Recently, President Joe Biden introduced a massive spending plan. As his “Build Back Better” proposal unfolds to invest in the infrastructure, there will be more opportunities for people than ever before. Some government spending for economic recovery will go toward creating new jobs, such as creating about ten million clean-energy jobs.
As the new administrations reveal its multi-trillion-dollar plan to rebuild the country after the devastation caused by the pandemic, now might also be a good time to rebuild your own personal finances so that you can prepare for the future.
Here are some ways that you can improve your finances so that when new economic opportunities unfold, you will be ready to benefit from some of them.
Get Rid of Your Unsecured Debt
It’s difficult to pay off your credit card debt if the amount you owe every month exceeds how much you earn. As you delay paying the full balance you owe every month, incurring financial penalties, you will make a bad situation even worse.
The fastest way to get rid of this pressure is to pay off all your credit cards completely, something that you can do if you get a consolidation loan from a lender like Hawkeye Associates.
After putting your credit card debt behind you, you will now only have to repay the lender a single and affordable monthly figure. Since this amount will be calculated to fit within your budget, you will no longer struggle to make payments. Your regular and timely payments will reflect positively on your credit history, gradually improving your credit score.
Increase Your Income
There are many creative ways to increase your income depending on your circumstances. Let’s take a look at three ways to increase your income.
1. Retrain for another sector of the economy
If you lost your job because you were in a part of the economy hard-hit by the pandemic, then you could retrain for another industry.
Some industries were particularly hard-hit by the pandemic, while others continued to flourish despite it.
If you were in the hospitality industry, the hotel you worked in may have had to cut down on its staff because there was not enough work, but, if you worked in the digital sector of the economy, you might have struggled with a heavier workload than ever before because of the increasing reliance on digital technology.
As an example, suppose you were a catering manager at a hotel who had lost your job. You don’t have to wait for the economy to recover to find another job in the hospitality industry. Instead, you could study coding online and then apply for an entry-level position in a tech company. Once hired, you will be able to grow your skills on the job.
2. Increase your income at your current job
If you feel you have hit an income ceiling at your current job, then there may be opportunities to increase your income at your current job that you are not even aware of at the moment.
Speak to the HR department to find out what promotions are available in your company. Based on this information, you might decide to change departments or sign up for an in-house management training track to increase your eligibility for a promotion at work.
3. Create a side hustle
If you cannot find a job or increase your income at your current job, then you could create a side hustle. Here’s an example of how you could start a side hustle with only a little training and low startup costs.
First, take a few online classes in Internet Marketing. Second, then set up a business around your new knowledge and skill.
For example, you could become a consultant for online businesses, educating them on how to increase landing page conversions. Or you could create an eCommerce store and use your knowledge of Internet Marketing to drive traffic and convert visitors into buyers.
Plan for a Brighter Future
Although the past year has been difficult, there are plenty of signs to suggest that the future will be brighter. Prepare yourself for new economic opportunities by using this time to improve your personal finances by retiring your debt and increasing your income.