As we look to kick off another new year, we continue to confront some of the biggest money challenges faced in recent times, such as high living costs and those pesky loan interest rates. So getting your finances in good shape is a must if success is to be achieved in 2024.
We should all want to get ahead and start this new year with positive momentum. So below are some tips for you to implement over this festive season (you know, in all the down time we get! 😉) so you can hit the 1st of January with a full head of steam!
Start by making a simple budget. Figure out what you really need to spend on (necessities) and where you can save a bit (discretionary). Use those saved bucks to build an emergency fund – it’s like a financial superhero for tough times.
If you’re dealing with high-interest loans, try to work out a better deal with those you owe money to – just pick up the phone and ask the question! You may be able to combine your loans or chat with them about easier payment plans. See my blog post (6/12/22) for more Debt reduction tips & strategies!
Learn a bit about money smarts. Self-education is one of the best investments you can make. Use the boxing day specials to your advantage and buy a couple of books:
- The barefoot investor – Scott Pape
- Unshakeable – Tony Robbins
- She’s on the money – Victoria Devine
Use the power of free podcasts to join and be a regular listener of “My Millennial Money – Glen James”. Be a life-long learner, seek more information and reach out to professionals if you can’t quite grasp the concepts or strategies from the above resources.
In these tricky money times, stay flexible. You can only lower your expenses by so much, so the best secondary option here is to see if you can grab some extra cash with a side gig or freelancing. Keep learning & plotting new opportunities to stay on top of your job game and monetise your skills.
With a little planning, adapting to money challenges, and making smart moves, you can make this new year a winner for your wallet.
Jayden Allison CFP®
MFinPlan, BCom (Eco&Fin), Dip. FS (FP)
General Advice disclaimer
The general/factual information provided was done so without taking into account your personal objectives, financial situation or needs; you should consider the appropriateness of the general/factual information, in light of your own objectives, financial situation or needs, before following or relying on the general/factual information; if the general/factual information relates to the acquisition or possible acquisition of a particular financial product, then you should obtain a copy of, and consider, the Product Disclosure Statement (PDS) for that product before making any decision.