Three Personal Finance Hacks For 2020

December 29, 2019

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In this final Loanplace blog for 2019, we’re looking ahead.

And at this time of year, we hope you are too.

The new year is traditionally the time to make plans and resolutions about the next 12 months.

So today we’re sharing three personal finance goals we think could help you end 2020 in a stronger position than you start it.

Like most things in life, good results come from making a plan and sticking to it in order to hit a specific goal.

Here’s three that could help you in 2020.

Make A Plan To Crush Your Existing Debt

Now, for many of us, getting completely out of debt within a 12 month period is a tall order.

After we pay our living costs, it can be difficult to make inroads into our debts.

But the thing to remember here is that any progress is better than no progress.

Even if you can reduce your debt by 10% or 20% over the course of the year, you’re on the right track.

And like we often say, if you’re paying multiple debts or loans, and you’re paying a high average interest rate, it might be worth looking into a debt consolidation loan to help lower your repayments. 

Work Towards Improve Your Credit Rating

Your ‘credit rating’ is your history of financial decisions.

Every time you apply for a financial product or service, the details of that application enter your credit report.

By paying your bills and hitting your loan repayments on time, it shows the credit rating agencies that you are a trustworthy borrower.

That can help you applying for financial products and services in the future.

So make sure you don’t miss repayments in 2020 if you want to improve your credit rating. 

Learn more about how to improve your credit rating.

Create (And Stick To) A Personal Budget

There are so many books and apps out there these days about personal budgeting.

So many, in fact, that if you’re NOT sticking to a personal budget, you have only yourself to blame.

Regardless of whether you make $500 a week or $5,000…

We all need to live within our means and — in a perfect world, which it is not — use our income to improve our financial position through intelligent spending, saving and borrowing. 

If you have any questions about obtaining fast, fair finance, we’re always happy to help.

Get in touch with us on 0800 461 228 or email us directly at [email protected].

See what’s possible with our easy-to-use personal loan calculator.