Written by John Hall
Are you looking to save more money this year? Whether you want to save up for something special or just want to have a little extra cash in your pocket, there are plenty of simple ways to cut costs and boost your savings. Here are ten practical tips to help you save more money in 2024:
Track Your Expenses: Keep track of where your money is going by recording all your expenses. You can use a notebook, a budgeting app, or even a spreadsheet. Knowing where your money is being spent can help you identify areas where you can cut back.
Create a Budget: Once you know where your money is going, create a budget that outlines how much you can afford to spend on each category, such as groceries, entertainment, and bills. Stick to your budget as closely as possible to avoid overspending.
*Read our companion article about budgeting here.
Cook at Home: Eating out can quickly add up, so try cooking meals at home instead. Not only is it usually cheaper, but it's also often healthier. You can even make it a fun family activity by cooking together.
Use Coupons and Discounts: Keep an eye out for coupons and discounts when shopping for groceries, clothes, or other essentials. Many stores offer loyalty programs or digital coupons that can help you save money on your purchases. We like receipt apps, such as Fetch. Wealth Legion turned our Fetch rewards into a free $100 gift card that we used to buy a laptop for our office. Use Fetch code B9DRG for 100 bonus points!
Reduce Energy Usage: Save money on your utility bills by reducing your energy usage. Turn off lights and appliances when you're not using them, unplug electronics that aren't in use, and consider investing in energy-efficient appliances and converting to LED light bulbs for your home.
Shop Secondhand: You can find great deals on clothing, furniture, and other items by shopping at thrift stores, consignment shops, or online marketplaces. Buying secondhand is not only budget-friendly but also environmentally friendly. There are hidden gems at your local Goodwill if you are diligent enough to find the deals.
Cancel Unused Subscriptions: Take a look at your monthly subscriptions and consider canceling any that you don't use regularly. Whether it's streaming services, gym memberships, or magazine subscriptions, cutting back on unnecessary expenses can help you save more money.
Pack Your Lunch: Instead of buying lunch every day, pack your own lunch to take to school or work. Not only is it cheaper, but you'll also have more control over what you're eating, which can be healthier too.
Set Savings Goals: Decide what you're saving for and set specific savings goals. Whether it's a vacation, a new gadget, or an emergency fund, having a clear goal in mind can help motivate you to save more money. We like to create labeled savings buckets for this.
i.e. Birthdays, Taxes, Christmas, Travel, Fun, etc.
Automate Your Savings: Make saving money easier by setting up automatic transfers from your checking account to your savings account. That way, you can save money without even thinking about it. Wealth Legion always recommends having a high-yield online savings somewhere separate from where you keep your main checking account. This will allow you to set and forget your savings, giving you a better opportunity to stick with your plan and keep the money there. Choose a set dollar amount or set percentage of your earnings and build your emergency fund starting now.
By implementing these ten practical tips, you can save more money in 2024 and reach your financial goals faster. With a little effort and discipline, you'll be on your way to building a stronger financial future. Wealth Legion wants to hear your success stories, so please come to our FB page and share.
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