Written by: Ruben Domingos, Chamber Young Professionals Committee + Senior Relationship Manager at TD Commerical Banking
With the new year fast approaching many of us have started contemplating our New Year’s resolutions for the coming year. One of the most common resolutions people make, regardless of socioeconomic status, tends to be around improving their financial wellbeing. This can mean a lot of different things to different people but at its core it ultimately boils down to two things: 1. Earn more money and 2. Spend less money. If you can do both, bonus. Here are some ways you can look to get ahead, financially speaking, in 2024.
#1 Earn more Money:
1. Ask for a raise: Contrary to popular belief you do not need to wait for your employer to offer you one. Come to the table with a strong case as to why you feel one is deserved highlighting your accomplishments and avoid placing blame on external factors such as the rising cost of living. If a raise is deserved, it’s been earned irrespective of external economic conditions. The worst thing that can happen is they say no.
2. Explore the job market: Yes, starting a new job can be scary but you’ be surprised how much more you could earn by taking your talents elsewhere. I’m not suggesting you actively apply to every available posting in your field but talk to people at other companies in similar roles, find out who the hiring managers are and watch for opportunities. You are in control of the process and not desperately looking for work. Just remember not to let this impact your current work requirements, and if you really love your current work environment use this to assist with #1.
3. Get a part time job or side hustle: Work more, earn more income. There are plenty of local businesses looking for part time staff that offer flexible schedules. Do you have some free evenings or weekends? Do something that aligns with your interests or hobbies. It might not even feel like work…I said might.
#2 Spend less money:
1. Create a budget: The dreaded budget. Create a budget on what you think you are spending your money on. Compare with actual expenses. Find unnecessary expenditures. Spend less on those. Save the rest.
2. Pay down high interest debt: Paying interest is a part of life these days as we have become a credit-based society, but the key is to pay as little of it as possible. Look for ways to consolidate high interest credit card debt and other high interest loans into something with better rates and if that’s not possible focus on paying down your high interest debts first and slowly but surely you will be able to retain more and more of your hard-earned money.
3.Spend within your means: Be smart with your purchases. Avoid going on that friend’s trip if you have to put it on your credit card. Yes, that may mean you miss out on fun today and be kept in the dark when they return with all of their new inside jokes, but you won’t jeopardize your tomorrow and they’ll still be your friends (hopefully).
These are by no means the only ways to achieve these two objectives and I am by no means a financial advisor, heck I can’t even follow my own advice, but if this is your resolution hopefully it serves as a starting point and leads you to exploring other options out there that are right for you.
