New Year, New Habits: Building a Stronger Financial Foundation

Managing Finances

The year is almost over once again. And as the new one is bound to unfold sooner than later, it’s the perfect time for everyone to take steps toward enhancing their financial well-being. Building a strong financial foundation to rely upon is one of the key aspects of personal and professional success. But how? Well, here are some ways to achieve financial resilience and success in the coming year 2024.

Automate Your Savings

Of course, a lot of us already have this step nailed down – but for those of us who are still doing things manually: automate things. Time is always of the essence, and the convenience of simply setting up recurring transfers to your savings account, is obvious. And it’s not only for that; it also ensures that a portion of your income is consistently set aside, fostering a more disciplined approach to wealth accumulation, too. On top of that, by now there are even savings accounts that can help boost your credit score at the same time. No excuses here. Ideally, it should also function as an emergency fund – as having one is crucial for financial resilience. Aim to have around three to six months’ worth of your personal living expenses ready.

Optimise Budgeting with Helpful Apps

There are more ways to leverage technology to manage your finances effectively. Budgeting apps (here are the ones Forbes thinks are currently the best free ones) can help you streamline and track your expenses, set financial goals, and gain valuable insights into your spending patterns. This real-time visibility allows for great informed decision – and an excellent control over your financial health. Exactly, what you want.

Continue Your Education in Finances

Just as the technology around us evolves incredibly fast, so does the financial landscape. It’s easy to lose track of what is important or doable, so making a commitment to stay informed about your personal finance should be a goal. You can attend webinars, read articles, and explore online courses on finances if you really want to expand your knowledge – but a basic understanding of the fundamentals of budgeting, investing, and financial planning will empower you to make informed decisions about your money. Be smart about how you spend it.

If You Invest, Invest Wisely

Investing always comes with risks. Even if you stay abreast of market trends, analyse potential growth sectors, and diversify your investment portfolio. There are platforms offering AI-advisors can assist in making more informed investment decisions, aligning with your financial goals and risk tolerance – but always only invest what you can also afford to lose. Know the risks, before you look into this option and prioritise the above mentioned prior to this.

Will Fastiggi
Will Fastiggi

Originally from England, Will is an Upper Primary Coordinator now living in Brazil. He is passionate about making the most of technology to enrich the education of students.

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