7 Ways to Make 2020 the Year to Take Control of My Finances

posted by Stacie on April 19, 2020 // Comments Off

This 7 Ways to Make 2020 the Year to Take Control of My Finances post is sponsored by TurboTax.

7 Ways to Make 2020 the Year to Take Control of My Finances

We are well into the fourth month of the year but do you feel like your finances are under control? I am not sure that I ever feel completely under control but we do manage to get a better handle on things when we actively take the steps below. We hope that you are inspired by this 7 Ways to Make 2020 the Year to Take Control of My Finances post.

7 Ways to Make 2020 the Year to Take Control of My Finances

Get a total picture of your financial health. Track everything that you spend through budgeting apps. Save money on the things that you already buy.

Try an app like Mint which lets you set goals and track your spending, get your credit score and track your progress over time. This free app can absolutely help to get you started on the path towards a better financial future.

Write it all down. Write down your goals and keep them front and center in your home so everyone can see it. By making it visual and something that you have to see everyday, you are much more likely to keep your goals at top of mind.

Live on less. This may be tougher for some but try something like spending $25 less a week. You can find $25 somewhere in your budget to save money. Mint can help you track everything you spend in one easy place and then you can adjust your budget from there. We have been using Mint for years. Consider calling your cable company, Internet & phone services, utilities to make certain that you have the best rates possible.

Pay off debt. You can double up on payments, if possible, or refinance to combine payments. Whatever you do, put as much as you can towards debt especially those with high interest rates.

Build up savings and add to retirement accounts. There are some apps that will really help you build a great savings or invest into retirement accounts by using your everyday spending to simply “round up.” Our bank has offered this service for years and has allowed us to build a small savings account. Even if you can't add much, consider adding any amount to your accounts on a weekly or monthly basis. Add to your 401K especially if you have a company match plan. Open one up if you haven't already.

Celebrate your successes. Pay something off that was really holding you back or is that high interest credit card now at a $0 balance? Acknowledge it so you can celebrate these successes to hopefully help do it over and over again.

File your taxes and take advantage of any refunds. . If you’re expecting a refund, the sooner you file, the sooner you’ll get your money! Last tax season close to 72% of taxpayers received a tax refund close to $3,000! The IRS typically issues nine out of 10 tax refunds within 21 days or less from acceptance with e-file and direct deposit. You could get a jump-start on paying down debt or save for a rainy day.

If you owe money, there’s still a good reason to file before the deadline! If you submit your tax return in April, you don’t have to pay taxes you owe until the extended federal deadline in mid-July. Preparing your taxes early will give you time to figure out how you’re going to pay, or other options if you owe. You may even be able to contribute to your IRA before the tax deadline and reap the benefits of an additional tax deduction on your 2019 taxes.