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12 Ways to Save Money in 2024

Summary

If you are looking for ways to save money, it can be tough to get started. Here’s a list of 12 ways to start saving in the new year. 

  • Review your current spending. It’s tough to set a goal to save if you don’t know where your money is going 
  • It’s easy to fall into the trap of “set and forget,” but frequently comparing your options can save you money 

If one of your goals this year is to save money, we hope this list will help you to get started. There are lots of ways to cut down on expenses, and it can feel good to discover new paths to savings. 

By category, here are a dozen ways that you can save money on your insurance in the new year! 

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Review Your Overall Spending

The best place to start finding places to save is to take a look at where your money is going. Take a look at a few months’ worth of receipts and payments. You can also use banking or budgeting tools to make it easier to look back over the entire year. Identify where you’re spending money, and see if you’re paying for services you don’t use.  

Here are some areas of spending to consider: 

Review Your Automatic Payments

Many of us have signed up for subscription services that renew automatically. Automated payments are a big convenience, but when you put spending on autopilot, it can add up quickly without you noticing. 

Review all of your automatic monthly charges and make sure that you’re getting the value you expect. Cancel any that no longer serves a purpose or meets your needs. 

1. What You Watch 

Television has changed a lot over the last decade. There are now unlimited choices when it comes to watching your favorite shows. 

Maybe you signed up for one service to watch a hot new show, but you rely on another for most of your entertainment. If you have a cable subscription, you’re paying for all of those channels, too. 

Pretty soon, you’re paying monthly for streaming services you’re no longer watching. Take a look at your credit card statements. Keep an eye out for annual charges as well, and carefully evaluate which television shows you can’t live without. 

Cancel streaming services you aren’t using. If you’re streaming and not watching cable much at all, consider canceling your cable service altogether. 

2. Gym Memberships 

January sees a lot of people making resolutions to get into shape. It’s an important goal, and if you’re using those memberships, great! 

But if you aren’t, it’s time to reconsider whether a fitness membership fits into your schedule and budget. Spending on a gym or yoga membership that you aren’t using is money you could be putting to work elsewhere. 

3. Mobile Phone Plans

It’s a good idea to review your cell phone plan to see if there’s another that might provide a similar service at a lower cost. If you have multiple users in the same house, a family plan might work best. 

If you opted for an unlimited plan, check your usage statistics online and see how much data you are actually using. Is it really worth it to pay a premium for a high-data plan? Some companies even have online tools that can suggest different plans that might work better for you. 

4. Magazines & Newspapers

If you enjoy reading magazines and newspapers in print, see if there are any savings available from publishers. Sometimes there’s an online or print discount available if you receive both formats. Again, a little legwork goes a long way. 

If you find that you’re only reading a magazine online and not using the print version at all, it might not be worth it to receive both — even with a discount. Compare pricing, and only pay for what you actually use. 

How to Save on Home & Auto Insurance

Don’t ignore this important part of your budget. There are lots of possible ways to save on your property insurance costs, whether you are an owner or renter. 

5. Bundle Your Insurance Policies

Bundling multiple insurance types with one insurance company is one of the fastest ways to save on insurance. If your home and auto policies are already managed by one insurance company, you might already be receiving a bundling discount.  

However, if you currently have policies with several different insurance companies, you need to do a little homework. Here’s a step-by-step guide: 

  1. List all of the insurers with whom you currently have policies. Develop a comprehensive list of policies, whether they’re for auto, home (or renters), life insurance. or valuable personal property. 
  1. Find out if any of those companies offer all of the types of insurance you need. Some companies only offer auto insurance, so they wouldn’t be able to bundle your property insurance. 
  1.  Add up your premiums to get your total annual premium cost. You need to know this number to verify that bundling is the best deal. 
  1. If none of your insurers offer all lines that you need, it’s time to get some quotes. Call or go online for bundled insurance quotes from providers that offer multiple lines of insurance. 
  1. Make sure the quotes you get offer the same (or better) coverage that you’re already receiving. That’s the best way to make a fair comparison. 
  1. Compare what you are paying now to the quotes you’ve received, and see if bundling will save you money. 

