When it comes to personal goals, most of us would like to be a little more financially healthy. To help you create a financial success plan, try out these four ideas.
1 . Create a passive income stream
Looking to boost your earning potential? A side hustle often sounds like a great option, but many of us just don’t have the time. Luckily, you can explore plenty of passive income streams, helping you make money with very little time input. For a few ideas, consider these:
- Airbnb: Have a spare room in your home? Consider renting your space on Airbnb and generate a nice passive income. It’s essential to have a screening process and establish clear house rules for all your guests.
- Affiliate marketing: To make a bit of money from affiliate marketing, first you’ve got to set up a blog. Once you’ve done so, you can purchase affiliate links and include them in your posts. You’ll earn a profit each time someone makes a purchase through a link. It’s not necessary to write the blogs yourself, (as you can hire ghostwriters to do so).
- P2P lending: Peer-to-peer lending means offering small loans to members of the public and earning on the interest. Many websites can support you to do so, including Prosper.
2. Choose financial tools
To supercharge your financial health, what you need are the right financial tools. From budgeting to saving and investing, try out these:
- Pocket Guard: This is a budgeting application that can help you to take charge of your finances. The app creates budgets for different areas of your life, for example, ‘rent,’ ‘leisure,’ ‘food,’ ‘savings,’ etc. Once you’ve got a clear budget in place, it’s easier to save money and improve your financial well being.
- Acorns: Acorns is a robo advisor app which can help people to invest their money wisely. You don’t need any expertise to get going; the app is the perfect tool for beginners. The app works by automatically investing your spare change, linking to the purchases that you make every day.
Whether you’re looking to save money or make money, there are plenty of tools which can help.
3. Focus on the future
When it comes to improving your financial health, it’s essential to focus on the future. Create an emergency fund for a rainy day, and start making plans for your retirement. There are many different retirement accounts to look into; you might prefer a 401(k), an individual retirement account, or a Roth IRA. Depending on what stage you’re at in your life, you might even start researching retirement lifestyle options. Those looking for a top-quality retirement village (for themselves or a loved one) can take a look at Enterprise Retirement Living.
4. Expense cutting challenge
Super simple but effective, set yourself an expense cutting challenge for one month, and see how much save. You could do this by giving up luxury purchases; switching to a cheaper supermarket; changing your phone tariff; or opting for homemade holiday gifts. Whatever ideas you choose, you’d be surprised how small changes can make a big difference!