As 2019 begins to draw to a close, now can be a good time to take stock of what you have achieved over the course of the year and re-evaluate what your financial goals are for the coming year. Many people will have found the last year a difficult time to put money away through economic uncertainty and the rising cost of living. It seems that for all the money you can put to one side, these days, there are more unavoidable costs that eat into your savings on a monthly basis.

Many women are investing in the idea of proactive saving and trying to make their money work that little bit harder for them, once it has been allocated from a monthly wage and earmarked for savings. As we mentioned at the start of this article, the new year represents a good time for financial reflection, and while there are still a couple of weeks left in the year, here is some advice to help you put the groundwork down on ensuring your financial future in 2020.

Taking Your Monthly Spend under Control

The first step to improving the overall health of your finances is to gain a comprehensive insight into how your money behaves on a month to month basis. Thanks to interactive apps and spending trackers, there is more available to the average saver that there ever has been to give them an accurate picture of how their spending is broken down in a given month.

Take some time to undertake some research into what apps meet your needs, then review your spending patterns. Little habits will make a huge difference in the long-term, so whether it’s cutting down on the shop-bought coffees, changing energy provider, or cancelling an unused Netflix account, you will build up money in the long-term with a smart savings strategy.

What can the Banks do for You?

Many of us are brand loyal to a specific bank purely out of necessity or convivence. We are opening new accounts with our chosen high street bank because that is the bank that we have always used. The sad reality is that many banks use great rates and exciting products to entice new people through their doors, rather than to reward the loyal customers who have banked with them for a number of years.

Choosing a savings account, you can work the new customer advantage in your favour. If you shop around and build your understanding of what the market has to offer, you will find a solution that will generate good interest on your money with an account that is suitable for you personally. Many of the banks offering savings solutions have their own reward schemes, and you can tailor this to get perks that suit you.

Making Your Money Work Even Harder

Planning your spending and creating a new savings account is all well and good to count the pennies in the short term, but what can you do to really take a boost on the money you work so hard-earned cash grows in real terms? If you take the time to consult with a financial adviser, they will give you an idea of the asset classes you can put your money into. They will also have the knowhow to help you see the opportunities in growth industries, and you might see some big returns on the money you put in.

Remember that nothing is guaranteed in the world of stocks and investments but taking on a professional to review what your goals are will at least help you to make informed decisions with minimal risks. Many established brands have their own unique share saver schemes, designed to help employees benefit from growth in the wider business. They will also offer benefits to shareholders, so if there is a business or brand you work for, you can get involved and support them in their growth while earning money back on your dividend.

The coming year looks set to be uncertain for a number of different reasons. While it is impossible to predict the future, we can plan for certain eventualities. While educating yourself on the range of options on the market is one thing, you have to take practical steps to create the habits that will benefit you in the long run. Only then will you ensure your financial future for the new year and beyond.

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