Making 2023 The Year You Get Your Finances Correct

A new year offers a chance to make improvements in your life. Many people focus on relationships, their careers, or improving their health and fitness, but there’s a lot to be said for dedicating your energy towards getting your finances in order. After all, if you have a healthy financial landscape, then all the other things you may want to achieve — having a good relationship, traveling — will be much more straightforward.

And though it might not feel like it, getting your finances correct can be easier than many people expect. While there’s no one single thing that you can do, when you put together a bunch of money-boosting actions, you’ll find that success is within reach. In this blog, we’ll look at a number of effective tips that’ll push your finances in the right direction. 

Take an Honest Look

It’s tempting to avoid looking at your finances, especially if you think that they might not be as rosy as you’d like them to be. But still, it’s important that you do so. It’s only once you know where you currently stand that you can begin to make improvements. Taking an honest look at your finances involves more than just having a quick glance at your bank balance. It involves looking at all your incomings and outgoings, your debts, and your spending habits.

Cut Out Wasteful Spending

Even people who have high-paying jobs can fall into financial difficulties, purely because they spend too much on items that they really don’t need. If it feels like your bank balance is always lower than you thought it would be, then it’s time to go through your bank statements and see exactly where your money is going. You might think that buying lunch on the go, getting an expensive coffee each morning, or treating yourself to a fancy cocktail or two isn’t doing too much damage, but all that spending will add up, especially over the course of a month or year. Cut them out (or at least reduce the spending), and your balance might grow without really trying. 

Easily Direct to a Savings Account

We all know that we should be saving money. But if you’re struggling to get your bank balance in shape, then the idea of putting money into your savings account will sound like a ridiculous suggestion. However, it’s important to remember that any amount of savings is better than none at all. If you have difficulty saving money, then take a look at getting an app for your phone that rounds up purchases you make with your credit cards to the nearest dollar, and puts the difference in a savings account. If you can throw in an extra $25 or so a week, then you’ll have a sizable pot of savings in a matter of months.

Ask for a Raise

The best way to improve your financial landscape is, of course, to get more money. One way to do that is to ask for a raise at work. We tend to think that the money we’re paid is set in stone, but it’s not — humans set your salary in the first place, and they can raise it, too. There’s a right and wrong way to go about asking for a raise. But if the company is doing well, you’re working well, and you haven’t had a raise in a while, then it can be worth asking. The secret among bosses is that they’re usually more receptive to giving raises than employees typically believe, because they know it’s easier and cheaper to bump up a current employee’s salary rather than finding and hiring a replacement. 

Start a Side Hustle

It’s also key to remember that while your regular job might be your primary source of income, it doesn’t have to be your only source of income. In this day and age, it has never been easier to start a side hustle than it is right now. Indeed, the options available to you are extensive; you could start blogging, sell feet pics or teach English online. There are also “real world” side hustles, too, such as walking dogs, being a delivery person, or driving for Uber. You might even feel like you’ve got the ability to learn about investment as a means of making money, you can get plenty of experience using simulated forex funded accounts online in order to become familiar with trading before investing your own capital into it. You can do these things as a way to earn some extra cash, but if it’s successful, you could find that you can give up your day job and make it your full-time work. 

Learn to Say No

It can be concerning if you’re spending more money than you should due to your own decisions. But it’s even worse to be in dire financial straits because of other people’s decisions. It’s great to have a group of friends and loving family members, but if they’re continually expecting you to join in on expensive activities, then that’ll only compromise the good work you’re doing in other areas of your finances. For example, if you’ve been tightening your belt to save money, but then have to travel to an international wedding, then your bank balance won’t benefit. There’s a lot of power in having the ability to say no. If they’re good friends, then they’ll understand that it’s not viable for you to attend expensive dinners, go on vacation, and so forth. 

Smart Spending 

Of course, you’ll need to spend money on some things from time to time. Your clothes and electronic devices won’t last forever. At some point, you’ll need to replace them. When it comes to spending, be sure to search for deals online before making a purchase. No matter what it is that you’re looking for, you’ll almost certainly find a discount code or a website that’s selling the product cheaper than what you’d find elsewhere. It’s also good to keep in mind that you can usually buy high-quality products second-hand at an affordable price, too. 

Conclusion

It takes time and effort to get your finances in order, but it’s worthwhile doing so. Once you have, you’ll find that you feel less stressed and that you’re able to live life to the fullest.