We all want to save more money in 2024. But with rising utility bills, grocery costs, and those brand new shoes your kiddo keeps growing out of, saving money might feel like a far-fetched idea, right? Not to worry. There’s still plenty of savings to be had, if you’re looking for them.
Justin and I sat down to come up with the seven ways that we prioritize saving money with the hope that these strategies might help you do the same.
Tip #1: Create and Stick to a Grocery Budget
The first and most important way to save money in 2024 is to create and stick to a grocery budget. With the average family spending upward of $200 per person per month on food alone, it’s safe to say that having a grocery budget in place is the easiest way to prevent overspending and actually save money.
Consider the following:
- Decide how much you’ll spend on groceries each week or month.
- Create a grocery list from your weekly menu so you shop only for what you need.
- Grocery shop once per week to eliminate impulse purchases.
- Stop purchasing food when the weekly budget allotment runs out.
- Stick to generic brands.
Chances are that by following this strategy, you’ll be able to eliminate unnecessary items and save money long-term.
Tip #2: Shop Around
Another way to save money is to shop around. FOR EVERYTHING. It might be tempting to purchase items on Amazon or via the nearest grocery store just for convenience sake, but it might not be the cheapest option.
We actually have several grocery stores within a two- to three-mile radius of us. That’s all well and good, but when I started to compare the prices of those more convenient stores with a store that’s 20 minutes away, I realized that I could save around 30% on groceries just by going the distance. Because we only grocery shop once per week, that means we can make it an outing AND save money at the same time.
Even better, the gas just five miles down the road from the grocery store is consistently $0.50 cheaper. For a 26 gallon tank, that’s a savings of $13 per tank. Between the grocery savings and the gas savings, shopping around has made a huge difference for us.
The same rings true for clothing and linen purchases, as well as larger items such as appliances and home decor.
Note: I know it’s not always possible to get to each store in your area in hopes that you might find a better price – especially if you have little ones in tow. If that’s the case, consider asking a friend or two to help. Together you can compare prices on your most-needed items and determine where the best deals are to be had.
Tip #3: Buy Used
From clothing to small appliances to kids toys and beyond, the savings can really add up when you choose to buy used items instead of brand new. It’s even better when you can find someone who doesn’t need an item anymore and is willing to give it away for free.
You might consider the following:
- Social media marketplaces
- Community gifting groups (we’ve been able to get a LOT of free kids clothing and toys through our local group)
- Family and friends (you never know until you ask!)
- Thrift stores
- Consignment events
…and the list goes on and on. During the warmer months, you may be able to scout out some garage or yard sales and find items that way, too.
It might not be as convenient as getting in the car and heading to your local Walmart, but every dollar you save is a step in the right direction when it comes to achieving your financial goals.
Tip #4: DIY Household Products
DIY household products are a great way to save money in 2024. From laundry detergent to all-purpose cleaner and beyond, there are many ways to create your own household products for a fraction of the cost.
Note: DIY projects don’t always save money. In fact, if you don’t know what you’re doing, you can spend more that you originally intended. But, I will say that if you’re looking to save a little extra, DIY household products are easy to make and use – even if you’ve never done so before.
Tip #5: Bundle Services
If you aren’t already, consider bundling services. For example, if you have a phone plan that also offers internet, it might make sense to combine the two for a discount. Likewise, insurance companies will frequently offer better deals when you combine car insurance, home insurance, and even life insurance on the same plan.
It might take a few phone calls to make it all happen, but if you can save money for a comparable service, then why wouldn’t you?
Note: If you want to SAVE money, make sure you aren’t bundling NEW services. These should be services that you were already using. Otherwise, you’ll end up spending more on something you didn’t really need.
Tip #6: Embrace Free Activities
There’s no better way to save money than to just not spend it to start with. But if you still want to engage with people outside of your own home, then it might take a little creativity to find low-cost or even free activities.
- Go to the park
- Go on a hike, jog, or bike ride
- Spend the day at the beach
- Check out books from the library
- Sign up for events at your local hardware store
- Free museum days
…among others. In our area the libraries actually allow you to check out passes for various local attractions. So, that’s a really convenient and FREE way to engage in activities you might not otherwise afford.
Tip #7: Make a Swap
My final tip to save more money in 2024 is to make a swap. You might:
- exchange tutoring for dog walking
- start a carpool
- swap meals to eliminate waste
- trade babysitting hours
- share outdoor tools (including lawn mowers, snowblowers, hedge trimmers, etc.)
- split bulk items
…and anything else you can think of. If it’s something that could be traded or shared in order to cut cost in your budget, it’s always worth considering. It could be that the person you want to swap with isn’t willing – that’s okay. But if you don’t ask, you’ll never know.
How Will You Save More Money in 2024?
If you want to save money this year, it comes down to prioritizing what’s most important to you. Are you willing to drive a little further for big savings? Can you ask a friend or family member to make a swap? Will you buy used items instead of new?
Whatever you choose, I’m here to support you. You can:
- Grab my FREE Family Budget Worksheet to help you achieve your budgeting goals this year
- Submit your budgeting and home organization questions HERE.
Remember, if you don’t ask for the help you need, you’ll never get it!
Cheering you on!