The new year is upon us, and there’s no better time to lay the groundwork for your financial success. Careful planning and strategic decision-making can help you have control over your finances this year. Here are some of the strategies to empower you to take charge of your finances in 2024:

Create a budget.

Creating a budget involves planning for how you’ll use your money. You decide how much you’ll spend on things like bills, groceries, and entertainment. By tracking your spending, you can make sure that you’re not spending more than you earn and that you’re directing your money towards the things that matter the most to you. This helps you make adjustments if you see you’re going off track.

Paying of debt

Coming up with a plan to tackle your debt involves creating a smart approach to paying back the money you may owe. You need to prioritize which debts to focus on, whether it’s credit card balances, loans, or other obligations. By making consistent payments you can make progress towards being debt-free. You can pay more than your required repayments to finish off your debt sooner. This strategy empowers you to take control of your financial well-being, which can alleviate stress and set a more stable future.

Take steps to have other means of income.

Whether you’re currently looking for a job or thinking about turning a hobby into a side hustle, like baking, sewing, or doing people’s hair. Increasing your income streams is another way to improve your financial well-being.

Spend intentionally.

Align your finances with the things that are most important to you. The first step is to track where you spend your money, whether that’s just with pencil and paper or one of the many apps that help you track your finances. Follow your income and expenses for a couple of months so you can know where your money goes. In that way, you’ll have all the information you need to decide whether you’re spending on the things that are most important to you or not. Those insights can help you improve your financial life.

Making and keeping financial decisions can affect every aspect of your life, giving you choices and a new feeling of control. So, start small, get organized and have financial freedom this year.

Remember, if you or a friend need advice or help, you can contact me here on Ask Choma, send me a Facebook Message, a Twitter DM, or a WhatsApp Message (071 172 3657).