Let’s be real, 2024 kinda stinks on the wallet and inflation doesn’t seem to be going away. If you’re looking for ways to save money in 2024, hopefully these small ideas can be helpful. Inflation makes it more crucial than ever to be mindful of our spending habits. Costs are up at least 20% since 2020 and even more in some areas. Saving money has become an essential skill in today’s world. In this article, we’ll explore five unique and interesting ways to save money, touching on various aspects of daily life, including energy costs at home to grocery spend. Let’s get going and take a look at these unique ways to save money in 2024.
Eco-Friendly Energy Habits: Power Up Your Savings
In a decade where energy costs are skyrocketing, adopting eco-friendly energy habits not only benefits the environment(if you care about that sort of thing) but also your wallet. It seems like every year, my energy company raises the amount they charge to supply and deliver energy. This can be state dependent but some states will actually allow you to change suppliers which can provide substantial savings off of what the energy company actually offers.
In my example, changing suppliers actually saved me nearly 5 cents per kWh in supply costs. That might not seem like much but in the summer, I use over 1000 kWh per month meaning at least $50 in savings per month.
Another way to save money in 2024 is to invest in energy-efficient appliances. If you haven’t yet, it’s time to switch to LED light bulbs, it’s an easy inexpensive fix that will pay for itself pretty quickly.
Of course, you can also consider installing solar panels to generate your electricity. This can be expensive and take a while to pay for itself especially with interest rates as high as they are. It may also not be a good fit if you don’t live in an area that gets a lot of sun.
Additionally, implementing simple habits like turning off lights and unplugging devices when not in use can significantly reduce your monthly energy bill. By making your home energy-efficient, you not only save money in the long run but also contribute to a sustainable future.
Grocery Shopping: Embrace Seasonal and Local Produce
The grocery bill is a significant chunk of my monthly expenses, and with inflation on the rise, it’s essential to find innovative ways to cut costs without compromising on quality. One unique approach is to embrace seasonal and local produce. Not only does this support local farmers, but it can also be more cost-effective as seasonal items are often priced lower due to their abundance. Joining a community-supported agriculture (CSA) program or exploring farmers’ markets can introduce you to a variety of fresh and affordable options, making your grocery shopping both sustainable and economical.
I will say however, that whether or not this is a savings can be heavily dependent on your area. While farmer’s markets and CSAs are affordable in some states, in other states they’re more expensive than what you can get at the grocery store so your mileage may vary.
Another way to save money is to find new places to shop at if possible in your area. Stores like Aldi, Trader Joe’s and Costco can be a long term savings opportunity for you. Sure, they might not have the variety of choice you can get at some of the larger grocery stores but the savings can be substantial and it’s well worth checking out the items available there.
Shopping bulk can be a big savings vehicle as well. Sure, it may cost more to get 24 rolls of toilet paper up front but your butt and wallet will thank you in the long run.
Store brands can also be helpful in saving money plus if you buy things like Kirkland from Costco, their easy return policy makes it easy to figure out whether the store brand is actually good or not. Spoiler alert, their toilet paper sucks(at least in the Northeast, I’ve heard that suppliers are regional).
DIY Sustainable Household Products: Craft Your Savings
In a world where consumer goods are becoming more expensive, consider creating your own sustainable household products. From cleaning supplies to beauty products, numerous online resources provide easy-to-follow recipes using simple ingredients like vinegar, baking soda, and essential oils. Making your own products not only reduces your environmental footprint but also saves you money by eliminating the need for costly commercial alternatives. Embrace your creative side while enjoying the benefits of a frugal and eco-friendly lifestyle.
Even if you’re not creative, a huge ass jug of Vinegar from Costco costs little and can go a long way in replacing a lot of cleaning supplies that you may already be using. Vinegar is king when it comes to cleaning certain stuff well although it does come with a rather spicy smell.
Subscription Auditing: Trim Down Unnecessary Expenses
It seems like everything is a subscription these days. Subscription services have become a staple in our lives, from streaming platforms to monthly box deliveries. Take a closer look at your subscriptions and consider whether you’re fully utilizing them. It’s very easy to cancel things online if you’re not using them. Sit your butt down and go down the credit card statement to see what sort of stuff you’re paying for on a monthly basis.
This subscription audit will allow you to declutter your entertainment and lifestyle choices but also free up funds that can be redirected towards more meaningful and essential expenses.
Figure out if that monthly box of crap you’re getting is really worthwhile or just something that takes up space in your home. On the streaming side, the services make it very easy to cancel and re-up as you need. Instead of having 7 separate services that charge you 14.99/mo., cancel most of them and rotate in and out as new shows come out to binge.
Mindful Spending: The Power of Delayed Gratification
In a society driven by instant gratification, practicing delayed gratification can be a game-changer for your finances. Before making non-essential purchases, give yourself a cooling-off period. This time allows you to reflect on whether the item is truly necessary or just a fleeting desire. By curbing impulse buying tendencies, you’ll find yourself making more mindful choices and saving money that could be better allocated to essential needs or future investments.
In a lot of spots, this can also mean you can eventually get that item on sale. Do you really need to see that movie in theaters with the family or can you just wait 3 months until it shows up on the streaming service you already pay for?
Things like video games are another area where it’s easy to save. New games often cost 59.99 but you can just wait a year or two and get it for 19.99 or less no problem. It’s the same game and in the meantime, you probably already have dozens of items you haven’t even gotten through yet.
Taking up hobbies that don’t cost money is important too and maybe be better for you. Now, that you’ve cancelled all those streaming services and don’t have that latest video game, what do you do? Well, how about a hike or a walk around the neighborhood or hell, if you want entertainment, go to your local library and get it for free.
More Ways to Save Money in 2024
In the face of inflation and economic uncertainty, adopting unique and creative ways to save money is crucial for financial well-being. From eco-friendly energy habits to embracing seasonal produce and crafting your own household products, these strategies not only contribute to a more sustainable lifestyle but also empower you to navigate the challenges of 2024 with financial resilience. Remember, every small change adds up, and by incorporating these practices into your daily life, you’ll be better prepared to weather the economic storms ahead.
These helpful habits might not seem like much but adopting a lifestyle that is less focused on spending money can snowball and that small first step will be followed by more that lead to great results in the long run. Plus any extra money can be used to save more which can help that investment snowball going as well.
On top of that, that first small step might get you interested in finding more ways to save money beyond what I’ve listed here.
Hope this article helps you at least start thinking about some ideas you can use to save money in 2024. If you have any others solutions you can suggest, just comment down below!
