As we stand on the precipice of yet another July 4th, one thing remains certain; time is a constant that will not stop for anyone. In the fast pace at which our lives are moving in today’s modern world, it can be all too easy to let the years pass us by without making real and significant changes to our personal finances.
For those looking to make a shift and adopt more frugal ways in the second half of 2024, there’s no better time than the present to begin the process of transformation. While setting resolutions may seem like an annual ritual with fleeting success, we can help you stick to these money-saving goals this year by offering actionable steps and realistic expectations.
Here are 10 ways you can make the rest of 2024 your most financially rewarding year yet:
1. Start Cooking
Getting a hot meal on the dinner table is difficult during the week, and often we resort to ordering pizza or eating out – spending way over our food budget each month. Taking a few extra minutes to pack lunch at night can save $10 or more per day. Set a goal this year to cook more with the food you have on hand. Meal planning is the key here, so get out your favorite recipes and cookbooks and write a plan for the week.
You can shave dollars off your grocery bill by learning which ingredients are staples in your daily meals. Once you’ve got your shopping list down to a science, consider growing some of these items at home if you have access to a yard or even just a window sill. Herbs like basil and mint will thrive with minimal care indoors, while other ingredients such as onions, potatoes and garlic can be grown in almost any conditions – even in pots.
2. DIY Your Pantry
In addition to making your own meals, consider making some of the items that go into them. From bread to spice mixes, there’s a wealth of items you can create from scratch for far less than their pre-packaged alternatives. There are entire movements dedicated to the “Do It Yourself” lifestyle which include a wide array of money-saving benefits, including reduced waste and packaging.
3. Take a “No New Clothing” Challenge
Women spend an estimated 55 minutes each day on their looks (that calculates to around two weeks per year!) – and not only that, but think of all the money spent on manicures, pedicures, haircuts, colors, and other spa treatments that pile up monthly. Men aren’t immune either. You can greatly simplify your routine and use fewer chemical-laden soaps and creams by making some of your own bath and body products.
Challenge yourself to a “No New Clothing” year in 2015 – while you may feel the need to restock your closet from time to time, try waiting until you can’t avoid it any longer or consider swapping items with friends and family.
4. Track Your (Actual) Spending
Do you know where all of your money goes each month? Many people don’t, which makes it easy for unforeseen expenses to wreak havoc on our financial well-being. If you have yet to start tracking your spending, this is the year to begin! Apps like Mint can help you keep track of every dollar spent, with automated categorization that will give you a clear picture of where your money is going.
5. Organize Yourself
When it comes to our personal finances, organization is key. From filing away receipts and bills to storing away tax documents, having an efficient system for keeping track of everything related to your financial life will help you stay on top of all the moving parts that make up your budget.
6. Lean Out TV
Cutting the cable cord is one of the most popular ways to save money in today’s digital age, but what about the cost associated with your internet subscription? If you have access to a reliable Wi-Fi signal from a coffee shop or public library, consider canceling your home internet service for a portion of the year and see if you can get by without it.
If you absolutely must watch your favorite shows, Netflix, Hulu and other streaming services allow you to be more intentional with your time while also saving money in comparison to cable or satellite packages.
7. Get Fit
You don’t have to spend a fortune at the gym in order to get fit – in fact, many gyms and fitness centers offer free trials that allow you to test out their facilities before committing to any long-term contracts. If the gym isn’t for you, there are countless ways to stay fit without spending a dime, from walking or biking to work to taking advantage of outdoor activities like hiking and swimming.
8. Clip Coupons
Learning to clip coupons can mean an entire lifestyle of savings – but it’s important to do so mindfully, with the end goal being to save money rather than simply stockpiling items you don’t need. Try pairing coupon use with a “no new clothing” challenge by buying basic essentials like underwear and socks in bulk when they go on sale.
9. Simplify Your Routine
When it comes to your morning and evening routines, consider cutting out unnecessary steps that add little value. For example, do you really need to use five different facial products every night? In the same vein, take a look at the services you pay for on a monthly basis – from magazines to subscriptions, ask yourself if each one is providing enough value to justify its cost.
10. Go Debt Free
Working off all of the debt that one has can truly provide some much needed relief. It also can go a long way in increasing monthly cash flow due to the loss of the debt expense. What money-saving goals do you have for the rest or 2024?
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