According to a recent report, more than a third of US adults are worried about money. There are, of course, many reasons for this – the economy is still recovering from the impact of COVID-19, the cost of living is rising, and it simply seems as though money does not stretch quite as far as it used to.
Simply put, it’s hard to save money right now, even if you’re usually great at sticking to a budget. As a result, you must keep an eye out for ways to make each dollar go that little bit further or boost your income.
With that in mind, here are some simple ways to improve your financial situation in 2023.
Get rid of clutter.
Decluttering is a great way to freshen up your home. However, it can also be a great way to earn some extra money, as it can then sell things you no longer need or use. For example, there are plenty of old things in your attic that could be worth a lot of money -and it’s far better to sell them on as opposed to letting them gather dust in your home. This is a great, low-effort way to bring in some extra cash.
Find ways to make passive income.
Another way in which you can improve your financial situation is by keeping an eye out for ways to earn a passive income. Once again, this will require minimal effort on your own part, aside from some initial research – but could provide you with a steady stream of income throughout the year. Traditional investing is the most popular way to earn passive income, but there are plenty of other options too. For example, you may want to step into the world of Crypto by investing in things such as Cardano (ADA).
Pick up a side hustle.
If you have some extra time on your hands, picking up a side hustle can help improve your financial situation quite considerably. After all, it provides you with another stream of income you can rely on. However, it also requires considerable time and effort on your part and likely a bit of financial investment in order to kick things off. As such, you should think carefully about what kind of side hustle you start – is there a market for this business? Do you know how to build a customer base? The quicker you can answer this kind of question, the more you prime yourself for success.
Ask for a raise.
Many companies have offered their employees a pay rise which corresponds with the rising cost of living. However, a recent study has found that “55% of employees didn’t ask for more money during the last 12 months—and 23% have never asked.” While the idea of asking for more money can be daunting, it’s important you are able to negotiate your salary with your employer during the current economic climate. Whatsmore, you should also ensure that you are valued in the workplace and get the compensation you deserve, especially if you are going above and beyond. To begin with, write down a list of every reason why you deserve a raise, and put together a short speech or presentation. Then, meet with your boss to discuss this further.
Cancel your subscriptions.
According to a recent Forbes report, “nearly 50% of people pay for services they rarely or never use.” This means that you could be throwing away hundreds of dollars each year in subscription or streaming services that are used a handful of times (if it all), especially if you originally signed up for a free trial you then routinely forgot to cancel. As such, you should go through your monthly expenses carefully, before deciding whether (or not) a subscription is necessary, or if you can go without it.
Find a better price for your utilities.
You may also be able to improve your financial situation by switching to a different utility provider, especially if you feel as though you are currently overpaying. To get started, use a price comparison website to see what offers are available before approaching your current provider and asking to terminate your agreement. Often, when doing so, they will provide you with a counteroffer that may be better than the deal you found online. Either way, you’re saving money by carrying out just a few minutes of research.
Use a budgeting app.
Another way in which you can stop worrying about money is by working to become better at managing your finances, especially when it comes to budgeting. For example, you should keep a record of your monthly expenses and spending habits, as this will help you to identify any mistakes you may be making. For example, seeing your spending habits written down could show you where you may be spending money unnecessarily. One way you can track your efforts easily is by using a budgeting app, and you can set up alerts on your phone that lets you know when you’re close to going over budget.
Know when to ask for help.
While there are many ways (as discussed above) to improve your financial situation, it’s also important that you know where to turn when money is tight and you feel as though you will otherwise end up in a precarious situation. For example, depending on your personal circumstances, you may be eligible for loans and other types of government support. Alternatively, you could reach out to charities that offer financial support or guidance on how you can get out of debt or better your current financial situation.
Often, the idea of asking for help can be daunting – but it’s important to note that these resources and services are there for a reason – to help people who are down on their luck. There’s no shame in asking for help, and the longer you put off asking for help, the more complex the situation can become. As a result, be sure to reach out as soon as you need support.