easier than you might expect, and doing it every year can save you a fortune, ensuring that you are always on the best deal or contract for you. Sit down now, and look at when your contracts expire. Make notes in your 2020 diary of when you can get an insurance quote, when you can switch energy providers and when your cell phone and home internet contracts expire. If there are any changes that you can make right now, start comparing deals straight away. 

Create a Household Budget

Many families have very little idea of what is going on in their bank accounts. They don’t monitor their expenses, and they don’t know how much money they have from one paycheck to the next. Creating a household budget can give you greater control over your cash, as well as helping you to spot places that you can save. 

piggy bank with money spilling out

Find Ways to Earn More

Saving money is one way to have more money; earning money is another. The best way to make more money is usually with a pay rise or promotion from your employer. Ask for a meeting to talk about any options that you might have. Other options are making money from home with side hustles and gigs. Here are my favourite side hustles:

Reflect on previous years

One of the best ways to control your money better is to assess your situation. Look at your accounts, your budget, your income and your outgoings. Ask yourself where you struggle, and what your financial strengths are. Ask yourself where you could improve. Use these assessments to help set yourself goals for 2020. Do you need to clear debts? Would you like to save for a specific event or goal? Do you just want to be better with money or feel more in control of your finances? It’s also an excellent time to make bigger plans, for beyond 2020, like starting a retirement fund. 

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