Financial experts at The Lazy Trader have compiled a list of the best money-saving hacks for 2024 to help you achieve financial stability.
Use a digital budget planner
It is very likely that you will be on the move at some point in the day, whether to work or on a trip to the shop, and your budget plan can easily be forgotten. A digital budget planner is the perfect solution to managing your finances throughout the day and staying within your spending limit. If you need to make any adjustments, it is also easy to change and can be modified to suit your needs. A simple app on your phone or device is more accessible and saves on creating unnecessary clutter.
Use smash piggy banks
A piggy bank is all about discipline and consistency. Putting money away that you can’t get back without breaking your piggy bank can be daunting, especially if you are worried about your current financial situation. However, it is a great way to save money without even knowing it, and whether it be for a holiday or rent, it is impressive how far a few pennies can go. A piggy bank is a constant reminder of your financial goals; even putting a penny a day away adds up to a lot of money over time. Investing in an inaccessible piggy bank where you cannot collect your money without smashing it will give you more determination to save until it is filled to the brim.
Start the 1p saving challenge
The 1p saving challenge is a money-saving method that lasts 365 days and involves saving an extra penny every day. This will start with 1p on the first day of the year and then increase by a penny every day; for example, 2p on the second day, 3p on the third, and so on until you reach the 365th day. This should equate to £667.05 after the course of a year which can contribute to whatever financial goal you have set out for yourself.
Avoid taking money out your savings
Although it can be tempting to take money out your savings for spontaneous purchases, remember that they are savings for a reason. Whether it be for future retirement, a mortgage, or your dream car, that money has been put aside so you can afford the luxuries you saved for. You may want some new trainers or a Saturday night out, but remind yourself that savings are there for long-term goals in life.
Invest in life insurance when you are young
Age is the most important factor when investing in life insurance as it determines whether you pay a high or low premium for your policy, as a younger person typically has better health than someone within the middle-aged and elderly bracket. A 21-year-old is a lot more likely to pay a lower premium than someone older; the premium will stay consistent and not increase with age, making it much more affordable in the long run. Although it may not seem like an essential purchase for a young adult, it will also benefit relatives if anything were to happen to you as it provides them with more financial support in the case of an unforeseen event.
Shop smart at the supermarket
It can be very tempting to place unplanned items in the trolley when you’re at the supermarket, but you’ll unknowingly cause the total cost of your shop to shoot up; stick to your shopping list and try to find cheaper alternatives in the process. Supermarket brands are a great way to cut down on costs, especially for cupboard essentials like pasta and rice, as you don’t have to spend a fortune on necessities.
Supermarkets offer benefits from loyalty cards that can discount your shopping by huge amounts and are free to access if you ask staff or look online. As well as this, the reduced section is always worth a look, as plenty of fresh produce is suitable for home freezing and can save you a lot of money instead of paying full price.
Buying in bulk is also a great way to save money as, usually, the products work out individually cheaper and reduces the hassle of having to return to the supermarket for a stock-up.
Pay off your overdraft
An overdraft can work its way down the priority list when other finances come into play; it can be a great financial support network, but it must be paid back eventually due to its negative balance. After a certain amount of time, you will begin to get charged if the amount is not paid off, so pay off the overdraft as soon as you have the funds to avoid unnecessary added expenses.
A spokesperson from The Lazy Trader has commented on the findings: “Saving money provides a safety net for life goals that may be far into the future, but it is never too early to start saving. There are so many benefits to having money stashed away somewhere safe, and it will lift a weight off your shoulders knowing you have something to fall back on. These money-saving hacks are perfect examples of why you should start saving and the best ways to do it, so that the uncertainty of the future is not so daunting.”