The New Year is a month old and studies show that many people have given up on their resolutions by now. If that’s you, there’s no judgment as we’ve all been there. On the other hand, what if your goal is financial in nature? If you always seem to struggle managing your finances, it can be overwhelming to know where to start to achieve any sort of goal. Thankfully, it’s not that difficult to create simple goals to improve your finances – especially if you want to save money. These are 14 proven and easy ways to save money in 2024 so you can achieve your financial goals. Even by starting late, you still have plenty of time to make progress this year.
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Cut the Cord on Cable
Cutting the cord on cable is one of the best ways to save money every month. The average household spends over $200 per month on cable.
With the availability of cable alternatives, there’s no need to spend that much money. If you don’t need live TV, you can easily save at least $150 monthly and still get your favorite shows and most live sports.
Streaming providers also have no contracts, allowing you to leave whenever you want.
Reduce Your Cell Phone Bill
Similar to cable, switching to a no-contract phone plan is a terrific way to start saving money monthly. Analyzing your needs could help you save up to $100 per line per month.
If you’re commonly on Wi-Fi, you can switch to a smaller carrier without sacrificing reliability. Most plans include unlimited talk and text. You can even get unlimited data, with some providers, for as low as $25 a month.
Get Rebates on Your Spending
Couponing is usually on any list of money-saving tips. However, if you don’t want to spend time clipping coupons, you can save money at the grocery store by using a cash-back app on your phone.
Apps like Ibotta and Fetch Rewards let you get cash back on purchases. After you shop, scan your receipt so the respective app can identify any items that have rebates.
You can also pre-select items that have rebates before you shop. Once you reach the minimum threshold, you can cash out for PayPal cash or gift cards.
Automate Your Saving
A common problem when it comes to saving is that we often forget to do it. One of the best ways to save more money every month is to automate your savings at a no-fee bank.
Online banks, such as CIT Bank, are often best as they have no fees and pay super competitive rates.
Lower Your Utility Bills
Do you want to save on utilities but think it is impossible? Managing your energy consumption is one of the top things you can do every month to save money.
Your provider may offer an energy audit to help you identify savings opportunities. Or, you can sign up for a level pay plan to ensure you won’t have surprise swings in your bills.
Another way to save money on your energy bills is to buy a programmable thermostat. Numerous studies indicate you can save up to 30 percent on energy bills this way.
Use the 52-Week Challenge
If saving money every month is challenging for you, it might be best to start small. Doing this can give you the confidence to amplify future savings efforts.
This is where the 52-Week Challenge helps you establish positive money habits. You start by saving $1 in week one, then $2 in week two, and this continues until you save $52 in week 52.
You will save $1,378 by the end of the year. If you fear you’ll forget to do the weekly transactions, automating your savings is an excellent option. This way, you will save money without doing manual work.
Get Cash Back at the Pump
Rising gas prices can make it exceedingly difficult to reach your savings goals. Thanks to apps like Upside, you can get a rebate every time you visit the gas station.
Upon installing and opening the app, you can use it to locate participating retailers in your area. You connect the app to your credit card, and once you fill up your car, you receive the rebate.
Compare Your Auto Insurance Rates
Comparing rates from multiple insurers is one of the best things you can do to reduce expenses. Reports indicate that 40 percent of drivers have not compared rates in at least three years.
If that’s you, you could be leaving hundreds of dollars a year on the table. The best way to find cheaper auto insurance is to compare rates. Consult rates online and opt for a cheaper one.
Save Your Spare Change
Most lists of tricks to save money tell you to save your spare change. While this is an effortless way to save money, why not grow that change instead?
You can do that with Acorns. This micro-investing app rounds up all your purchases and invests the money in a low-cost portfolio of your choosing once you reach a $5 balance.
Think of it as using your spare change to grow your net worth. The app has other money-saving features, including banking services and a shopping extension that earns you rewards on your shopping.
Ditch the Gym
Gym memberships are great to help you stay in shape, but they can be expensive. The average person with a gym membership wastes $40 per month because they don’t use it.
Instead of a pricey gym membership, use free workout apps to save money by exercising at home.
Buy Used
Waste doesn’t just impact food costs. It also affects how much we spend on items like clothing.
If you have a growing family, consignment stores offer savings of at least 50 percent on what an item would cost new. Also, don’t be afraid to ask for a discount if you’re paying with cash since they may offer one.
Furthermore, you can sell clothes you no longer need to defray costs.
Reduce Dining Out
Going out to eat is a fun activity, but it’s also costly. The average family spends $250 per month dining out, but it’s easy to spend more.
This is particularly true when dealing with rising food costs due to inflation. Reducing the number of times you dine out by just one meal could save $50 or $100 a month for other needs in your budget.
Take Your Lunch to Work
Do you want to save more money each month? Taking your lunch to work is an effortless way to do that.
Instead of spending $30 or more per week on takeout, bring leftovers or a sandwich and pocket the savings.
Use the Library
One of the best ways to save money is by using the library. Depending on where you live, your library will carry movies, music, and books.
If there’s a book or movie you want, check with your local library first before spending $20+ on it.
How to Save Money on a Tight Budget
Saving money feels impossible when you’re struggling to make ends meet, but you can do it. Use these tips to save money each month, even on a tight budget.
How to Save Money on a Tight Budget
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I’m John Schmoll, a former stockbroker, MBA-grad, published finance writer, and founder of Frugal Rules.
As a veteran of the financial services industry, I’ve worked as a mutual fund administrator, banker, and stockbroker and was Series 7 and 63-licensed, but I left all that behind in 2012 to help people learn how to manage their money.
My goal is to help you gain the knowledge you need to become financially independent with personally-tested financial tools and money-saving solutions.
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