Over the last couple of years, inflation and other issues have made money management more challenging than usual. Credit card debt is at an all time high and folks are generally confused in terms of how to invest for retirement and build wealth. This is where Money Vikings come in, to help you with 7 ways to master money in 2024 and beyond.
Let’s face it, finances can be a beast, especially in 2024. But fear not, fellow warriors of wealth! In 2024, it’s time to ditch the stress and become a total money master. Buckle up and get ready to slay your wealth building goals with these 7 epic tips:
1. Budget Battle Royale: Track Your Every Penny 
Think of your budget as your financial war room. But I am not a fan of complicated budgets that track every penny, boring! There are tons of budgeting apps (hello, technology!), or you can rock a classic pen and paper. Knowing where your money goes is the first step to conquering it! I prefer simple budget tools such as the Nerd Wallet spreadsheet.
If that is too much, I just use a simple pencil and sheet of paper. Write down all monthly expenses and all monthly income. If monthly expenses exceed income, then you have a problem and need to address it now.
2. The Penny Pincher Challenge: Eliminate Unnecessary Expenses 
Those daily lattes? The never-worn gym membership? It’s time for a ruthless audit! Cancel subscriptions you don’t use, ditch impulse buys, and embrace the power of free entertainment (hello,libraries and parks!).
Managing the small expenses is just an exercise. The real progress is made when you get the big things right. These are things like car payments, housing payments, food and healthcare costs.
My approach is to get the big things right and then have a set aside amount for “no guilt” spending on things like fancy coffees, meals out, etc. BUT the major rule of thumb is to pay in cash within one’s budget and not to rack up debt for these small items.
**3. The Side Hustle Showdown: Earn Extra Cash Like a Boss ****
Unleash your inner entrepreneur! From online gigs to weekend hustles, there are endless ways to boost your income these days, especially with emerging technologies. Explore freelance marketplaces, tutoring gigs, or even pet-sitting. Remember, every extra dollar adds up!
In addition, time spent on a side hustle is time NOT spent shopping for crap you probably do not need.
**4. Debt Destroyer Duel: Conquer High-Interest Debt ****
High-interest debt is the ultimate money monster! Focus on paying off credit cards with the nastiest interest rates first.Consider a debt consolidation loan to simplify things and potentially snag a lower rate. Remember, eliminating debt frees up more money for your future!
**5. The Future Fighter: Automate Your Savings ****
Set it and forget it! Automate a portion of your paycheck to go straight into savings. This “out of sight, out of mind” approach is a guaranteed way to watch your savings grow on autopilot.
Automate some percentage of monthly income directly into investment vehicles. This is the number one way that people build wealth over time. Take the human failability out of the equation!
**6. The Wise Investor: Invest for Your Future ****
Investing may seem scary, but even small amounts can make a big difference over time. Do your research, consider low-cost index funds, and start building your wealth for the future. Remember, it’s never too early (or late) to start!
I am a proponent of simple straightforward exchange traded funds in low cost vehicles. I like Vanguard, Fidelity and Schwab.
**7. The Knowledge Nexus: Educate Yourself ****
Financial literacy is key! Read books, listen to podcasts, and soak up all the free financial advice you can find. The more you know, the better equipped you’ll be to make smart money decisions. Read and watch Money Vikings for a treasure trove of investing and wealth building ideas:
Bonus Tip: Celebrate your wins! Reaching a savings milestone? Treat yourself (within reason) to something you enjoy.Positive reinforcement keeps you motivated on your financial journey.
Remember, mastering money is a marathon, not a sprint. Be patient, stay consistent, and with these tips, you’ll be a financial rockstar in no time! Now go forth and conquer your financial goals! #MoneyMaster2024