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Have a financial resolution for 2020? Here’s how to keep it

Have a financial resolution for 2020? Here’s how to keep it
Posted at 7:06 AM, Jan 07, 2020
and last updated 2020-01-07 07:38:04-05

More than two-thirds of Americans have made finance-related resolutions in 2020, but just like any other resolution, it takes work to keep it going through the whole year.

According to Forbes, there are five things you can do to help keep a financial resolution:

  • Get a support group: Whether online or in-person, having someone hold you accountable can go a long way in keeping a resolution. There are Facebook groups dedicated to helping people with financial goals, like paying down debt.
  • Dig into the Details: Know the ins-and-outs of your finances so you can make smart decisions. For example, if your goal is to increase what's going into a 401k, make sure to know exactly how it works. The Consumer Financial Protection Bureau's website is a free resource with education tools for people who want to learn more about personal finance.
  • Automate your savings: According to Forbes, people who have set amounts automatically deposited into savings accounts end up saving more over time.
  • Know your credit score and credit report: A better score can help save money with big buys like a car or a house. Credit reports can have an impact during a search for a new apartment or new job. Click here for links to check both for free.
  • Take control of your student loans: Know your payment plan and check for payment accuracy. Keep paper records and don't rely solely on your servicer because errors happen.

Need help finding a financial resolution? Bankrate.com has a list of 10 resolutions for 2020 and how to fulfill them.