It’s a good idea to set New Year’s resolutions every year, as they give you the motivation to improve various aspects of your life. While losing weight or quitting smoking are common resolutions, there’s one area that you should strive to improve every single year: Your finances.
It can be hard to improve your financial situation if you don’t have a solid foundation to stand on. That’s why today we’ll look at three tips to not only make 2020 your most prosperous year yet, but to also help you maximize your money in the years to come.
1. Find creative ways to increase your income.
What’s the best way to maximize your money? Make more of it. Luckily, there’s no better age for making more money than now, thanks to the Internet.
You can sell unnecessary items on sites like eBay or Craigslist for extra cash. You can also put your clothes up on Poshmark to see if you get any bites.
Do you have any special skills that could earn you an extra income on the side? Think hard enough, and you can probably find several.
For instance, you could find side gigs on Fiverr or Upwork that will garner income from writing, translating, typing, proofreading, graphic design, and other similar skills.
Or you could find side gigs for more “offline” skills such as babysitting, pet sitting, and yes, even house sitting.
If you don’t have a ton of extra time to make side money, make the most out of your current position by asking for a raise or requesting extra hours.
As long as you look, you’ll be surprised at how many ways exist to increase your income. The more income you make, the more financial freedom you’ll have.
2. Look into debt consolidation.
What can you do with all that extra income from the first tip in this list? Use it to pay down debt so you can sleep easier at night.
Depending on your situation, you may have debt in many different places. This can make it even more intimidating as you try to manage multiple interest rates, balances, and correspondence from creditors.
How can you simplify your debt to make it easier to tackle? Consolidate it so that it’s all in one place, with one payment, one term, and one interest rate.
While debt consolidation isn’t for everyone, it’s worth a look if you want to get serious about becoming debt-free. Just the mental aspect of having one payment could help you get rid of your debt faster.
3. Check your credit.
You may be scared to check your credit report if you have a plethora of outstanding debt. As scary as it may be, however, you should look at your credit report to ensure everything is correct.
A quick scan of your credit report could show errors by the reporting bureaus or creditors. You can point out those errors and get them removed.
Once they’re gone, you can increase your credit score and secure financing in the future with more favorable terms. This can make it easier to make big purchases like a car or home, while saving you money in the long run via lower interest rates.
Section 8 Assist
