It’s 2024! A new year and a clean slate to work on whatever goals you want in the coming year!
While 2023 was a hard financial year for many Americans, many people look forward to changing their financial fortunes in 2024.
One of the best ways to change your financial landscape is by saving money by living frugally which you then put in a savings account or use to pay off debt. Even wiping out one credit card or saving $1,000 is a great way to really change your financial future.
Kristen, a financial expert from Cents +Purpose wants to encourage people to cut down on bills and subscriptions. She will be doing this in the coming year, “The frugal habit I want to adopt in 2024 is to schedule time each quarter to review my subscriptions and monthly bills. I’ll cancel any subscriptions I’m not using regularly and attempt to negotiate rates with my service providers. This generally takes some time but you can often save hundreds of dollars a year with this practice.”
There are a lot of ways to cut expenses to save money, here is how to drastically cut expenses to get out of debt quickly.
Here are some other ways to save money in the coming year.
1. Create a Budget
Some people cringe at the word “budget.” Thoughts of being restricted from spending sound daunting if you don’t often place limits on spending. Still, please don’t knock it until you try it. To create a budget, keep track of your monthly spending. Write down every penny you spend and what you spend it on. This will help you see where your money is going, what you can eliminate, and how much to realistically allot for each area you need to spend.
2. Cook at Home
It’s okay to enjoy eating out, and you still can. However, when considering how to save money, cutting back on dining out will quickly add up. If you can commit to cooking at home every night and allow only one night out (or ordering) you may save up to hundreds of dollars a month if eating out has been a part of your lifestyle.
3. Buy Generic Brands
Remember teasing your mom for buying off-brand snacks? Then you had to start shopping for yourself, and you understood mom’s dilemma. Groceries are expensive, and you can save a lot when you buy generic items. There will always be some items you love that must be a specific brand, and that’s understandable. Still, for other things that taste the same no matter which brand it is, opt for the generic and save some cash.
4. Use Public Transportation
If you’re tired of filling up the expensive gas tank each week, you are not alone. Gas prices are high. Have you ever considered public transportation to save some money? It’s a helpful solution, so give it a try and watch the savings add up.
5. Cancel Unused Memberships
Around the beginning of each year, gym memberships skyrocket as people eagerly begin their resolutions to get in shape. Then, after a few months, the gym crowds thin out as members lose interest. The members stop coming, but the gym membership cost still draws from their bank account each month. And it’s not only gym memberships to blame. Many memberships are forgotten as we stop enjoying services. Make a list of all of yours and get your unused gym memberships canceled.
6. Shop Sales and Use Coupons
You may want that new pair of shoes today; however, when learning how to save money, one of the best habits to form is to patiently wait for sales and use coupons when you can. Most things do go on sale eventually. If you want or need something, see if you can get email alerts for the sales in that store.
7. Set up Automatic Savings
If you have a savings account already, you can set up auto-deposit, so a portion of your direct deposit paycheck goes right to savings. This is a helpful way to make savings a routine rather than an option. It’s too easy to skip a month when you don’t want to part with the spending money.
8. Buy Second-Hand Items
With Facebook Marketplace and other online shopping places, purchasing second-hand items is easier than ever. Things like furniture, dishes, clothing, and toys are often still in great condition after one person is done with it. Plus, when you no longer need an item, you can sell it on the marketplaces as well.
9. DIY Home Repairs
DIY repairs bring a sense of fulfillment when they are complete and are a great way to save money. Some things are difficult to do independently, but other household tasks might be easier than you think. Here are a few common household repairs that you can DIY:
- Fix a running toilet.
- Unclog a toilet.
- Fix a leaking faucet.
- Patch a drywall hole.
- Replace a faucet.
- Replace a furnace filter.
There may be even more, depending on how handy you feel.
10. Pack Your Lunch
If you eat out every day at work, you probably spend at least $5 to $10 daily. Do the math and you’ll see that packing a lunch instead will save a great deal of money. When grocery shopping, stock up on deli meat, cheeses, and rolls, and you’ll get several lunches out of it.
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