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According to a recent study, “nearly 40% of US households have faced serious financial problems” over the past few years. This is hardly surprising due to the financial insecurities associated with the pandemic, wherein thousands of people have seen their expendable income shrink considerably. If you fall within this percentage – you aren’t alone, but it’s important that you start taking steps to improve your financial health today. 

Here are some top tips to get you started. 

  • Diversify your income. Diversifying your income is a great way to improve your financial health, as it protects you should an income stream suddenly dissipate (i.e you lose your job). Luckily, there are plenty of ways you could go about diversifying your income, such as by picking up a side-hustle. There are plenty of side-hustles that will help you make more money, such as blogging, affiliate marketing, or content creation. Ideally, you should focus on finding a side-hustle that you truly love, as you have to be motivated to work on it during your free time, often after you’ve already dealt with your 9-5 and other duties. The more work you put into the side hustle, the higher your earning potential. 


  • Consider investing surplus income. Investing is another great way to improve your financial health, though you should research your options carefully before you get started. This is due to the fact that there are simply hundreds of investment opportunities for you to consider. Right now, there is a lot of talk surrounding cryptocurrencies, due to the fact that there are various different ways you can get involved in the market. For example, you could try your hand at BNB Staking, a process where you can stake your coins and earn an award for them each year. You can find out more about the benefits of bnb staking here. 


  • Figure out what you are doing wrong. Another way in which you can improve your financial health is by identifying any mistakes you may be making regarding your finances. For example, if you are working to get out of your dark debt cloud, you may be making mistakes when it comes to repayments. While it may be tempting to pay off the ‘biggest’ debt first, you should actually work on the highest interest debts first, as these will cost you more money over time. 


  • Find ways to earn a passive income. Keeping an eye out for passive income opportunities gives you the chance to improve your financial health without having to put much effort in. For example, if you love to take photographs but leave them stored away on your laptop or computer, you could start earning passive income by selling these photographs to stock photo companies. This way, you’ll receive a small commission each time your photographs are used. Alternatively, you could earn a passive income through investing in Real Estate.  


  • Make the most of money-saving resources. It goes without saying that anyone who is looking to become more financially-savvy should strive to make the most of the many money-saving resources at their disposal. For example, you could use cashback apps when shopping, to reduce your overall costs. You can also use sites such as Honey when shopping online, as they automatically apply discount codes at checkouts, thus ensuring that you’re always getting the best possible deal. 


  • Get serious about budgeting. Budgeting is essential when it comes to improving your financial health, due to the fact that it can reign in your spending and allow you to grow your savings account. If you find it hard to stick to a budget, try to download a budgeting app. These apps are great as they encourage you to become more mindful of your spending habits, identifying areas on which you need to improve. They’ll also send you warnings when you are approaching your budget, ensuring you stay on track. 


  • Focus on your savings. According to a recent study, “over half of Americans have less than 3 months worth of emergency savings” in their accounts. While this may not seem like a major issue, it can quickly become one should you find yourself in a difficult situation. For example, if you’re facing a medical crisis, you may find it impossible to stay on top of mounting bills. As a result, it’s important that you take this as an opportunity to improve your savings. For example, you should aim to put at least 20% of your income into a savings account to protect yourself (and your credit score).