Table of Contents
Tip 1: Create a Budget & Track your spending
Tip 2: Automate Your Savings
Tip 3: Cook at Home
Tip 4: Cancel Unused Subscriptions
Tip 5: Shop With a List
Tip 6: Use Cashback Apps
Tip 7: Buy Generic Brands
Tip 8: Practice the 30-Day Rule
Tip 9: Reduce Energy Consumption
Tip 10: Open a High-yield Savings Account
Boost Your Savings - Clever Ways to Save Money:
Inflation is very real in 2024, and we could all use some nifty ways to stretch the monthly paycheck while saving for that dream holiday to Tahiti.
Today I will share the top 10 clever ways to save money that anyone can start doing right now!
Tip 1: Create a Budget & Track your spending
Although this may sound dull, budgeting keeps your finances under control, and ensures you have enough money to cover essentials and still able to save for major expenses like a car or home. Apps like EveryDollar, You Need a Budget (YNAB), or a just a spreadsheet can help track your spending to cut unnecessary purchases.
Tip 2: Automate Your Savings
Set up an automatic transfer from your everyday account to your savings account every month, bonus points if it’s a high yield savings account! Doing this builds your savings and helps prevent you from spending a large chunk of your monthly paycheck. This simple trick takes a few minutes to do, then you don’t have to think about it anymore.
Tip 3: Cook at Home
Cutting down on eating at restaurants and ordering takeaway is another easy way to save. Cooking at home tends to be cheaper and healthier, meaning you can stretch your food budget further and stay in shape. Meal prepping throughout the week can save even more money and time.
Tip 4: Cancel Unused Subscriptions
We’ve all signed up for a free trial, forgot about it, then a month later see a hefty charge. Maybe you subscribe to a bunch of streaming services and only actively use one of them, the same story with fitness apps. Apps like Rocket Money provide an easy way to find these pesky subscriptions and recurring charges. Manually reading through bank statements works too.
Tip 5: Shop With a List
Preparing a list before shopping for items such as clothes and groceries creates a clear plan, and reduces impulse spending so you can stay under budget. Be sure to add discounted items to reduce the total price.
Tip 6: Use Cashback Apps
Using cashback apps is a simple way to save money on purchases you were going to make anyway. Apps like Ibotta, Rakuten and Honey are great options here.
Tip 7: Buy Generic Brands
Most of the time, generic brands have no noticeable quality difference when compared to established name brands, yet the cost difference can be significant. Cut these name brands out when shopping for groceries and you’ll be racking up the savings.
Tip 8: Practice the 30-Day Rule
The 30-Day Rule is a simple strategy to reduce impulse spending. When an item tickles your fancy, instead of instantly buying it, add it to the cart and wait 30 days. This gives you more time to consider, if 30 days passes and you don’t want the item anymore, boom- savings! If you want it still, go ahead and buy it. The item could even be on sale this time around, or there might be coupon codes.
Tip 9: Reduce Energy Consumption
Picking up simple habits like turning off lights when you leave a room or go to bed, switching to energy efficient bulbs and a smart thermostat, unplugging devices, and fixing air leaks around the house can really cut down the cost of your electricity bill.
Tip 10: Open a High-Yield Savings Account
Opening a high-yield savings account allows your money to grow faster without you needing to lift a finger by taking advantage of better interest rates compared to a regular savings account. Selecting an account with no fees and the most competitive interest rate can boost your savings further!
These are my top 10 clever ways to save money in 2024. Even picking up a few of these tips can result in significant savings over time!
The information provided on Financial SZN is for general informational and educational purposes only and does not constitute financial advice. While we strive to provide accurate and up-to-date content, all information on this site is provided "as is," without any guarantees of accuracy, completeness, or timeliness.