There are many reasons why you may be looking to improve your financial situation in 2024. For example, it could be that you are planning a once-in-a-lifetime vacation, launching your own business, or saving to put down a deposit for a home.
Either way, it’s impossible to improve your financial standing without actively working towards being smarter with your money or finding ways to earn more! Otherwise, you’ll stay stuck in the exact situation you are in currently!
With that in mind, here are five smart ways to improve your finances in 2024!
1. Look into investing.
Investing is a great way to better your financial situation, as it gives you the opportunity to generate passive income. This means that you are essentially earning money while you sleep or go about your day.
However, whether you’re an experienced investor or a complete novice, it is important that you thoroughly research each investment opportunity before putting your money on the line. For example, if you’re about to step onto the property investment ladder, research property development stats ahead of time. This will help you scope out lucrative opportunities while also giving you a better understanding of the property market as a whole.
Furthermore, while investing, it is important that you invest only what you can afford to lose! This way, if the investment does not work in your favour, you will not be putting yourself in a difficult financial situation.
2. Save money on monthly bills.
If you’re getting serious about saving money, finding ways to cut down on your monthly bills is a great place to start. After all, many homeowners (and renters) are routinely overspending on utilities, often without realising that they are doing so.
One way in which you can start saving on your monthly bills is by using a price comparison website to see if you’re getting the best deal from your provider. If another company has a better offer in place, then let your current provider know you will be switching. In some scenarios, they may offer you a more competitive price in order to retain your custom – but either way, you’ll be saving money!
3. Start blogging.
Finding new income streams can also help you to better your financial situation in the coming months. While there are many options to choose from here, blogging can be a great way to earn some extra money. While you’ll have to consider it a hobby to begin with, as your readership grows, you can begin to earn money through post engagement, advertisements, and brand partnerships – all of which can prove to be lucrative in the long run.
One of the great joys of blogging as a side hustle is that you can use this as an opportunity to explore your passions and interests in more depth by writing about things you genuinely love and enjoy.
4. Focus on repaying debts.
When it comes to improving your financial situation, you may want to focus your attention on growing your savings account as much as possible. While this is a smart move within itself, it’s better to focus on any debt repayments first. After all, once you have repaid your debts, you can start out on a clean slate once again.
5. Set yourself a weekly budget.
Budgeting is also key when it comes to improving your financial situation. This often comes down to the fact that it makes you aware of your own negative spending habits that may otherwise go unchecked. For example, buying a coffee at your work may not seem like too big of an expense; after all, it will only cost you a few pounds each day. However, when you figure out the annual cost of your daily coffee, you’ll likely be shocked at just how much you are spending.
As such, moving forward, you should set yourself a weekly/monthly budget. This way, you can still allow yourself the occasional treat, but within reason – while also bettering your financial situation as you go.
If you find it hard to stick to a budget, try downloading a budgeting app on your phone. This will track your spending carefully and send you a notification when you’re about to go over budget, encouraging you to be more thoughtful about the way you spend your money. However, it’s also important that you hold yourself accountable – remember that you are budgeting for a reason and that it will be worth it in the long run!