5 simple ways to save money in 2024

Finding 5 simple ways to save money in 2024 has become increasingly important for all of us. Often we hear about a cost of living crisis on the news but what does that actually mean. Put simply, the cost of the things we buy has gone up dramatically. This does not just mean a loaf of bread costs more than it did a couple of years ago but everything has gone up. Fuel, utilities, food, car insurance, train fairs – you name it and it costs more now.

So here I am going to make some simple suggestions. Things you can easily implement without a massive amount of effort. Each step will contribute to you being able to save a little more cash each month.

Track what you spend every month

This may sound tedious but it is a great way to begin finding out what you actually spend your money on. With the introduction of contactless payments it has become very easy to lose track of you incidental spending. Simply get a small notebook (one you can easily keep in your pocket) and write down each time you spend money (whether using cash or contactless). Calling at the newsagents, write it down. Buying a coffee on the way to work, write it down. At the end of the month, calculate your spending and add it to all your other monthly outgoings.

Check out your bank account

It is very beneficial to get used to looking at your account on a regular basis. You will become familiar with what payments go out at what time and begin to form a pattern of your spending. Always keep an eye out for sneaky subscriptions. It is incredibly easy these days to sign up for a items such as magazine, app or subscription only to lose interest later. Often without you realising the money may continue to be taken from your account (particularly if you signed up using your debit card). Remember to go on a check so you can cancel any you no longer want.

Always make a meal plan

This simply means make a list of all the meals you would like to eat that week. Write them down and check what ingredients you need then make a clear list. This will make shopping easier and you will be less tempted to just buy, “what you fancy”, then come out without the ingredients for a proper meal. Yes we have all done that! You don’t have to eat the meals in that order but you won’t have to try and decide what to eat at the end of a busy day.

Always make shopping list

There are two ways you can do this. Write your meal plan then a list of all the ingredients you will need for the week. Alternatively you can set yourself a budget then write a meal plan to fit your budget. Either way, if you can afford it add a few extra pounds for the “just in case”. There may be a really good offer you want to take advantage of but only if it is something you actually use!

Use your freezer efficiently

I don’t have separate freezer just an upright fridge freezer. However, I am able to use it to my advantage quite well. If you are cooking a meal which you know freezes well then cook twice the amount you would normally. While I know this is trickier if you have large family it is still worth trying. I regularly cook more than we need then freeze the remainder. This comes in handy if you decide you don’t want the meal you planned for today but you could really go for a Bolognese. Give it a go you can save money and time while still having a homecooked meal.

For good quality advice on a range of money subjects take a look at Martin Lewis https://www.moneysavingexpert.com/