The start of a new year really motivates change, and one of the things that most people hope to improve each year is their finances. Money can be tricky to manage, but if you go about things carefully and make good decisions, your financial life will become much easier, regardless of how much you earn. Here are just a few ways you can make better financial moves next year.
Start up a new side hustle
As a work at home mum, chances are you already have a side hustle or two that generate some streams of income for you. These financial sources can be really useful if your main business or work at home job slows down during certain periods, or if you need to be able to earn or save more money for things that crop up in day to day life. Start up a new side hustle; it’s a great way to build your skills further and can help to give you more financial security. It could be blogging, starting an Etsy business, network marketing – there are loads of great options.
Invest wisely
If you’re lucky enough to already have a bit of money behind you, making smart investments can make this money work harder for you. Instead of earning a small amount in a high interest bank account, it can earn a lot more in a passive way. You could invest in business, in property or have a finance company manage things for you. They will know about things like OVDP schemes that can allow you to save money on tax. Put your money to work, and you’ll reap the rewards over time.
Sell what you don’t need
Most of us have items at home that we no longer need or use, they simply take up space and get in our way. Since we’re now close to Christmas and many new things will be coming into the home, now is a good time to get rid of any extras. If you sell what you’re no longer using not only will you declutter but you’ll also be able to raise a bit of cash to spend or save as you need.
Look at your budget
Finally, looking at your budget at least once a year is no bad thing, and with the New Year around the corner, now is the perfect time to do it. Work out where you’re overspending and where you can cut back. See if any of your bills can be reduced, and if there are any more effective ways you could be spending or saving your money.