Personal Finance Trends For 2020

By Staff Reporter - 23 Jan '20 02:36AM

(Photo : Pixabay)

The world is changing in every conceivable way. Perhaps there's no better example of this change than the world of personal finance. Technology, once just a small part of a person's monetary life is now front and center. There are hundreds of apps to make your life easier, or more complex. Plus, the hottest trends include things like crypto investing, monitoring ID theft and keeping a very close eye on credit scores. Of course, there' much more to it than that, but the central concept is that 2020 will be a year in which practically everyone is swept up into the universe of automated finance. Here are some of the major positive trends in the area of personal financial planning. If they sound unfamiliar to you, research them further and find out how you can use technology to improve your financial wellbeing.

There Are Apps for Everything

Do you want to save for a down payment on a new home? Or is your current obsession about funding a business venture? What about saving for little Susie's college and little Tommy's trombone lessons? Whatever you want to save for, plan for or set aside money to pay for, there's an app to help you. Some of the best tech toys are serious applications that you can use to track spending, maximize savings, cut expenses and more. If you figure most smart phones have a financial app that either comes with, or is downloaded, the possibilities are endless with help available in order to get finances under control.

Credit Score Monitoring is the New Normal

Just a decade ago, most consumers were not very informed about their credit scores from the three major bureaus. Now, everyone seems to know all three of their scores, how to change them for the better, and what factors are the most impactful. It's all the result of high-tech score monitoring sites that are popping up at the speed of light. This is probably a very good thing because it helps consumers know where they stand in terms of creditworthiness. A good rule of thumb now is that you're able to see your credit score on monthly statements, so you can monitor month over month to ensure it's trending in the right direction, otherwise your full report may need to be reviewed sooner than later.

Student Loan Refinancing is Taking Off

Another positive aspect of the new wave of developments is that more people than ever are refinancing their student loans. It's not just about getting lower monthly payments, but that is one of the big benefits, obviously. Refinancing education debt is also a smart move for those who want more time to pay and a slightly better interest rate.

ID Theft Prevention is a Must

ID theft prevention services have been around for about 20 years, but they're entering a new era as they become nearly universal. With most monetary transactions taking place online via credit cards these days, along with debit cards and e-payment services, it's more important than ever for people to have some way to secure their sensitive information.