If you have not yet started to accumulate wealth or have not started to put your finances in order and plan for your future, the arrival of a new year may be the opportunity you have been waiting for.
The new year 2024 can bring many surprises to your financial life, if you are prepared. Many people wait for the arrival of a new year to make their resolutions, plan their goals or establish in some way their desires for the coming months.
When we talk about finances and accumulation of wealth, it is always better to establish goals instead of desires, goals unlike dreams or desires can be achieved by drawing up an action plan that will take you from point A to point B, and we will leave you here some tips for you to put your plan into action this 2024 and get to start accumulating wealth as soon as possible.
Most of the experts in economics and finance have been warning the last months of the year 2023 about a very possible recession in 20243, especially the first months of the year, a recession like the one they have been predicting brings with it, business failures, layoffs, price increases, paralysis of the economy and therefore less cash flow in commercial transactions, but we know that in recessions there are also many opportunities for those who are psychologically and financially prepared, so do not forget to this possibility of withdrawal when making your financial plan for this year 2024.
The beginning of a new year is the perfect reason to leave behind all bad habits, and start with new resolutions from starting to lead a healthy lifestyle to improving the management of your finances.
And a few days before the start of a new year, maintaining a good organization between income and expenses is essential to achieve your financial goals and get the most out of money.
Take inventory of 2023 expenses
Take an inventory of all the expenses you made in this 2023, it is easier than you think, to start accumulating wealth or at least prepare our finances for success, the first thing we must know is what is our pattern of behavior with money, that is why it is very important that you know where all the money you earned this year went, and the best way to do it is by making an inventory of the expenses of the last 12 months, and as we told you, it is very easy , you just have to go to your account statements and start what your most frequent expenses were and write them down on a clean sheet, this will give you a clear vision of where the capital flight is in your finances, it will also help you to see if you have any subscription that you no longer use or if you are still paying for the gym that you never go to, it will also help you make decisions regarding what you will be spending in the coming 2024, such as fewer meals on the street, better insurance plan, among other things.
Create a budget for every month of 2024
Make a monthly budget. By making a list of your income and expenses you will be able to identify the expenses that are not necessary, this will allow you to know your ability to save to achieve your goals and how much you can spend. The important thing at this point is to be as realistic as possible, if you followed tip number, now you know where your money went during the last 12 months, and this will help you create a realistic budget of your income and expenses, try to include all your expenses and be sure to include the amount to save per month and try to cut those expenses that do not help you reach your goals.
Creating wealth is not only about saving, but about changing money habits, getting out of debt and investing in financial instruments that return value in the future.
Plan and create an emergency fund
One of the most important tools when you are beginning to accumulate wealth is the emergency fund, since, when you have it, nothing will take you by surprise and you will be prepared for any type of unforeseen event, and even a good business opportunity. comes along, you can take advantage of these savings so you don’t miss out on the opportunity.
It is advisable to save at least 10% of income and gradually increase this percentage. In this way, when an investment opportunity or an emergency arises, you can turn to this capital.
Join support groups in this 2024
Most people do not reach their annual goals due to lack of emotional support, creating new habits is a difficult task, and breaking bad habits is even more difficult and when you do it on your own, the probability of failure is 90%.
So to get off to a good start in 2024, the best thing to do is to get a support group that has the same goals and ambitions as you. In the support groups you will find motivation to reach your financial goals, and also knowledge, shared by the other members of the group, and very possibly, maybe you will be able to make some friends.
It is valid to receive feedback from people who have gone through the same thing, have dedicated themselves to using methods and understanding how money works to make it work for you better.
Whether you want to learn how to budget, start saving an emergency fund, or want to get rid of all your debt, reaching out to a group can connect you with people with similar goals who will empathize with your situation and who could share their knowledge to help you. provide you with a series of tips that could work for you as much as they did for them.
These are some of the free online communities that will help you with your personal finances.
- Reddit.
- Facebook groups
- Hoarding Wealth Community
- Earn extra money this 2024
New opportunities arise every year, and pursuing another career or owning your own business is something that has crossed many people’s minds.
Get an extra salary every month. Sounds good, right? If what you want is to accelerate the pace this new year 2024 in your accumulation of wealth or simply pay off debts faster, earning extra money every month can be very useful.
Your day job may help you pay for essentials. But having an extra job can make the difference between achieving your financial goals this 2024 or continuing to postpone your success for another year.
Having an extra job is a very good idea to generate income. So having a second weekend or flexible job allows you to earn extra money to place where you need it most. Whether it’s building an emergency fund faster or paying off debt faster, in either case, having a side job or part time job will help you reach your goals faster.
Another good idea is to start a business with very low investment capital, like food delivery or Uber, or you can work online as a freelancer. The alternatives are endless.
Learn more about finance and investments
It is extremely important that if you are starting to create your wealth, that you do not stop learning about finance and investments. Take this year 2024, to read more books, more articles, about finance and investments, ask the necessary questions, to the right people.
Meet personally or online, with people and groups who have the same vision as you about money, people who have already gone through where you are now starting and fill yourself with all that wisdom that they will be willing to give you.
Being curious in a good way, learn what people are doing right now to increase their wealth, and their lifestyle.
We hope these small but powerful tips help you develop habits and gain knowledge that will help you start accumulating wealth this coming year 2024.
And most importantly have fun doing it.
