Money Saving Tips, Saving

3 Money Hacks You Need to Know in 2020

Don't leave savings to chance - automate. Adjust and assess your budget frequently, check and works towards improving your credit score.

It would be lovely if everyone always had the money they needed to get by, but that sadly isn’t the case. Many people need to go into debt for things like a home, education, a vehicle or even healthcare.

Add in that most Americans can’t handle a $1,000 emergency, and you have a country full of people who are struggling financially.

Of course, there are some programs and other means of getting assistance, which is fantastic. However, it will often have to be you that makes the change in order to improve your situation.

 Thankfully, there are some things you can do to better your financial and money situation in 2020.

Without any further ado, this article is going to go over 3 money hacks that you should know and put into action in 2020 and beyond.

Automate your savings 

While there are many great financial habits that people should look to adopt, saving money has to be at the top of the list.

Saving is how you build wealth, prepare yourself for emergencies and simply enjoy peace of mind. 

However, with many of us spending a large portion of what we make, there isn’t always a lot left over.

If some is left over, many people will forget to save it manually. This is because our busy lives tend to make us forget things like that.

As a result, in order to truly unlock your best potential when it comes to saving money, you should automate your saving.

 Many banks allow for automatic transfers as frequently as you like.

Example

If you automatically save $50 off every paycheck (or whatever amount works for you), you likely won’t even know that it’s gone. 

Whether you are saving for a down payment, saving for an emergency fund or even just saving for a trip, automating your saving can be a great tool. Whether you save a little or a lot, doing it automatically will save you a lot of work and ensure you are always building your wealth.

Check your credit often

While your credit and credit score might not be something you think about often, it should be. Your credit score will dictate not only how easy it is to borrow money, but also how much it will cost you. A high credit score will grant you affordable loans, while a low score can make it hard to borrow at all.

As a result, you should check your credit score every couple of months so you always know where you stand.

If you notice your score is low, take the necessary steps to improve it.

If you spend time taking care of your credit score by using credit responsibly and making all of your payments on time, getting loans and borrowing money will become much easier and more affordable.

Assess and adjust your budget 

There is no doubting that having a budget is very important. A budget is one of the simplest money hacks, that will track your income, your spending, your bills and your other expenses. It helps to track your finances and make sure you are living within your means.

 However, in addition to simply having a budget, you need to manage and assess it frequently.

assess and adjust your budget often to maximise the amount you save.

You should be checking your budget every month, and making sure your spending is where it should be.

If you don’t often assess your budget, your spending or bills could be getting out of control and you may not know it until it’s too late.

 Every time you assess your budget, see if there are places you can reduce spending or if there are bills that you can eliminate.

Links to helpful posts: 

In conclusion

In conclusion, this blog post has gone over a few great money hacks you need to know in 2020.

They can help you save money and simply improve your financial situation as a whole. Of course, these are far from the only great hacks and tips, so feel free to adopt other strategies and plans as well.


Today's inspiration is brought to you by Wendy Dossler. Thanks Wendy! 

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