Money is responsible for a huge amount of anxiety in the UK. And with national concerns over the cost of living crisis, it’s no wonder that Brits are looking into ways they can improve their finances. If you’re keen to improve your current financial situation but you’re unsure where to start, there are a few things you can do to get started.

The shift to improving your finances

The New Year has prompted many individuals to revisit their financial wellbeing. They want to set the standard for 2024 by grasping their monthly spending and working out how to maximise their income. If you successfully manage to do this, it can help you feel empowered and able to achieve future goals, whether that looks like buying a house or saving up for a new car.

Additional streams of income

Working out how to diversify your streams of income is a brilliant goal for the year. You can set up a side hustle that taps into your interests and works well with your lifestyle. While some are higher maintenance, others can be extremely simple once you’ve set up the logistics.

Some people turn to reputable trading platforms to trade forex and other indices, which can be as high or low maintenance as you like. Others will turn to delivering jobs through the gig economy or setting up an online shop selling goods. For example, many have used platforms like Etsy to sell prints, cards and other handmade or upcycled goods.

Set monthly budgets

While diversifying your income is a great way of enriching your finances, it’s also important to monitor your outgoings so that this additional income isn’t going to waste. By reviewing your monthly spending and tightening up on any expenditures that might not be necessary, you can build your disposable income and redirect this however you like. You can put it into a savings account or invest it, for example.

The more attention you pay to this, by continuously tracking your spending, the more comfortable you’ll be financially.

Create goals and plan

It’s always helpful to know what you’re working towards. That’s why taking the time to set goals and create a plan is so important – it helps you to stay on track. Take the time to review your goals and see whether you could do with any changes to your current financial set-up. This way, you can assess time periods and other factors to give you a realistic glimpse into whether you are on track or not.

You should also bear in mind the fact that certain months may be more of a burden on your finances than others. Certain times in the year might involve a trip away or lots of birthdays for example. However, forward planning can allow you to make savings that will aid these trickier months.