5 Money Moves you Should Make in 2024
One month down, eleven more to go!!!
I know you are wondering why this year’s January is so fast compared to the ones we have had in the past.
Well, I am not sure there is no major answer for that but as the year continues, now is the perfect time to get your finances together and build a solid wealth-building plan.
There are moves you can start making now to start the year strong that will translate into healthy money habits for years to come.
1. Have a well-structured financial plan.
The first and most important step to making changes in your finances is a clearly written financial plan that lays out your savings goals and investment strategy.
Having a written plan goes beyond investing and includes spending and saving as well. It helps you figure out where your money is going.
In the past year, we’ve seen some big swings in the financial markets, and this volatility has made some investors feel like they have little control over their investment success.
However, it is important to avoid overreacting to short-term downturns and start making moves that could help your long-term strategy, which can only be done when a clear financial structure is established.
2. Automate transfers to investment and savings accounts.
You should set up frequent automated deposits too. Putting money into your retirement account and savings account will go a long way.
Doing this not only reduces your propensity to overspend when money comes in, but it also ensures that these accounts will develop gradually and require little work.
3. Invest like a mogul.
Diversification, or holding a variety of investments, is an important strategy for reducing risk.
While people aren’t usually aware of the definition of portfolio diversification, for example, investors may purchase many mutual funds with the same stock mix, but if all of your money is invested in the same companies, you haven’t truly diversified your portfolio as an individual.
4. Invest in yourself.
Both earning more money and saving money can help your financial situation but it is important to think about advancing your education or picking up new skills since many professionals are reevaluating their careers.
Resuming education could be a wise decision, even if you don’t intend to change careers. It might increase your value to your current employer and even result in a pay raise.
Whether you provide a service or work freelance in your field, starting a side business might be a wise way to invest in yourself. It will not only increase revenue but also pave the way for tax benefits only available to independent contractors.
5. Perform a yearly financial review.
Having a clear grasp of your total financial situation makes it easier to make wise financial decisions. This entails reviewing your assets and liabilities, including debt and expenses, at least once a year. Examine your credit score and credit reports as part of that procedure.
By keeping an eye on your credit score and credit reports, you can make sure that mistakes don’t go unnoticed and hurt your chances of getting approved for a good loan or at a cheaper interest rate. Moreover, it might assist you in identifying identity fraud early on.
It’s true that not everyone feels qualified to examine and assess their financial situation, but this may change.
Now that you know what to do, are you ready to make the money move?
If you find this blog helpful, give it a clap and a comment.
Follow me on:
- Email: seunfunmiokunowo@gmail.com
- LinkedIn: @Oluwaseunfunmi Okunowo
- Twitter: @moneynerd_
- Instagram: @moneynerd_
