Skip to content

Improve Your Finances - The Catching Up Game

improve my finances

Many of us are finally able to breath as we start the new year on a positive note.  The year 2022 and 2023 has caused so much damaged within our economy through inflation.  The cost of living in the United States has sky rocketed and many items have become unaffordable for families.  As we start the Year of the Dragon, which is said to be a great year for financial opportunities, here are some of the best ways to help you catch up on your finances.

Rebuild or Increase Your Emergency Funds

After going through the last 3 years of unfortunate events with the pandemic and inflation, it is very important to have an Emergency Fund.  An emergency fund are money you only use in times of trouble or emergency.  This is by far one of the most important things you need to setup within your finances.  We now understand and know that many negative events can occur on any given day, and they could last for months and years.  Having atleast 6 months to 1 year of emergency funds should be the minimum.

Pay Down High Interest Debt

Many of us ended up surviving the last two years with the help of credit cards.  It’s now time to trim down the debt as soon as possible because those high interest rates are going to be heavy and painful.  The longer they stay with you the longer the pain it is going to cost in the future.

One of my favorite quotes, “debt is the new slavery” is 100% true and real.  Debt is like an invisible chain on our hands.  Get rid of debt or lower them as fast as you can!

Retirement Contributions

Most of us are already contributing to a 401(k) or IRA. If you’ve just joined the workforce, this is something you’ll want to check out sooner than later, especially if your employer offers a matching contribution

Live Conservatively on a Budget

One of the best ways to catch up with your finances is by setting up a budget.  Once you have set up a budget, whether its for a few months until you are caught up, you also want to live conservatively.  Living conservatively will drastically make budgeting easier.  Remember, it is all about catching up to our finances.  It doesn’t have to be long term.  We need to make short term sacrifices for long term benefits.  Have a budget and live conservatively for the time being until you are caught up.

Increase Your Income Through Side Hussles

If you want to catch up fast, save more money, and earn more money, you need to consider increasing your income through side hustles.  Some of the best side hustles include:

  • Uber
  • Door Dash
  • Flipping Items on Facebook market place or Ebay.
  • Get a second job.

 

These are just examples of what you can do.  There are more options out there that can help increase your income for the time being as you try to catch up on finances.

Explore Our Recommended Reads

Explore More Content

Latest Reads