Smart money moves to make in January
For most people, January is considered a clean-slate month. It’s a fresh start, a new tax year and 12 months to work toward your financial goals. Here are a few tips to get you started.
Audit recurring charges
A great way to refresh your budget for 2020 is to audit your subscription services. Keep an eye out for charges to services you rarely used or benefitted from in 2019 and cancel them. This can include subscriptions to apps, websites, magazines and other online services.
Check your credit report
Request your credit report and look for any missed payments, delinquent accounts or mistakes that may be hurting your credit score. Use AnnualCreditReport.com’s free service to request yours.
Plan for the unexpected
Having an emergency fund can make the unexpected a little less stressful both mentally and financially. Try saving three to six months of expenses and set it aside in a savings or money market account for safe keeping.
Budget and spend wisely
Holiday bonuses and tax returns are two larger sums of money that can be used to make a dent in debt, if used wisely. Take full advantage of extra income by putting it toward credit card debt or using it to save for next year’s holiday expenses.If 2019 wasn’t the greatest financial year for you, try challenging yourself to create better and smarter money habits for your household in 2020.