Here are 6 simple ways you can actually improve your finances in 1 year. (via CNBCMakeIt)
is the amount of your disposable income you do not spend in a given time frame.Calculate your saving for the yearThat means if you take home $3,000 per month and save $300 between retirement, your savings account and other funds, your personal savings rate is 10%.
Remember, your savings figure should include any contributions to your savings account, retirement accounts, health care savings accounts, including an FSA or HSA, 529 plans and any other investments. The figure won't be perfectly exact because 401 contributions, for one, are made pre-tax, but it's still a worthwhile exercise.
Once you know your savings rate, aim to increase it by at least one percentage point in 2020. Then, increase your automatic contributions by 1%, or to whatever your goal percentage is, and track your progress throughout the year. ExpertsImproving your credit score can help you secure lower interest rates on credit cards, auto loans and even a mortgage.
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