5 Clever Ways To Save Money Going Into 2024 (2024)

With the cost of living ever rising and inflation rates through the roof, money can be a sore subject for most. However, with the year coming to an end it's high time for brighter horizons and heavier pockets going into 2024, which is why we've compiled 5 of the best and easiest ways to start saving money.

And don't worry, you needn't be a total miser or a financial wizard to start seeing an upswing in your finances. We've got you covered with simple, everyday changes that can benefit your bank account.

You've probably heard this one plenty of times, but enforcing a stricter budget and setting goals for your money is paramount to financial efficiency. Much like all habits in life, spending money can become a routine and it's important to take a step back and properly evaluate just how practical your money spending 'routine' is.

The first step is to calculate your baseline expenses; the non-negotiables of your monthly spending. These include :

These expenses are predictable and generally stay around the same price each month, which makes them easy to account for. Once these are deducted from your monthly income, let's say for example you have £2000 leftover. Split this down the middle and try to spend £1000 on the remaining, slightly more variable expenses such as :

Whatever is left over goes straight into your savings. No ifs, buts, or maybes. As tempting as the urge to take your disposable income to the city centre and splurge it must be resisted if you want to start building your savings for the future.

Let's be honest with ourselves, we're all guilty of having one too many subscriptions to services we barely use. Or perhaps we're a victim of everyday store-bought coffee habits (the price and complexity of which is seemingly always increasing). The point is, there is always room for us to hone in on what is REALLY necessary and to cut the riff raff out.

Take some time to consider the things you pay for every month and whether you would truly miss them if they were gone. It could be:

In this time of financial insecurity, let's get really real. How many streaming platforms do we need in our life? Are we truly such mass consumers of movies? Or mass consumers of coffee, for that matter? As difficult as may be at first, pull the plug on such expenses.

Even if only for a month at first, take the time to see how you fare without these things. You may come to realise that you're better off without such services draining your bank account, and the ones that you really need can always come back next month!

Whilst food, groceries and the like can be simply written off as necessary expenses each month, it's important to acknowledge your own power over minimising expenditure by shopping in the right places and buying the right products.

Simply telling you to 'shop smarter' is easy, so here are a few areas where you can implement mindful spending techniques to save money.

1. One of the more simple yet clever ways to save money: dropping branded goods

Named brands grow ever expensive whilst the disparity in quality between them and their unbranded counterparts decreases by the day. Swapping out some of our regular purchases for their store brand equivalent is a simple and quick way to cut down on spending when it comes to our grocery rounds. Branded goods don't have to be our default go-to.

2. Taking advantage of sales and buying in bulk

Knowing when to shop is also a useful tool in itself, and there is plenty of change to be saved when buying necessities in bulk when sales are on. A penny extra spent mindfully today can be 2 pennies saved tomorrow.

3. Comparing prices and picking the bones.

When it comes to that pesky time of year where car insurance must be renewed, don't switch off and let policy makers have their way with you; take the time to use price comparison matrixes and really explore your options to ensure you're getting the most bang for your buck. The same can be done with essentials such as your internet provider and mobile phone plans. Your pockets will pay for any reluctance to exercise due diligence!

Food is one of the most costly and perhaps deceiving parts of our necessary expenditure. We've already noted how being more mindful of grocery purchases can help save you money, but when it comes to how we eat there's so much more to it.

Planning our meals in advance can help endlessly when it comes to saving. If you don't set standards and create plans for how you eat, then you'll very quickly find finances spilling away to big grocery hauls and one of the greatest budget killers: takeout.

Perhaps a mouth-watering picture of fish and chips ISN'T the best way to get our readers to say 'no' to takeout..

Did you know that the price of fish and chips in Britain has risen by a whopping 19% over the past year? Even the nation's favourite is becoming increasingly unfeasible, and it goes without saying that eating out in general is an extremely costly vice, not to mention one that has potentially negative health implications as well.

As tempting as the lunchtime meal-deal at work can be, these little instances of expenditure do add up and become truly taxing. Instead, fully utilise the tools and ingredients you have at home to create meals and snacks in advance, thereby removing the need to fall into habits that don't benefit your bank account (or waistline, even).

Whilst there are many small, individual ways to save money, the principle underpinning them all is to emphasise and employ your own authority when it comes to your finances.

Discipline is king, and implementing order and strictness into your budgetary routine is the long-term key to saving money and reducing financial stress. Say 'no' to:

Instead, set clear goals and try your best to abide by them. When you begin to notice incremental savings building up you'll feel much better than when giving into the temptation of late-night impulse purchases.

Don't stress, we're not so heartless as to encourage you to forsake all worldly pleasure in the pursuit of penny pinching. Rather, make healthy spending habits your norm so that when the time comes to indulge yourself you can do so freely and without stress or guilt (go on, you deserve that takeaway).

Saving money fast and smart starts with you

Although times may be difficult, don't let finance and the stress that comes along with it take over your life. There are multitudes of clever ways to save money, and through smart implementation of saving techniques, budget planning and discipline, you too can begin taking back control over your money and adding 0's to your savings.

Mindfulness and a propensity to try new things will help infinitely to create a strong foundation upon which your money can flourish. Don't wait until tomorrow, start making good money habits today!

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