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Tips to Keep Your Finances Healthy in 2019 and Beyond

Personal_Finance / Money Management Jan 21, 2019 - 02:23 PM GMT

By: OutreachMama

Personal_Finance

With 2019 nearly a month old, many of us are right in the thick of our new year's resolutions. While there are a wide range of different new year’s resolutions, many have to do with saving more, spending less or other financial-related goals. In fact, a recent study found that 84% of polled individuals make money goals for the new year.


And with most people in the UK struggling with finances, it isn’t a coincidence that most people want to improve their finances. Unfortunately, many of the people that make these goals simply don’t stick with them. With that in mind, this article is going to provide a few helpful tips to help keep your finances healthy in 2019 and beyond. Whether it was a resolution of yours or not, we can all take steps to improve our finances this year.

Create a Budget

The first thing you can do to improve your finances in 2019 is to create and use a budget. A budget is a document or file that keeps track of how much money you have coming in and going out each month. You will know where each dollar is going and what percentage of your income is going where, which makes tracking much easier. While there are many software programs that can help you budget, many people just use an excel spreadsheet or a pen and paper.


Budgeting is the best way to get an overall look at your finances as a whole. Once you have been budgeting for a while, you will start to notice some trends. These trends will help you be able to make some decisions to improve your finances this year.

Decrease Spending and Increase Saving

Once your budget is in effect, you will very quickly begin to notice the areas that you are spending too much. Maybe you’re going out to eat too much, spending too much on cable or buying too many clothes. In order to reach your financial goals, you will need to decrease your spending in these areas that are not needs, but wants.

Once you reduce your spending, you should have some extra money kicking around each month. This money should immediately be put towards saving money if you have been lacking in the area. You should first try and get an emergency fund of a few month’s expenses taken care of. After that, you can start saving for retirement or other large purchases you need to make in the future. Of course, if you have expensive debt that you are behind on, you should use this excess cash to pay it down to make your debts more manageable.

Borrow Intelligently

While remaining debt-free in 2019 is a great goal to have, it is simply unrealistic for some people. Some will need to take out loans for a new vehicle, some will attend university and others may buy a home. But if you need to borrow money, you should borrow intelligently. This involves only taking out loans you can afford, with terms that work for your life.

In addition to only taking out loans you can afford, you should also re-evaluate the lenders you use. While local lenders are fine, you should consider looking online. In recent years, online lenders (such as www.bingoloans.co.uk/) have become increasingly popular. These lenders offer a fast and simple application process, and can often give better interest rates as well. While local lenders in your area are likely good as well, online lenders should definitely be considered.

Following the tips included in this article can help you keep your finances in good standing through 2019 and beyond.

By OutreachMama

© 2018 Copyright OutreachMama.com - All Rights Reserved

Disclaimer: This is a paid advertorial. The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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