Try to Spend Less Money
The first step in the New Year financial resolutions is to restrict our spendings. We know that this sounds too obvious, but spending less money equals saving more. Even if you have a better salary or find a much better-paid job, spending less with a higher income will make your budget bigger.
That’s why, at the beginning of this year, which means now, is a perfect time to make your financial plan for 2024. This includes:
- How much you will spend on the bills;
- How much you will spend on necessary shopping including groceries and household products;
- How much you will spend on the gas;
- How much you will spend on the loans/rent (if you have any);
- How much you will spend on entertainment and going out;
- Unexpected outgoings;
- How much you can save monthly after all expenditures.
If you have struggles on how to increase your budget you can use one of the most popular strategies like 50-30-20.