Top 10 Brilliant Money-Saving Tips in 2024

Simon Mwangi

In this article, we will explore some of the brilliant money-saving tips in 2024. In today’s world, balancing expenses with leisure activities like spending time with family and friends can be challenging. The tips shared here will help you cut down on your expenses and have more money for the things you enjoy. Let’s begin.

Top 10 Brilliant Money-Saving Tips

Here is a list of the top 10 brilliant money-saving tips:

1. Automate your savings with an app

These days, many apps aim to help you save money. One of these apps is called Qapital, and it allows you to set rules so that every time you do something, say go shopping or purchase a coffee, the app rounds up the cost and transfers this amount into your savings account.

This tip works well because people often spend money without realizing it, which will help them save money. The app also allows you to transfer sums of money regularly, which is part of the budgeting process.

2. Create a budget

One of the brilliant money-saving tips that have been around for a long time is to create a budget. One of the best ways to do this is using an Excel spreadsheet.

The critical thing about budgeting is that it lets you see where your money goes each month and helps you ensure no excess spending on any item.

Here is how to start a budget:

  1. Track all your finances for 30 days. You can do this in excel or use your online banking. You must know how much money you make each month, your bills, and any other expenses you incur.
  2. Work out how much income you have leftover after all these expenses (your surplus)
  3. Create two new columns on the spreadsheet. The first column is for your bills, and the second is for your excess income.
  4. Once you have this information, allocate the excess money to each category as below:
  5. If there isn’t enough money left over after bills and savings (an emergency fund), consider how much less you could spend on entertainment or eating out.

3. Automate payments for bills

Automating your bills and payments is good if you have a steady salary. If you miss one of the payments, there will be late fees and penalties, which could result in losing thousands of pounds of interest.

Setting up all your regular automatic payments on most online banking sites is possible. You can also get texts to let you know when payments are due.

4. Sell unwanted items

If you have many items in your house going unused, selling them in a car boot sale or on a popular online marketplace is a good idea. This step will allow you to make quick cash and declutter your home.

When doing this, you take high-quality photos and write descriptions for them. This step will make all the difference for potential buyers.

5. Purchase in bulk

Buying bulk is usually a good idea to save money on consumable items. This is because manufacturers know buyers want to get the best value for their money, so they offer large packs that are more economical.

However, if you will not finish or use all your items before expiration, sell them for profit. Not only will this help you make some money, but it will also help the planet by reducing the amount of waste used.

6. Use cash instead of a card

Another brilliant money-saving tip is using cash instead of credit/debit cards.

Carrying cash can also help you stick to your budget because when you see the money leaving your wallet, you’ll be more mindful of how much you’re spending.

In addition, using cash can also save you money on fees. For example, some credit card companies charge a fee for every transaction, which can quickly add up. So next time you shop, try using cash instead of your card and see how much you can save!

7. Put a spending limit on your card

We all know the feeling of getting the post and finding that we have received a new credit card or high spending limit. While this can seem like good news, it usually ends with people blowing their budget because they are unaware of their spending.

A brilliant way to curb your spending is by limiting how much you can spend on your card and recording this amount in the notes section. This will not only help you stop overspending but also give you a reality check when you see how much you have been spending each month.

8. Do something productive instead of shopping

One of the best ways to save money is to do something productive with your downtime instead of spending money.

You can do many other things with your free time that don’t involve spending money. You can take online courses, learn a new language, or start a blog. You can also volunteer in your community or take up a new hobby.

The important thing is to find something that interests you and that you can stick with. When you have something to focus on, it’s easier to resist spending money on unnecessary things. So instead of shopping, use your free time to do something that will benefit you in the long run.

9 Share bills and expenses

If you live with flatmates or family members, splitting your bills and other expenses is reasonable. This will make things much easier when working out what each person owes.

It is also possible to share any new bills, such as gas and electricity, but be sure that everyone agrees on this before doing so. If not, your bills will not go down as much as they should, which could lead to much fighting.

When it comes to sharing bills and expenses, there are a few things you need to remember. The most important thing is to be fair and reasonable when dividing the costs. This means that everyone should contribute equally, no matter how big or small their share may be.

Another thing to remember is that not everyone will have the same income. If someone earns less than others, they should not have to pay more for bills and other expenses. This cannot be difficult to manage, but everyone must be on the same page regarding money.

Finally, make sure that you keep track of what everyone owes. This way, there will be no arguments about who owes what and when. Using a spreadsheet or another tracking system to keep everything can be helpful.

10. Don’t settle for what you have

Another brilliant money-saving tip is always to be open-minded about new opportunities that come your way, especially when it comes to job hunting or starting a small business.

Many people are content with their lives and what they have. While content is nothing wrong, it’s important not to settle for what you have. If you want to improve your life, you must act and go for what you want. This may mean making money, finding a better job, or starting a business.

Don’t be afraid to take risks and go for what you want. You may not always succeed, but you’ll never know if you don’t try. Be open-minded about new opportunities, and don’t be afraid to seize them when they come your way. Remember, the best things in life don’t come easy – you need to work for them. So don’t settle for what you have – go for what you want.

These are only some brilliant money-saving tips you can save money, but there are hundreds more out there waiting to be discovered.

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As a freelance writer with a background in banking and accounting, Simon has the financial know-how to produce quality content on various topics. His experience gives him a strong foundation in understanding complex financial concepts and communicating them in an easy-to-understand way.