Learn five practical personal finance hacks that will help you save money and reduce debt in 2024. From budgeting tips to cutting hidden costs, these hacks are essential for building wealth
Personal finance is more important than ever in 2024. With inflation on the rise and global economic uncertainties, saving money and making smart financial decisions have become essential skills.
Fortunately, you don’t need a finance degree to make headway. These five personal finance hacks will help you save thousands and improve your financial stability in 2024.
1. Automate Your Savings
One of the easiest ways to save money without thinking about it is by automating your savings. Whether it's $50 or $500 a month, setting up automatic transfers from your checking to your savings account ensures you’re consistently putting money away.
Automated savings tools like Qapital and Acorns make it even easier by rounding up your purchases to the nearest dollar and automatically depositing the difference into your savings or investment account. These small but regular contributions can add up to significant savings by the end of the year.
2. Slash Subscription Costs
In 2024, it’s easy to accumulate a slew of digital subscriptions—streaming services, news outlets, software tools. While each one may seem cheap on its own, they can add up to hundreds of dollars a year. Take the time to audit your subscriptions and cancel any you aren’t using regularly.
Trending Tip: New subscription management apps like Truebill and Rocket Money can help you identify unnecessary subscriptions and even negotiate lower rates on your behalf, allowing you to keep the services you love for less.
3. Master the 50/30/20 Rule
The 50/30/20 budgeting rule is a simple yet powerful way to manage your finances. Allocate 50% of your income to needs (housing, food, utilities), 30% to wants (entertainment, dining out), and 20% to savings or paying down debt.
Detailed Insight: With the economy being unpredictable, sticking to this rule can provide a sense of control and stability.
By balancing wants and needs, you’ll avoid lifestyle inflation—spending more as you earn more—and instead, build a stronger financial foundation.
4. Pay Off Debt with the Avalanche Method
If you have high-interest debt, it can feel impossible to get ahead. The avalanche method helps by prioritizing the debts with the highest interest rates first, ensuring you pay less in the long run.
Trending Content: In 2024, as interest rates remain volatile, focusing on paying off high-interest credit cards and loans should be a priority.
Refinancing options are also widely available, allowing you to secure lower interest rates.
5. Use Cashback and Rewards Programs to Offset Costs
With so many cashback apps, cards, and programs available in 2024, not taking advantage of them is leaving money on the table. Apps like Rakuten, Honey, and Fetch Rewards give you cashback or points for everyday purchases.
Detailed Insight: Pairing these apps with cashback credit cards amplifies your savings. For example, using a cashback card for groceries along with a rewards app can yield 5-10% cashback on your total bill—money that can be reinvested into savings or used for debt repayment.
Ready to take charge of your finances in 2024? Start using these personal finance hacks today to save more, spend less, and secure your financial future.
