As 2019 is coming to a close, don’t let holiday spending dampen your holiday spirit or put you further in the hole for 2020.  Here are 5 things you can do right now to end 2019 on a positive financial note and create momentum for 2020.

1. Create your monthly budget.  Everyone needs a monthly budget so they know where to spend their money.  If you don’t already have a monthly budget, the first step is to list all of your income and then subtract all of your expenses.  If you find yourself spending more than you take home, you need to reduce expenses to balance your monthly budget.
2. Decide how much to spend on the holidays.  Once you have your spending plan in place, you can decide how much to spend on gift giving.  Decide how much you are going to spend on gifts this year and stick to that amount.  Don’t overspend just because something is on sale.
3. Stop Borrowing Money.  Don’t put holiday spending on a credit card!  Those bills will come in January and you’ll dread opening them.  Don’t start 2020 off on the wrong foot financially.
4. Start your Emergency Fund.  If you don’t have an emergency fund already, start one today.  If you happen to get cash gifts, consider putting that money into your emergency fund to get it started.  You need an emergency fund for those “gotcha’s” that seem to come at the most inopportune moment.
5. Make a plan to Eliminate Debt.  If you have any debts, make a plan to start paying them off smallest balance.  Add any extra money you find in your budget to your debt payments.  As one balance is paid off, put the payments towards the next lowest balance.   The reason for paying off smallest to largest is you get wins along to way to keep making progress and to build momentum.

Doing any of these steps can improve your financial wellness today.  Doing all of them will give you great momentum to make 2020 a great year for your financial wellness.

© Carl Lander

Financial Wellness Speaker, Trainer, and Author

Want more steps to financial wellness?  Text firststeps to 33444 to gain instant access to the free resource:  First Steps to Financial Wellness.