With the cost of living still high, it’s no wonder so many people are feeling strapped for cash. Fortunately, there are many ways you can boost your bank account, from switching jobs to starting side hustles.
In this article, we’ll share five ways to make more money in 2024.
Search for a better-paid job
It could be worth looking at the job market if you’ve been in your current role for a while. You might be able to find a similar role with better pay in another organisation. You can use job websites like indeed and Glassdoor to compare job roles and salaries in your local area.
Better pay isn’t the only important thing to consider when it comes to changing jobs, so don’t go quitting your job hastily. Make sure you speak to hiring managers to get a good sense of the organisation and whether it will be a good fit for you.
Cut your spending
Most people tend to focus on increasing your earnings when it comes to making more money. But it’s just as important you focus on the other side of the equation as well – that is, reducing your outgoings. Take a detailed look at your recent bank statements to see if there are any areas you can cut back on in the new year. For instance, you might find you’re still paying old subscription fees for services you don’t use anymore. Removing these unnecessary financial burdens will free up more of your money to put to good use.
Pay off your debts
Trying to make more money while you’re in debt is like throwing cash away. Depending on how much debt you have outstanding, your interest payments could eat up most of any extra money you earn. The smart move is to get yourself out of debt first so you can keep any additional income you get later on.
There are a few different debt-clearing strategies debts such as the snowball and avalanche methods. The main thing is that you pick one strategy and stick with it into the new year.
Invest your spare cash
If you have spare money sitting around in a savings account, you could put it to work for you by investing it in the stock market. This is a bit like giving very small loans to businesses in return for a stake in their profits. You aren’t necessarily going to double your income, but with a smart strategy you can enjoy steady long-term profits with stock trading.
Start a side hustle
If you have skills that can provide other people with value, then starting a side hustle could be another smart way for you to make more money. For instance, you could provide freelance writing or photography services, or pick up weekend shifts in a local bar or restaurant. There might be an initial investment of time and money to make your amateur skills more marketable, but this could become well worth your while over the long term.
Which of these methods could best help you make more money in 2024?
