How To Take Control of Your Finances In 2020

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Disclaimer: The following is a sponsored post by Lexington Law. All opinions are 100% my own.

Getting your finances under control can feel incredibly rewarding and can bring a lot of happiness to your life.

For me personally, paying off my student loans felt like a huge weight was lifted off me.

I felt like I could focus on more things and my goals felt much more attainable once I discovered I could do anything I set my mind to.

Below are 10 actionable tips to get you creating the life you’ve always wanted.

Before we get started, make sure to sign up for my free resource library and get access to exclusive printables all about saving money and building wealth, meal planning, and more.

1. Create a strong credit score

A credit score is a number that represents the creditworthiness and likeliness you’ll pay off a loan.

Your credit score may be used in many occurrences, such as:

  • Potential lenders
  • Landlords
  • Prospective Employee
  • and more

Having a low credit score could potentially reject you from a job, house, lender, and more.

My credit score even landed me my dream home.

My landlord basically said my credit score got me my dream house that we and 4 other families had applied to.

This was a huge deal for my family because we had been searching for houses in our budget for months.

If you believe you may have inaccurate or unverifiable items on your credit score, Lexington Law can help you remove these off your credit report.

Lexington Law has helped hundreds of thousands of clients remove inaccurate and unverifiable items from credit reports such as late payments, collections, charge-offs, and more.

If you need assistance with filing disputes or challenging specific items on your credit report, learn more about Lexington Law here and start getting the help you need today.

2. Create a strong budget that works

It’s so easy to tell you to create a budget and move on to the 3rd tip.

However, we’re going to break this down to make sure you have a working budget that you’ll stick to.

There are so many ways to create budgets and what works for you will be unique to you.

Do you prefer a budget app, envelope system, or a simple pencil and paper budget?

If you prefer a budget app, I recommend Mint. I’ve been using Mint for years and it’s incredibly user-friendly.

The only downside is the apps within the app, but it’s free so I don’t mind it.

If you prefer the envelope system, I recommend reading this article. This budget system is also free and easy to manage.

3. Create money goals

Creating goals can help you stay motivated and inspired with your money goals.

Even better, once you complete a goal, you’ll feel motivated to keep going.

You’ll move with more confidence knowing that you completed a huge goal (like saving 1000 into an emergency fund).

What’s stopping you from completing all of your money goals?

You can create money goals such as:

  • Saving $1000 into an emergency fund
  • Paying off your credit cards
  • Saving 3-6 months into savings
  • Investing 10% of your income

Breaking these money goals down even further can make the goal seem more attainable.

For example, if your goal is to save $1000 into an emergency fund, you could break that down into 10 parts and save $100 per month. In 10 months, you’ll have $1000.

This travel savings plan can get you on track to save $1000.

4. Pay off the smallest debt first

Paying the smallest amount of debt can be an incredibly rewarding feeling because you’re getting rid of one debt.

For example, if you have $500 on one credit card, $1000 on another credit card, and $5000 on another credit card, I recommend using Dave Ramsey’s snowball method.

You’ll get a huge feeling of motivation knowing you got rid of a large debt, and now you only have 2 credit cards to worry about.

I paid off my credit card first, and then my student loans, and now all I have left is my car and it feels much easier to tackle than paying off a little bit of all 3 debts.

5. Focus on your mindset

Do you have a hard time with productivity, time management, goal setting, and other healthy habits?

I recently went through a personal development course for the first time in my life and had NO idea how much my mindset had been holding me back.

I kept telling myself that there was no way I could do so many things such as becoming a six-figure blogger.

Even better, I had no idea how badly I was talking to myself before until I took Design Your Dream Life.

My mindset has gone through a total transformation because of Design Your Dream Life, and it’s boosting my business income, relationships, and happiness overall.

It’s crazy that humans are capable of doing so much, yet we limit ourselves to thinking we can’t do a lot of things in life.

No dream is impossible, and this is just one of the things Design Your Dream Life has taught me.

6. Figure out what things to stop spending money on

Are there things you’re spending money on that could be eliminated?

Are you buying things that you could easily make yourself?

Check out this list of things you can DIY to save money. For example, did you know you can make your own laundry detergent? That’s a huge saving!

If you spend too much on fast food or restaurant outings, you could start cooking these meal prep recipes. Doing this will save you time AND money.

Do you shop online? If so, you’ll want to use Ebates from now on.

Ebates is a website that gives you cash back for your purchases, giving up to 40% cash back. 

Create an Ebates account here. Make an online purchase of $25 and get $10 as a welcome bonus! So easy.

I used Ebates last week for purchasing a flight to Orlando. I got 2% cash back for making a purchase I was going to make regardless – it’s that easy.

Ebates even has a free browser extension that automatically applies the best coupons to your purchases and activates cash back. There are so many times I forget to use Ebates when I’m online shopping – so the Ebates button reminds me every time I go online shopping. It’s a must. 

7. Reward yourself

Saving money and keeping your budget strict can be stressful.

This is why I make sure to reward myself with a goal when I stick to my budget and put money into my savings.

8. Lower your bills and save money (I saved $290)

Billshark is a MUST for anyone who has a cell phone, cable, internet, or insurance bill and wants to lower their bill.

And trust me, it works because I’ve used it myself on 3 different bills and I’ve saved $290.

Here’s how Billshark works:

  1. Send copies of your bills to Billshark. (I did this by uploading an online PDF of each bill).
  2. Billshark negotiates all of the bills you send in.
  3. You get notified if Billshark was successful. If they are, they take 40% of the savings. Ex. Billshark saved me $290 over the course of 6 months, so I pay them $116. I can do this in a monthly payment plan or all at once.

It’s definitely worth the savings and it was such an easy process. 

You can start lowering your bills with Billshark here.

9. Invest

We live in a time where we can use investment apps that can make it easy to buy and sell stock investments.

Not sure which app fits your lifestyle? Check out this list here of 8 of the best stock trading apps.

10. Stop comparing yourself to others

It’s incredibly easy to compare yourself to others that you see on social media paying off all their debt.

Don’t let this get you down. Everyone is on their own journey and you don’t know what other people are going through to get to where they are at now.

Keep the focus on your goals and you’ll soon complete them one by one. Once you start saving money and completing your goals, it’s easier to keep going.

Starting is the hardest part. So start now. 🙂

Lexington Law has helped hundreds of thousands of clients remove inaccurate and unverifiable items from credit reports such as late payments, collections, charge-offs, and more.

If you need assistance with filing disputes or challenging specific items on your credit report, learn more about Lexington Law here and start getting the help you need today.

What are you going to do for a stronger 2019?

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This Post Has 2 Comments

  1. It’s a shame that too many things in life ride on our credit score.
    If you have a perfect payment history and always pay in cash, your credit score will suffer.
    I keep using credit cards for their benefits and pay them off twice a month.
    This keeps my credit score in the 800’s. Using my cards like this keeps the credit score high.
    I won’t ever stop using them because then this world we live in will think I’m a bad person.
    Go figure.

    1. Kevin, I agree with you. I too wish that we didn’t need credit cards for everything. I’d actually prefer to pay for everything or most things in cash or debit, but then I know my credit would suffer (since I don’t have any other bills to pay). It’s tough.

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