Financial resolutions for the new year

January 13, 2020

2020 is officially here. New year, new decade, new beginnings. Your life is center stage. So now is the time to implement new strategies towards financial success. Make your money work for you in 2020! No excuses. Let’s dive right in.

Spend Less:

Get yourself on a written budget. See where every cent is going, and how it could potentially be more wisely utilized-or saved. You can use an online spreadsheet, or, better yet, use one of the many phone apps out there to track your spending. According to nerdwallet, the top seven budgeting apps for 2020 are as follows:

  1. Mint
  2. YNAB (You Need A Budget)
  3. EveryDollar,
  4. PocketGuard
  5. Clarity Money
  6. Goodbudget
  7. Personal Capital

Each has its own list of pros and cons, while some will even charge you for the premium version. Regardless, it is vital that you have some sort of distinct visual breakdown of where your money is going. It’s much easier to dissociate from your spending habits when you’re just swiping your credit card multiple times per day.

Try out the 50/30/20 Rule: 

Put 50% of your monthly income towards your needs, put 20% towards debt repayment or saving, and put 30% towards your wants. This general outline is a solid financial practice to put in place this new year.


Eliminate Debt:

Debt can manifest itself in many different forms, and quickly become a nasty financial and emotional burden. This should be tackled as swiftly as possible due to high-interest rates. The average American struggles with at least one or more of the following: credit card debt, student loan debt, car debt, and home debt. Credit card balances carried from one month to the next hit $443.96 billion in September 2019, according to NerdWallet’s annual analysis of U.S. household debt. According to Forbes, student loan debt in America now sits at a whopping 1.5 trillion dollars. That’s around $28,000 for the average borrower. This is a looming crisis for many hardworking Americans.

For many people, the debt snowball method seems to be the most effective in eradicating personal debt. In this approach, you list all of your debts, smallest to largest. Then you pay the minimum on everything except the smallest debt, and you attack that one as aggressively as possible. After that, you can then move on to the next one. Repeat the process. Each credit card or loan that you pay off is a small victory that will keep you mentally motivated and on track throughout this journey. This path may be a more complicated process if you are a new parent, for example, but it’s essential nonetheless.


Whether it’s towards a savings account, retirement, college, or an emergency fund, many Americans could use more of a cash reserve somewhere to cover the cost of some unforeseen circumstances. You can always set aside a small amount of money from each paycheck to either a savings account, your 401k, or a Roth IRA account. It’s never too late to start somewhere.

Greenberg Financial is here to provide any assistance you may need with your future financial planning. Our services include portfolio advisory, education planning, 401k Setup, and much more. Feel free to contact us today.

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