I plan to cut back on dining out and internet shopping. I also suggested using a cash-back credit card and weighing intake against outflow.

Every year at the end of the year, I audit my expenditures and search for ways to improve my financial practices in order to increase my savings the following year.

I examined my finances to figure out how I may realistically save more of my income in 2024. These are my four practical suggestions.

1. Eat More Home Cooked Meals

Over 30% of my charges in any given month were linked to food and beverages. This year, I didn’t spend much time in the kitchen because I was juggling school, work and my personal brand. But there was a high cost associated with my eating out habit.

I realize that if I plan ahead and buy ingredients at the grocery store, I could cut my food bill every month in half. The expense of eating out increased significantly due to inflation.

2. Establish Rules for Internet Shopping

I was aware that my online shopping habits were becoming a little too lax, but until I totaled up all of the charges from the 97 orders I had placed during the previous 12 months, I had no idea how much money I had spent on. Mistress rocks, house of cb and Amazon this year. I thought I had spent half of what I really had.

Online shopping can sometimes be compared to gambling. “You could develop an addiction without even realising what you’re purchasing. Guardrails must be put in place to prevent you from becoming a victim of impulsive purchases that quickly mount up.

3. Raise Income or Lower Living Expenses

My cost of living is at an all-time high due to inflation.

It’s an issue of inflow and outflow. I decided that I need to find strategies to increase my income if i wish to save a larger portion of my inflow (my income) but are unable to alter my outflows (rent, insurance, utilities). I must figure out how to cut back on my outflows if I don’t ant to do that.”

I am meticulously examining my expenses to identify any outflows that could be cut, such as a few subscriptions i barely use or my daily coffee order. However, if I discover that I am unable to reduce my costs, it could be time to make a more significant adjustment, such as changing careers or lowering my standard of life.

4. Shopping Store Owned Brands

I’ve found out that Store-owned brands offer cost savings through lower prices and consistent quality control, ensuring reliable products. They often provide unique offerings, exclusive to the retailer, while also offering incentives like loyalty programs. Additionally, store-owned brands can swiftly adapt to market trends, offering diverse selections and supporting local economies through sourcing practices.

So instead of focusing on brands I’m loyal too I’ve decided to be more flexible with my money.

I made the decision that I needed to be realistic about my income and find a means to make at least 10% more than I did this year because changing my lifestyle was not as achievable as it once seemed. In this manner, I might continue to pay my expenses and have money left over to increase my net worth as a whole. As a freelancer and employee, my income fluctuates from month to month. However, I’m creating fresh packages to present to clients and researching methods to apply my abilities to obtain a new side Gig this year.