(WTNH) — The new year is here and a new survey finds that most of us have a money-related new years resolution we want to accomplish. We are stretching your dollar this morning with three things experts suggest you do to grow your bank account and investments in 2020.
This 2020, get a clear vision for your finances. If the goal is getting your money on track in the new year, now is the time to act.
According to a new Fidelity Investments survey, these are the three top money-related resolutions for 2020:
- Save money
- Pay down debt
- Spend less
If one or all three of those are on your list, one expert says follow these three tips:
Number one – set up auto-savings.
“Instead of thinking, ‘I’m depriving myself,’ It’s ‘I’m paying myself now.’ So, I’m actually choosing to pay myself so that in three months I could do what I want,” Chris Burns, Financial Expert, Dynamic Money.
This means scheduling transfers from your checking account to your savings account every pay period.
Number two is to track your spending and stop being wasteful. Download free apps or software that categorize your spending.
“When we look at where our money is going, suddenly it gives us the freedom to know, ‘Oh, this is actually how much money I have. Maybe I need to cut back on this over here if I want to spend more on gifts?'”
Number three– plan for some guilt-free cash. As you’re working towards saving money, paying off that debt and staying within your budget.
Make sure you also set some money aside for fun. That way you wont burn out.