And stick to it! It is so easy to set a budget and over time, steer so far off target that it's impossible to get back to where you were. If you really want a good grasp of your financial situation, it is important to be strict with yourself. Setting a budget doesn't have to mean that you never have anything to spend but it does mean knowing exactly what money is going where. At the start of each year, you should plan out what is going to spend each month. You should mark money for your regular bills such as your rent or mortgage, phone bills, energy bills, etc as well as putting aside some money for a rainy day. You might also factor in annual costs such as any bills you pay yearly and even your summer holiday or money spent on Christmas. This will allow you to know exactly what you need to spend and what you have spare. That being said, don't leave yourself short when it comes to your day to day spending money or else you will run the risk of dipping into your savings or bill money.

Does it feel as though you have been paying those credit cards off for years yet the balance doesn't seem to go down? If this sounds familiar, you might want to consider taking out a debt consolidation loan, with which you pay off all your existing debts and then make one (more affordable) monthly payment. If this is something that you think would benefit your finances, it is important to ensure that you cover all bases and research a variety of loans. This can be time-consuming but using a service such as the one provided by NowLoan.co.uk, you can compare hundreds of loans to find the best one for your personal circumstances.

One of the most detrimental things for anybody looking to improve their finances is having a poor credit rating. It is vital that you keep on top of your credit score and if it isn't looking at its best, get working on improving it. It might be a daunting task but it isn't as difficult as you might think. Simply by paying your bills on time, getting on the electoral rolls and staying away from your credit limits, you will start to notice a difference and this will then encourage you to keep working on your finances throughout the year. If you are looking to take better control of your finances in 2020 and set a precedent for the years to come, then these simple tips will help you get started. Whether you are planning to start a strict budget or take advantage of a website such as NowLoan, there are multiple things you can do to stay in control and stress-free when it comes to money.