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.
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.
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.