6. Compare Insurance Prices

If you only have one or two lines of insurance, you might be able to save money on your insurance by shopping around. With bundling, the more lines of insurance you have the more you may save. 

If you don’t have multiple lines of insurance, you might be better off finding the best discounts just for the insurance policies you need. Getting an insurance quote online makes it easy to find a great rate. 

Just make sure that you are comparing prices based on the features and coverage that you actually need. You’re not really saving money if you sacrifice proper coverage simply to get a low rate. 

7. Increase Your Deductible

If you only have one or two lines of insurance, you might be able to save money on your insurance by shopping around. With bundling, the more lines of insurance you have the more you may save. 

If you don’t have multiple lines of insurance, you might be better off finding the best discounts just for the insurance policies you need. Getting an insurance quote online makes it easy to find a great rate. 

Just make sure that you are comparing prices based on the features and coverage that you actually need. You’re not really saving money if you sacrifice proper coverage simply to get a low rate. 

8. Ask About Discounts 

Insurance companies offer a range of discounts on insurance products. Car insurance companies sometimes offer discounts for customers who complete safe driving courses. Home insurers reduce rates if you install smart home systems that can detect issues before they cause serious damage. 

Not sure if you qualify for discounts? Talk to your current agent or connect with an Expert Agent today.  

Ways to Save Around the House

A household budget can often feel set in stone — without much room for trimming. However, there are ways to save. From groceries to your heating bill, here are ways to keep your money where it belongs: in your pocket. 

9. Conduct an Energy Audit 

An “energy audit” is a fancy way to describe checking to make sure your home is airtight. In the winter, any cold air that gets in means that your furnace is working harder to heat your home. Same goes for summer: You want to keep cool air in so your air conditioner gets a break!  

Also, check around windows and exterior door frames to see if any air is coming in. If it is, see if you can fill gaps to improve your home’s energy efficiency.  

Most energy companies have resources available to help consumers make their homes more efficient, including the installation of smart meters. With energy prices on the rise, this could be a great way to save. 

10. Review Your Grocery Bill

Inflation is hitting Americans hard, and rising prices are especially evident at the grocery store. Consumers are switching brands, changing stores and buying less in hopes of stretching their dollars.  

Get in the habit of checking weekly sale items, considering generic equivalents, purchasing in bulk (if you have room to store large purchases) and using coupons. Proactively planning meals can help to reduce impulse purchases and reduce food waste — which will save money. 

Rethink Purchases

“Reduce, reuse, recycle, repair” is a classic sustainability mantra. While following those suggestions will help to decrease the amount going to landfills, it’s also good advice for saving money.

11. Borrow, Barter or Rent

Rather than buying something new, think about whether it is something you really need to purchase. For home improvement tasks that you might only tackle periodically, investing in new equipment might be an expense you don’t need to take on. 

Borrow from a family member or friend, barter a task with a neighbor or rent the equipment from a home improvement store. You’ll complete the task at hand without incurring the cost of a purchase and a commitment to store and maintain the equipment. 

12. Check Out your Local Library

Rather than buying books and movies, visit your local library. You might be surprised at how much they have to offer for free, including video games, audiobooks, and movies. If you’re thinking of buying a new cookbook, see if the library has it so you can borrow it first and give the recipes a test run. If you fall in love with it, you can always purchase a copy.

Library bonus: Many libraries have book sales where you can buy gently used donations and books decommissioned from the library’s collection. It’s a great way to get books at a steep discount from the cover price while also supporting the library’s mission.

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It’s never too late to examine your spending and build new habits. With automated payments, keeping up with your bills has become easier than ever. However, that means it’s easier to lose track of where you’re spending. 

The best recommendation is to think about your spending. There are many ways to save. Some tips will take a little research, such as making sure that you have the best rate on your insurance products. With a little bit of time and effort, you could be on your way to substantial savings in your household budget. 

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