January 2020 Financial Checklist
With the Christmas festivities all done and dusted, 2019 has officially left the building, folks! And with the new year finally here, your fave Financial Checklist is back and better than ever! Did you miss us?
But it’s not just a new year, it’s a new decade too! And with each new decade comes a new trend, like the iconic 80’s mullet, which unfortunately made a comeback in 2019 (mullets though, really?). So, who knows what the next decade will bring…
One thing that’s for sure is that we'll be all over the hustle and grind this year! So, if you’re keen to get serious about your savings and start ticking off those financial goals in 2020, then buckle-in and get ready for your very first Financial Checklist of the decade!
New year, new financial goals
There’s nothing like the fresh start of a new year. Which makes it the perfect time to sit down and set some financial resolutions for the next 365 days. Having clear financial goals to work towards will give you a sense of purpose and motivation to spend less and save more throughout the year ahead.
But remember, without a plan in place, a goal is just a dream. So, if you want to have a good shot at hitting your financial resolutions, then it helps to break the bigger goals down into more manageable bite-sized objectives which you can gradually work through bit by bit to create better financial habits.
Budget your way to better habits
If you want to meet your financial resolutions, you’ll need to establish a solid budget for 2020 so you can start adopting better money habits. Without a clear budget in place to help guide your spending, you’ll wind up falling into old bad spending habits and go off track.
First, sit down and use our budget calculator to add up all your bills, expenses and expected income for the next year, then work out exactly how much money you’ll need to hit your financial goals.
Once you’ve done this, you can use our trusty savings calculator to determine how much you can spend and how much you’ll need to save throughout the year to reach your goals.
Track your spending
Ignorance is bliss, but not when it comes to spending! Seriously, how can you expect to achieve your financial goals and plump up your savings account if you spend money blindly without keeping an eye on your bank accounts?
So, whether it’s with a good old fashioned spreadsheet, or with the help of a handy budgeting and savings app, hold yourself accountable and start tracking your spending in 2020!
Spring clean your subscriptions
Once you start tracking your spending, it’s only a matter of time until you start to notice all your big money-wasters. So, whip out that money-saving detector and go through all your regular bills and expenses to find any potential ways to save some more money.
And don’t overlook your digital subscriptions or online streaming services! $4.49 a month for extra iCloud storage might seem like nothing, but it all starts to add up after a while. Note to self: Cancel the Stan subscription you forgot you had but have paid $14 a month for all year…
6-month tax check-in
What? Tax-talk in January? Now, before you do a double-take, January is actually the prime time to check-in with your taxes. Think about it, if you’re like most people, then by the time June rolls around you’re probably scrambling to get all your paperwork in order, wishing you’d done so earlier.
Leaving your taxes to the last minute is a recipe for disaster! So, don’t wait until you’ve accumulated a year’s worth of tax receipts to get organised. Do it now while there’s less to manage. That January tax check-in doesn’t sound like such a bad idea now, does it?
Head to our life & money hub for more savvy savings tips to help you hit your financial goals in 2020!