4 Easy Tips To Save Money In 2024
If you are thinking about starting an online business, it is a great time to do so. Although many ventures can be ‘financed’ by spending your time and energy only, instead of hard cash, with the current fast-changing economic environment, it seems a good idea to save money for future expenses. Let’s start with a few tips on how to save it the smart way in 2024.
Have a clear goal in mind
Saving money is like being on a diet, it requires strong willpower and a consistent approach. As a current or future entrepreneur, you will occasionally have different goals and most of them will require strict financials. Does your business need a shiny, new website that offers a fantastic, never-before-seen user experience? You should ask yourself first, do I need to pay for that to somebody else, or am I able to create it without help? In many cases, you will be able to learn new skills with this approach, but there are times when quick results or professional experience are essential.
Set a clear goal you are saving for, visualize it, write it down, and put it somewhere you will see it every single day to keep up motivation.
Don’t be fooled by advertisements
To keep the above diet analogy, you won’t be able to lose weight, when every other day is a cheat day. The number one rule for saving money is to not spend what you have unless it is something that gets you a step closer to your ultimate goal. Buying stocks from your spare money is a great initiative but buying without a plan is going to get you seriously off-track.
Advertisements are there to lure you in courses, products, and services that are not-at-all bad, but you need to ask yourself the question: do they really serve my goals?
Track your expenses
According to Netflix documentary, The Social Dilemma, kids have a hard time guessing how many hours a day they use their smartphones. They feel it is around 30 minutes, but in reality, it may well be hours. The same concept is applicable to expenses, as most of the time expenses don’t come in huge bulks, they bite tiny chunks off your wallet instead.
Another important rule is to track your expenses on a daily basis to avoid forgetting anything you paid for with cash. There are numerous phone apps to cover this activity: Intuit Quickbooks, Clarity Money, Wally, and Mint – they are all a good fit for your business-related or personal tracking requirements. Use this knowledge to shut down any spending that is not able to get you closer to your goals. An eloquent example, YNAB, a savings app, shared that their average user saves around $6,000 in the first year using planned spending.
The 24-hour rule
Found something that feels fresh, and shiny and you feel the urge and need to buy it instantly? Don’t do it! In 2023, 84% of all shopping is made through impulse buying! Take a break for 24 hours, think about it, check reviews, speak with somebody who owns it or tried it already, and then, if you still think that buying is the right choice, make the acquisition.
