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SAVE MONEY ! 5 Ways to Save Money in 2024! Survive the Raging 20’s

Posted on By greg
Investing, Budgeting
SAVE MONEY! Well folks, another year is almost in the history books. But this is not about looking back, let’s look forward and determine what we can do now to make ourselves even more financially resilient and Money Viking strong in 2024.
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Photo by Giorgio Trovato on Unsplash

A few years of crazy

 
Let’s be honest, the period from 2020 to now has been a bit wild. The Money Vikings called it through our years of investing and analyzing the direction of the world. That is why we called the 2020’s the “Raging 20’s”.  I am not seeing signs that the raging 20’s are about to let up anytime soon. Sure, pandemics and inflation may be behind us, but climate issues and global geopolitical issues have all the potential to throw things off balance.
 

What We Control and What We Influence

When building wealth I believe it is important to focus in on the factors under your control. One of the big ones is your overall spending. Practicing greed control is a sure way to build more wealth over time.

Here are 5 ways to save money in 2024:

1. Create a budget and track your spending.

I got really serious about a budget this year. As a Money Viking this is something I should have always been serious about, but honestly I have gone in and out of good budgeting habits. This will help you to see where your money is going and identify areas where you can cut back. There are many different budgeting methods and apps available, so find one that works for you and stick to it.

2. Cut back on unnecessary expenses.

One big theme for 2023 that will lead into 2024 is cutting back on expenses in any way possible. It is imperative to our health and wealth to only use our capital on necessary purchases at the best prices. If the thing you are buying does not serve a useful purposes to you, then we should not spend money on it. Take a close look at your budget and identify any expenses that you can cut back on or eliminate altogether. For example, you could cancel unused subscriptions, eat out less, or cook more meals at home.

3. Shop around for the best deals.

This year I doubled down on my Costco membership because it offered the best deals on so many items. Don’t just buy the first thing you see. Compare prices at different stores and online retailers before you make a purchase. You can also use coupons and promo codes to save money on your purchases.

4. Pay off debt.

2023 has been about paying off some debt. Things got a bit out of control during the high inflation end of the pandemic era. I WANT YOU TO BELIEVE IN YOURSELF AND YOUR ABILITY TO ATTACK DEBT. When paying it off, believe in the way you are slashing it down like an evil wealth destroying dragon. High-interest debt can be a major financial burden. Make a plan to pay off your debt as quickly as possible. You can also consider consolidating your debt into a lower-interest loan.

5. Invest your money.

At the heart of Money Vikings is investing. Investing is about building a sensible portfolio of assets that will build our wealth over time. Once you have paid off your debt and have a savings cushion, you can start investing your money. This will help your money grow over time so that you can achieve your financial goals.

Check out my “Ride My Bike Portfolio”

Here are some additional tips for saving money in 2024:

  • Set financial goals. Having specific financial goals will help you to stay motivated and on track with your savings.
  • Automate your savings. Set up a recurring transfer from your checking account to your savings account each month. This will make it easier to save money without even having to think about it.
  • Find ways to make extra money.If you can, find ways to make extra money each month. This could involve getting a part-time job, starting a side hustle, or selling unwanted items.
  • Live below your means. One of the best ways to save money is to spend less than you earn. This may require making some lifestyle changes, but it will be worth it in the long run.

Saving money can be challenging, but it is important to remember that every little bit helps. By following these tips, you can start saving money today and achieve your financial goals in the future.