4 Personal Finance Moves To Ensure A Smooth Q4 in 2020

By | September 22, 2020

As we move into the last quarter of the year, here are some simple tips that will help you end 2020 on a good note in terms of personal finances.

Boy, what a year it has been so far! With all the twists and turns we’ve negotiated, it’s safe to say that 2020 will leave us, if not anything, a little more adaptable and responsive to adverse changes.

With the pandemic redefining our lifestyles, personal finance strategies and priorities have also been affected greatly. As we move into the last three months of this crazy year, here are some simple tips to help you wrap up your personal finances on a favourable note.

Additional Reading: COVID-19 Impact | Tracking And Maintaining Your Credit Score

Ramp Up Your Credit Score By December 31st

This is good for two reasons. One, doing so will give you a sense of accomplishment, and two, it’ll feel great to start the new year on a good note. If you need a third reason, here it is – it’s easy to ramp up your Credit Score? All you have to do is regularly check your Experian credit report (it’s FREE!). You’ll get useful insights with every check; use these tips to make small changes in the right direction, and BOOM – you’ll have a greatly improved Credit Score by the end of 2020.

Additional Reading: Money Management During The Coronavirus Crisis

Don’t Wait For Normalcy To Apply For A Credit Card

If you’ve been putting off applying for a Credit Card fearing physical meetings with bank personnel, you can stop worrying. Why? Because now you can get a Credit Card via a 100% contactless process, exclusively on BankBazaar.com. How cool is that? You stay home, stay safe and yet fulfil your financial dreams. As they say, it’s best to dance with the change, ain’t it?

Getting the right Credit Card can help you get exclusive discounts on all your festive shopping. Plus, it may boost your Credit Score too; two shots with one bullet!

Additional Reading: 7 Personal Loan Myths You Should Ignore

Don’t Change What’s Working

While it’s good to analyse your financial journey thus far in 2020 and weed out things that have limited you from reaching your goals, it’s crucial to exercise restraint when it comes to the positive aspects of your existing plan. In simple words, don’t touch what’s working fine. Why? Because the financial situation is likely to be similar for a few months now, so you don’t need a budget overhaul, just yet.

Clear Up As Much Debt As You Can

It’s never a bad idea to clear debt. Since you have a good three months ahead of you, you can try and set a debt-clearance target. Sure, you may already be doing this on a monthly basis, but you can always optimise it, if it’s financially comfortable. Remember that debt is like a really obnoxious person; the more time you spend with it, the worse you feel.

Good luck for the final act (hopefully) of 2020 – you can do this!

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