20 Smart Ways to Manage Your Money Better in 2020

20 Smart Ways to Manage Your Money Better in 2020

Use the vibrant energy of the New Year to double down on your financial goals. Here are 20 smart ways to manage your money better in 2020 and start to build more wealth.

1. Implement a budget.

2. Pay your credit card in full every month and avoid paying interest.

3. Do a balance transfer to a zero-interest credit card while paying off all your debts.

4. Set up automatic payments to settle your mortgage, car loan, and credit card on time.

5. Get a lower interest on your car loan by shopping credit unions and local banks.

6. Switch to a free checking account that does not charge you for transfers, ATM use, or debit charges.

7. Cancel paid-off credit cards that charge a late fee.

8. Do not pay any late fees on any of your accounts. Do automatic transfers or set up reminders on your calendar.

9. Balance your checkbook to avoid overdrawing your account and save more money on overdraft charged and returned check fees.

10. Experiment with budgeting systems and find the one that works for you. What will work for others will not necessarily work for you so keep trying until you find one that is easiest and most intuitive for you.

11. Boost your retirement savings by taking full advantage of your employer’s match.

12. Use cash. You will pay more attention to prices and will be forced to stick with your budget.

13. Improve your credit score by getting current on your payments and clearing debts.

14. Save for your house’s downpayment properly to avoid paying PMI on your mortgage.

15. Review and adjust your tax withholdings so that you have the correct amount withheld and the extra money available to you throughout the year.

16. Build an emergency fund to be prepared for the unexpected.

17. Make the most of your money by opening an online savings account, certificate of deposit, or different types of long-term savings tools.

18. Do not spend your savings!

19. Stop using your credit cards, especially if you are unable to pay the balance in full every month.

20. Get rewards if you are able to settle your credit card balance. The perks that you earn can be very well worth it!

Ian Schindler