Top 10 Money Saving Hacks for 2024
With the start of 2024, it is the perfect time to start planning for financial success. Coming out of the holiday season when spending typically increases with the cost of gifts and holiday celebrations, expenses can quickly add up. The holiday season, along with any additional unexpected expenses, can put a strain on the most responsible budgeter. Now is the perfect time to look at money-saving opportunities to get back on track.
These 10 money-saving hacks can help you discover easy ways to save more, spend less, and plan for long-term success in this year and beyond.
Set Realistic Savings Goals for 2024
If you want to learn how to start saving money, you first need to learn how to spend less. This starts with creating a monthly budget and setting achievable goals. While you can’t change your financial situation overnight, take some time every month to review your finances. See where you spend and where you may be able to cut back…even if it is just a little.
Chip Away at Student Loan Debts
It’s no secret that student loan debt is a huge burden that can hold you back from buying a home, building your savings, or investing in your retirement. While it can be tempting to just pay the minimum balance every month, one of the best money-saving hacks is paying more on your student loan debt. Think of your student loans just like a credit card balance that accumulates interest every month. Even if you pay just a little bit extra each month, the total cost of your loan can be reduced.
Pay Off Credit Card Debt
As with any type of debt, the best advice is to avoid paying as much interest as possible. Just as we discussed in the previous hack, get rid of credit card debt as quickly as possible. But don’t get so hung up with paying off high balances that you forget to put some cash in savings. This is the best way to avoid getting trapped in a continuous cycle of debt.
Pay Yourself First with Automatic Bank Transfers
What does it mean to “pay yourself first”? You set up an automatic transfer to your savings account on a set schedule each month. Many people use their payday as their day for an automatic transfer into savings. This takes the act of saving money out of your hands and makes it harder to use that money toward unneeded purchases.
Over time, aim to build up enough money in your savings account that can be used for an emergency. This can help you avoid falling back in debt every time an unexpected expense lands at your feet.
Cut Back on Impulse Shopping
Sometimes, we treat shopping with the same emotional attachment that we apply to eating. How many times have you used a bad day as an excuse to dine out or make an unneeded impulse purchase? It has happened to the best of us. This year we can do better! To safeguard against repeated extra spending, include a little money in your budget for impulse purchases each month. This will relieve some of the pressure of being perfect while still allowing you the kind of “treat-yourself” experiences that we all deserve sometimes.
Take a Staycation and Visit Local Attractions
We all daydream of spending time on a sunny beach for a week or two. Unfortunately, spending a few thousand dollars on a vacation might not be the smartest use of your money if you have a large amount of debt.
Instead of an expensive vacation, make a list of all the unexplored parts of your city that you have never visited. Think of all the free nature-based activities, as well as local attractions that would be fun to check out. You could also plan a weekend within road-tripping distance and explore a nearby city or neighboring state.
Sacrifice Some Monthly Subscriptions
Now that streaming subscription services provide everything from TV, movies, music, news, fitness, and more, it can be easy to lose track of how much you spend per month on streaming subscriptions. List out all your monthly subscription services and how much they cost. From there, decide how necessary they really are. See if you can cut out one or two. Look at other subscription options that may provide the same content or services at a lower price.
You should also look at your cell phone plan because it can be easy to get too comfortable with an outdated, expensive plan. Check to see when you can change providers or plans to something cheaper. When that time comes, you can compare other carriers for better deals. You can leverage your ability to leave with your current carrier to get a better deal if you stay.
Adjust the Thermostat for Energy Efficiency
How often do you think about adjusting the thermostat before leaving the house? Being mindful that your home’s temperature is a great way to save money on utilities, especially during the summer and winter months. Also, think about ways to insulate your home or use less water and gas to save on other utilities.
Meal Prep More, Dine Out Less
The cost of dining out can eat up your budget before you know it. While we understand how spending an hour in the kitchen cooking dinner every night can be a lot to take on, spending just a little time once a week preparing your meals or lunches for the week can save you so much. You may even find that learning to prep your meals can be fun and takes the work out of cooking throughout the week.
Replace Household Appliances with Energy-Efficient Appliances
If you need a new washer and dryer, dishwasher, or other high-energy appliance, make sure to check the efficiency rating for each appliance you purchase. Appliances with a higher rating will result in lower monthly costs. Plus, energy-efficient machines are typically the highest-quality and longest-lasting options on the market. When you buy an appliance, be on the lookout for 0% interest deals on long-term financing. If you have good credit, you can sometimes qualify for deals you can pay off over time without accumulating interest. This can also be a great way to build a good credit history.
Read More Financial Tips from LendNation
Take a look at our blog articles about common money mistakes young people make, financial changes you can make today, how to set smart financial goals, and tons of other useful info for all types of people.
Ready to Get Back on Track with A Short-Term Loan?
Even with the best financial intentions, you may need quick help to get through a tough spot. If you need a short-term cash loan, contact LendNation today. You can create an account and start your application within a few minutes. Once approved, you get the cash you need, fast.