According to a recent survey, “about one in four Americans said that money is the thing they think about most on a daily basis.” This is not surprising when you consider that, on top of previous financial struggles, we’re now also dealing with the financial after-effects of the COVID-19 pandemic, such as an increased cost of living and a recession.
While some aspects of our financial health lie beyond our control, there are certain steps we can take to better it, therefore reducing any money-related stress or anxiety you may be dealing with.
With that in mind, here are some top tips that you can use to better your financial health before the year is out.
Brush up on your financial literacy.
Unfortunately, we are often not taught what it means to be financially healthy at school, which means many adults simply do not know or understand what it takes to achieve this goal. As such, one of the easiest ways to get back in control over your finances this year is to brush up on some basic financial literacy. This will enable you to understand any money mistakes you may be making before it’s too late.
Investing, such as by getting involved in forex trading is another great way to boost your finances. While there are natural risks associated with investing your money, making wise, calculated investment decisions, only investing money you can ‘afford’ to lose, and working with reputable companies can mitigate this significantly, giving you the best chance of success.
Use technology to manage your finances.
Budgeting is often instrumental when it comes to improving your financial health, but it can be difficult to keep track of your spending habits off the top of your head. Thankfully, there are plenty of tech tools you can use to properly manage your finances, such as budgeting apps and trackers.
Download finance-savvy add-ons to your browser.
Sometimes, improving your finances does not necessarily have to mean growing your money, but rather ensuring you are spending it wisely. For example, you could easily improve your finances through everyday web browsing by installing add-ons that offer financial rewards or apply coupons when you’re about to make a purchase. This way, you are never overspending when you could be getting a much better deal elsewhere.
Set up a savings account.
We’re all guilty of aiming to save some money, only to have spent everything by the end of the month. As a result, it’s often not enough to have the intention of saving unless you’re willing to hold yourself accountable. In most cases, the easiest way to save is to set up a savings account that is separate from your regular bank account, and automatically send a certain amount of money there each month once you get paid. This way, you’re less likely to spend this money by accident (or, more likely, on purpose). You can also begin to earn interest on your savings, making it a great ‘passive’ income stream.