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With 2020 just around the corner, now is the perfect time for consumers to review their current finances before the new year starts.
- Review 2019 finances
Look at your initial goals for the year and how they align with where they are now. Note any changes in financial factors, such as a change in income or expenses, and look at areas that could be improved.
- Check credit report carefully
Check your credit report as the year comes to an end. Verify all the information is accurate, and if there are any mistakes, address it immediately.
- Set a budget
Plan out how much you can spend on daily and monthly expenses. Limiting expenses, such as groceries and gas, will help you achieve your financial goals.
- Set realistic goals
Set realistic short-term and long-term goals. It may be useful to open different accounts for those different goals.
- Revisit past financial plans
You may have different financial goals or expenses than you did in the past, so it is important to rework your plans to ensure that they still make sense for your life stage.
- Clean up online subscriptions
Make sure you aren’t being charged for memberships or subscriptions that you no longer use.
- Document everything
Tracking spending and other financial behaviors can help you stay on track with your budget and goals. Use a spreadsheet or a journal to keep track.