If you want to make more money in 2024, either to reach your savings or investment goals or to pay off debt and reach financial freedom, then you’re in the right place. We’re here to help you learn how to make money work for you this year!
Financial freedom means something different to everyone, as people have different goals, aspirations, and priorities regarding money.
However, we’re confident that you will be in a better financial position if you are realistic about your situation, set goals, and look to expand your income stream.
Establish A Realistic Budget
The very first thing you should do when it comes to making money work for you this year is to establish a realistic budget.
Map out all of your essential outgoings, your wants and then anything you need to save or debt repayments, then you’ll know where you’re at and what needs to change for you to reach your goals.
Making money work for you is all about having clear goals and a direction to meet them, and without knowing exactly how much you currently have to transform your finances, it’ll be very difficult.
So, sit down, create a budget of how much you are going to spend on what, and figure out how much spare money you have and where that is best placed to meet your goals.
Seek Expert Advice
When you really want to focus on your finances, one of the best things you can do is seek expert advice from a financial advisor. They can help you find the best solutions for everything from investment management to tax and everything in between.
If you’re currently in debt, they can also give you advice on the best repayment options and financial planning to help you navigate it.
You can go to them with your goals and current financial situation, and they can help you map out stages and goals for the next few months and years to get where you want to be.
Create Your Investment Portfolio
Our first tip is to create your investment portfolio! Investing isn’t something that should be taken lightly. There is a lot to learn about in order to successfully invest and ensure that your money is safe from scams.
The first thing you should do is decide what you want to achieve by investing and how much of a risk you’re willing to take, as well as establishing how much you can comfortably invest.
In terms of how much to invest, it’s got to be an amount that you have available after you’ve paid off all of your essential outgoings, as you never know what’s going to happen when it comes to investing. Ask yourself, if I lost this money, would I be able to pay everything I need to?
After you know roughly how much you need to invest (we’d advise speaking to a financial advisor about this, especially if you’re considering quite a substantial amount of your income) and you know what kind of risk level you want to take, then you can start to research different investment opportunities.
From stocks and bonds to real estate, mutual funds, and investing in small local businesses, you have many different options.
Read a bit about these investments and how they work, then choose the direction that interests you most and suits your investment goals.
We’d recommend spending a significant amount of time learning about the area of investing and also any scams, e.g. hyperverse scams or ponzi scams, so that you have the knowledge to make successful investments and also reduce the likelihood of becoming a victim of a scam, which are unfortunately extremely common in the world of investing.
Once you know what you’re doing, investing can be a fantastic way to increase your income passively. It can really help people who spend the time learning about it gain financial freedom.
Online Teaching
If you have a particular passion for a subject, you play an instrument or speak a language and would like to teach people about it, then you can make a lot of money doing it with online teaching.
There are so many websites where you can sign up, and they will help introduce you to the right students. You can do this fully remote a lot of the time, or in-person teaching options are also available.
Doing just a few hours a week can make a difference to your overall income, and it can really easily fit around any other commitments, as you can simply take on the work when you have time to do it.
Sell Things You Don’t Need
If you do not want to take on commitments outside of your current job, then something you can do to make money from what you already have is to go through your house, have a good declutter, create a pile of things that you no longer need or use, then sell them.
This could include:
- Clothes
- Accessories
- Old Furniture
- Kitchenware
- Artwork
- Toys
- Books
- Appliances
Not only can you declutter your home, but you can also make money from things you already had lying around and never used.
Places like local marketplaces, Depop, Vinted, and eBay are great for selling things you no longer need. It’s always worth posting any items you have, as one person’s trash is another person’s treasure, and you never know what people might be looking for!
Final Thoughts
Taking control of your finances and making money work for you can be truly liberating, so commit time in the coming weeks and months to making it a priority, and you’ll soon see the benefits.
Whether you have the time to spend an hour a week or an hour a day on this, it will be time well invested when you start to feel more in control of your money and, therefore, your future.
