If one of your goals for the new year is to achieve financial wellness, you aren’t alone. In fact, the vast majority of adults are looking for ways to improve their financial situation. However, this can often feel easier said than done – especially if you haven’t got an idea of where to begin!
With that in mind, here are some simple ways in which you can go about improving your finances in 2024 for a brighter, healthier financial future.
Make smart investments.
Investing is a great way to add to your bank balance without really trying, as it provides you with the opportunity to earn passive income. However, you should ensure that you research each investment opportunity carefully, as this can dramatically increase your chances of success. For example, it can help you avoid more volatile investments in favour of those that are more likely to bring you a positive ROI.
For example, if you’re about to get involved in property investment, you should not do so until you have researched property investment stats and the property market more generally.
Budget.
Budgeting can also help you to improve your financial standing, as it encourages you to be more aware of the way in which you spend money. This, in turn, means that you can begin to make smarter financial decisions moving forward.
If you’re new to the world of budgeting, you may want to try the 50-30-20 method. This means that you allocate 50% of your income to your needs, such as a mortgage or rent payments, 30% to your wants, such as an evening out with friends or your Netflix subscription, and 20% to your savings.
Reign in unnecessary spending.
It goes without saying that if you do not get your spending under control, then you will find it difficult to get out of your current financial situation. As such, it’s important that you’re able to develop healthier spending habits now, before they begin to catch up with you.
For example, if you’re currently paying for a gym membership but cannot recall the last time you visited the gym, this is a clear-cut sign that it’s time to cancel that membership. The same goes for any subscription services that you pay for but do not use – in both cases, you are simply throwing your hard-earned money down the drain.
Be willing to turn down plans.
When getting into the money-saving mindset, it could mean that you have to introduce some changes to your social life, at least for the time being. For this reason, you should be willing to turn down plans when they do not align with your budget or if you feel as though you’ve already spent too much money that week/month.
However, it’s also important to remember that this does not mean you have to spend all of your time alone in your room. If your friends are heading out for lunch, for example, you could always meet them afterwards to do something free, or invite them round to your house instead!
