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11 ways to get in better financial shape in 2020

Monday January 25th, 2021
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11 ways to get in better financial shape in 2020

It’s the first full week of a new year, which serves as an ideal time to take stock of our financial health and, in many cases, make a plan for how to save more money.

Last year, NBC News BETTER consulted experts to learn what steps one could take in 2019 to get on the right track and improve one’s finances. For 2020, we took a similar, big-picture glance, and though you’ll notice some expert advice hasn’t changed (investing in retirement plans, paying down debt and building an emergency fund will likely always make the list of top ways to create financial security), we also highlighted how to reflect on and talk about money in a way that can benefit both your budget and your confidence.

1. Take stock of your 2019 goals and strategies. How’d you do?

“How did you do with your money in 2019? Take some time as one year ends, and the next begins, to reflect on how you’re doing, particularly right after the holiday season, when many of us tend to overspend,” says Leslie H. Tayne, Esq., a financial attorney and author of “Life & Debt: A Fresh Approach to Achieving Financial Wellness”. “Assess where you stand now and if you’re carrying holiday debt (or debt in general) into the New Year. If you had financial New Year’s resolutions at the beginning of 2019, ask yourself if you stuck to them. Think about what went well and what you can improve on. Being honest with yourself can help you figure out what to keep doing and what areas you can make adjustments going forward.”

 

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