2020 is just around the corner, and it is time to think about our New Year’s resolutions. In our case, we make them with a financial approach, and we encourage you to do the same. So here you have some ideas that we have come up with for ourselves!
Check the bills
If you are going to have some free time during the holidays, you may invest some time in checking how much your providers are charging you.
We are talking about services like phone, internet, electricity, gas, paid TV, insurances (car, home, life)… everything you pay regularly.
Typically, companies have good promotions for new users, and after a while they start to charge expensive prices. The end of the year is a good time to see if you could change some of your companies and take advantage of the welcome bonus that many companies offer. Besides, many of your current providers will make you a counteroffer to try to keep you. Sadly, they are only going to value you if you threaten them with leaving… well, another reason to not be a loyal customer.
Diversify
Chances are you already have a heritage and enjoy the peace of mind of having a financial cushion. However, analyse your investments. Are your eggs all in the same basket? Again, the holidays can give you the required time to research new kinds of investments, so you can diversify a little and reduce your exposure to certain events.
Nowadays, there are many investment options based on crowdfunding and crowd lending that may be worth a small piece of capital. Always keep in mind that they are risky investments, but they are also profitable.
Make a will
No matter your age, if you do not have one, it is time to do it. A will makes the life for your family easier and prevents a lot of issues. The cost is very reasonable, and it will work for the long-term until you decide you want to modify it, which you can do whenever you want.
Learn
It is never too late to learn. Research on the internet about the financial topics that you like, look for some books, and keep yourself updated and educated. It will help you make better decisions.
Stop losing money
Easy to say, right? Especially if you invest in the stock market, it is important that you adopt a stop loss strategy that helps you reduce losses when they occur.
The lack of stop loss is one of the main reasons that people lose money. If you allow losses to run, just one operation can ruin the results of a lot of good investments.
Make a plan
What do you want for your future? Make a plan to achieve it. It will help you focus on your goals and prevent you from deviating from them.
Making a plan takes just a matter of time and provides a lot of value, no matter if it is to save money or to pay back a loan.