As 2023 draws to a close, many of us are turning our attention to our finances and looking for ways to make more money. Almost a third of people have made the New Year resolution to get their finances in order in 2024.
Most resolutions are abandoned by the end of January, but you’ll be happy to hear that there are many ways to double down on your value and generate some money for the new year.
Setting Goals
First things first, you shouldn’t waste any time setting some financial goals. Think about how you want to make better use of your money and strategies for making it happen. Don’t make your goals too vague – this is one of the main reasons that people don’t hit them. But remember to keep them realistic and measurable. This makes it easier to stay within your deadlines and avoid frustration.
Taking Care Of Personal Finances
Efficient money saving starts at home, so you need to get your personal finances in order before you think about developing them. Working on managing and eliminating your debt will ensure that you maximise any money you have coming in. You should also take a look at your statements to identify whether you are making unnecessary expenditures elsewhere in your life.
Stock Indexes As Savings
Once you’ve got your finances in a good place, you should consider starting to develop your investment portfolio and making smart investments. This may seem daunting at first, especially if you’re unsure where to start. To make things easier, use index trading to invest into stock indexes that have historically good gains, such as FTSE 500, Nasdaq and S&P500.
It is important to always keep in mind the risks of investing since they do come with a risk of depreciation.
Career Focus
If you don’t have the opportunity to progress in your current career coming up, then you may need to get creative. Capitalising on your other skills and starting a side hustle is a great way to generate more income. You could do this by selling your old clothes, offering your services in home repairs or ridesharing through Uber.
You can also try your chances by asking for a raise. Have a conversation with your supervisor at work to get the ball rolling.
Freelance Your Skill
Monetise what you’re already doing by freelancing your skills outside of work. Consider your habits and hobbies to see if you have any assets or aptitudes that you aren’t taking full advantage of. Once you have established a demand for your services, people will pay for it when they need it. This is a great way to earn extra money doing something that you already enjoy.
