A wise money manager pays attention to their finances on a daily basis – even if they utilize the services of a financial advisor or consulting group. At the same time, it is a good idea to look ahead for future growth opportunities. The year 2020 has been a challenge for almost everyone. It may be a pleasant relief to start planning for the year 2021 by identifying and adopting what are likely to be profitable strategies. What follows are recommendations to make the most of your finances as the calendar turns to a new year.
Look for new monetary stream opportunities that are a natural extension of your skill set. For instance, if you enjoy writing or marketing then apply to the thousands of sites that are constantly looking for new writers. Perhaps you have a knack for cooking. Why not start your own catering service on the side? The best thing about a ‘side gig’ is you can put in as little or as much effort as you want while keeping your main source of income.
Rethink and rework how you use your money. Debit and credit cards tend to make it easier to ‘go through your money’. It tends to feel like there is a bottomless pit of money on the other end, so you swipe and swipe. You could resort to using cash again. Take out a certain amount each time you get paid and when you have spent it all then you are done until the next payday. You could also check your account at the end of each day to keep a mental tally on what you have spent. In the end, make yourself more accountable for how you spend your money.
Ask for a raise. There is no question that the economy is in flux but that does not preclude the opportunity for a salary increase. Reflect on what you bring to the business in which you are employed and create a strategy for requesting a raise. Make an appointment with your boss and be prepared to explain your position. Research shows that more often than not the person who requests a raise and backs it up with solid reasoning will have their request granted.