How to Start Saving More Money in 2024 

Saving more money is always a good goal to have. Maybe it’s one of your overall New Years resolutions or maybe you’re saving for something specific. Either way you’re going to need a game plan. Where do you start? Well, reading this article is a great first step. Read along to figure out how to set up a basic budget in order to start getting your finances together and start saving more money.

Start Keeping Receipts of Your Spending Habits.

You don’t have to keep the physical copy. As long as you keep a tab on what you are spending money on, so you know what to expect in the future. For instance: gas and groceries. Gas and groceries are something that you will need to spend money on every month. But unlike your bills, such as your rent, the number can fluctuate. By keeping track of how much you spend every month you can get a good average. This will help you set up a budget.

Don’t forget the things that aren’t necessities that you always spend money on as well. If you’re a smoker make sure to track that because it’s something that you know you’re going to want to spend money on.

It can also be helpful to keep a tab on the non-necessity items that you really don’t need to buy every month so that you know how much money you’re spending on things that aren’t serving you. If saving more money is a priority to you then this is a good thing to cut back on.

Getting fast food every now and then didn’t seem like a big deal to me until I started looking at how much extra I was spending on top of my grocery bill on overpriced food that wasn’t even good for me. It really helped put things into perspective and helped me break those bad spending habits. Sometimes it’s out of sight out of mind, so if you don’t see how much you’re spending it doesn’t always feel real.

For Example:

GAS	Groceries
$24 on 01/18	$216 on 01/07
$28 on 01/24	$148 on 01/28
Total for Jan: $52	Total for Jan: $364
$19 on 02/06 $22 on 02/17	$224 on 02/03 $188 on 02/23
Total for Feb: $41	Total for Feb: $422
Average: $50/month	Average: $400/month

Write Down all of Your Monthly Expenses.

Once you have a good estimate of your groceries and gas add them to a Word Document along with all of your other monthly spendings. Including but not limited to: Rent, utilities, car insurance, health insurance, etcetera. Add them all together and that will be your base amount that you will need to live off of every month.

For Example:

Rent:	$1500
Utilities:	$50
Car Insurance:	$230
Medical Insurance:	$220
Smokes:	$50
Groceries:	$400
Gas:	$50
TOTAL:	$2500

Calculate How Much Money You Make a Month.

For me this one is difficult because I am self-employed, and my income fluctuates. But by keeping track of how much I make every month; I get a good estimate to go off. If you have a job with a salary or hourly wage, this part will be a lot easier!

IMPORTANT: Make sure to calculate for taxes. You can look up your tax rate online for where you live. There are even income calculators that do all the math for you. One website for this is https://smartasset.com/taxes/paycheck-calculator.

If you’re self-employed make sure that you put aside money for taxes at the end of the year.

Figure out Your Disposable Income – Your Disposable Income is how much spendable money you have after your bills are paid. Subtract your monthly expenses from your monthly income and you will have your disposable income.

(Monthly Income) – (Monthly Expenses) = Your Disposable Income

For Example:

Let’s assume that your monthly income is $4000.

(4000) – (2500) = 1500

Finally: Figure Out How Much You Can Save a Month.

Here’s where you have a choice. You can either save all your extra disposable income, or you can save a portion of it. Personally, I like to have a little bit of spending money every month.

Generally I try to give myself $50/week ($200/month) to spend on what I want. This can go toward a treat for myself or a dinner out with friends. It’s up to me! If I have any extra at the month, I usually just keep it for the next month. However, you could put the extra aside every month, saving more money!

For Example: (1500) – (200) = 1300

There You Go!

You’re finally ready to start saving! $1300/month comes out to $15,600!! Think of what you could do with that. You could get a car, go back to school, and even plan a vacation! Or you can start thinking about investing.

I hope that this article motivates you to create a budget that works for you and helps you start saving more money for your future.

Interesting in setting more goals in 2024? Check out How to Make a Vision Board to steer you in the right direction.