Saving money in 2024 can be a challenge with rising costs and financial obligations. In a report by the Washington Post, because the economy is becoming more and more unsteady, people tend to save less thinking it won't be "rewarding."

However, with a few smart strategies, you can grow your savings and achieve your financial goals. So-whether you're looking to cut down on daily expenses or plan for bigger financial goals, these are 10 effective ways on how to save money this 2024.

1. Commit to Your Financial Goals

The first solid way to save money is by setting clear of your financial goals and staying accountable. 

According to Yahoo Finance, you can make a pact with yourself or involve friends and family to keep your financial objectives top of mind. 

Then, track your progress and celebrate small wins along the way to stay motivated.

2. Create and Stick to a Budget

Another way you can save faster is to equip yourself with a well-planned budget. ANZ calls it the foundation of good financial health, because budgeting isn't about restriction but rather about controlling your finances. 

Whether using a spreadsheet or a budgeting app, tracking your expenses helps ensure you're not overspending. Allocate money for essentials, savings, and leisure, and make adjustments as needed.

3. Grow Your Own Groceries

Grocery costs are on the rise, Salisbury Greenhouse recommends that you consider growing your own food at home. Whether you have a large garden or a small balcony, growing vegetables, herbs, and fruits can help reduce your grocery bill while providing fresh produce. 

Start small with easy-to-grow plants and expand as you gain confidence.

4. Save on Groceries

Not a lot has the time or patience to grow plants in their backyards. Not even everyone has enough space to grow them. 

According to Yahoo Finance, you can, instead, plan your grocery shopping trips by making a list and sticking to it. Shopping generic brands, buying in bulk, and using rewards credit cards can also help lower your grocery bills. 

Always compare unit prices to ensure you're getting the best deal, and avoid impulse purchases.

5. Spend Within Your Means

Similar to sticking to a budget, spending within your means is also one way on how you can save money this 2024. Now, it's easy to overspend, but staying aware of your financial limits is key to saving. 

ANZ shared that you can evaluate your income, daily expenses, and savings goals regularly. Try using the 50-30-20 rule: allocate 50% of your income to necessities, 30% to discretionary spending, and 20% to savings.

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6. Use Multiple Savings Accounts

Having separate savings accounts for different goals, like vacations or emergency funds, can keep your finances organized. 

Set up automatic transfers to ensure you're consistently contributing to each account without the temptation to spend that money elsewhere.

7. Open a Long-Term Deposit Account

Key reason why people save money is to buy a house. With that, Yahoo Finance suggest to consider opening a long-term deposit account to save for major expenses. This is especially helpful for house, cars or retirement purchases.

The good thing about long-term deposit accounts is that they offer higher interest rates and lock your money away, making it harder to dip into your savings prematurely.

8. Cut Down on Rent or Mortgage Costs

As reported by InCharge Debt Solutions, to learn how to save money this 2024, you have to be idealistic and realistic with your living conditions. So, if you're living by yourself, you can lower your housing expenses by getting a roommate. Or by considering a more affordable location. 

But, if you own a home, explore options like refinancing your mortgage or making extra payments to reduce long-term interest costs.

9. Reduce Utility Bills

Yahoo Finance warns that you must be mindful of your energy usage by taking shorter showers, fixing leaks, and investing in energy-efficient appliances. 

Lowering your utility bills is not only the first step on how to save money this year, considering the rising utility costs, but it also helps reduce your environmental footprint. Overall, a win-win situation.

10. Save on Transportation Costs

Going from one place to another? Have you thought about walking it first? Believe it or not, but a tiny expense like transportation costs can balloon in just 1 week. According to the Institute of Transportation and Development Policy, one american spends $12,000+ on transportation annually. 

To minimize this, ANZ state that alternative modes of transportation, such as biking, walking, or public transit, can make you save a lot. Carpooling with friends or coworkers is another great way to cut transportation expenses. If driving is necessary, using affordable apps can help.

To sum it up-learning and implementing ways on how to save money this 2024 will be a huge challenge. Forget about healing your inner child or riding on trendy materialistic things. Aside from being costly, those will not give you a peace of mind for a long. These strategies, however, can save you a lot in so many ways.

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