As we are approaching the end of another year, many of us will start to think about the new year ahead and the plans we want to make. Often we can set ourselves goals or even new year resolutions to strive towards, and sometimes this can be financially related. Some people might want to pay their debts off. Others may look at 2019 as the year they finally become a homeowner. It may even be to increase your savings or be a little smarter with your financial purchases. Whatever your goal may be, there can be actionable steps you can take now to help you achieve the goal in the new year. Here are some of the things to consider.
Take a look at your current situation
First of all, no matter what financial goal you will have in mind, you need to start looking at your current situation and address where you need to make some changes. Many people won’t scrutinize their bank statement, but by doing this now, you could highlight and be more aware of exactly how much you are spending each month. You may even identify rogue direct debit payments you thought had been canceling still leaving your bank account. It does happen. Take the time to note down all of your outgoings versus what you have coming in, and you will be truly aware of where you stand, ready to make some changes for the year ahead.
Monitor your credit report so that you can actively make changes
The next thing you might want to think about is your current financial history regarding credit and your current score. This will be especially important if you plan on any financial applications soon such as a mortgage. You may want to look into credit monitoring companies so that you have a true idea of what is going on behind the scenes. You may want to know what your score is now, and then look at ways you can improve it. This could be focusing on paying off debts or ensuring that all details on your credit file are correct. It saves a lot of messing around when the time comes to apply.
Start looking at ways to save
Saving may be a goal you have specifically, or it may form part of a bigger plan like eventually owning your home. So looking at ways to save could be a great starting point from now to help you build them up. It could be that you can save a set amount each month, which is great. Setting up a standing order into a separate account for this amount will help you build up that savings amount. However, you could look at other savings you can make every day and add to the pot as and when you can. This might be using cashback sites with everyday spending, or even thinking about things like saving on food shopping and sending the different you save over to your savings account. The more you find ways to save, the faster it will rise.
By setting yourself clear targets, and taking actionable steps now, you will be able to hit the ground running in the new year.