The new year has finally arrived, and with it comes endless new opportunities to improve your life. The start of a new year can be a highly motivational time, where people rediscover their desire to lose weight, overcome obstacles, and achieve crucial goals. While everyone has their own individual targets to consider in 2020, one thing that we could all benefit from working on this year is our saving and spending strategies. If you’re familiar with the feeling of struggling to make ends meet after each payday, then now could be the perfect time to start re-assessing and improving your financial strategies. Fortunately, we’ve got some tips that could move you in the right direction.

Consider your Monthly Expenses

If you want to make a significant change to the way that you manage your money in 2020, then the first thing you need to do is understand where your cash is going each month. Sitting down with a selection of receipts and bank statements will help you to get an insight into your spending issues throughout 2019, and what needs to change this year. For instance, if you notice that you’ve been spending a fortune on interest for your student loans, then it could be a good idea to start looking into refinancing those loans with a cheaper lender. A student loan refinance strategy is often a great way to save money, particularly if you have a better credit score today than you did when you first borrowed your money.

Look for Quick Wins

Many people hate the idea of budgeting and changing their spending habits because they assume that if they want to make a real positive change to their finances, they need to give up paying for all the things that they enjoy. However, having more cash in 2020 doesn’t have to mean getting rid of your television streaming services or gym memberships – at least not all at once. Instead, you can start by looking for quick and easy ways to cut your expenses each month. For instance, if you’re over-spending on your insurance, then you can try to cut costs by switching to a different supplier. Something as simple as taking your own coffee to work instead of buying a coffee from the local café can make a huge difference too.

Create Long and Short-Term Goals

Finally, one of the toughest things you’ll face when you’re trying to make a lasting difference to your bank balance is the desire to give up and simply spend money whenever and wherever you like. Motivation can be hard to come across when you’re new to budgeting and saving. However, if you have a goal in mind, then you’re much more likely to stay on target. Rather than just setting one far-off long-term goals, give yourself some smaller targets to reach too. For instance, if you want to save $5000 for a holiday next year, aim to save your first $1000 within the first few months – then celebrate when you reach your target.