7 Ways to Hang On to More Money in 2024
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After the high-spend holidays, it’s a good time to take inventory of those 2023 financial decisions — the good and the bad.
Perhaps you could have saved more money, paid off debt or taken that trip. Reflect on where your money went and the expenses that got in the way. And, just as you might intend to change your diet or workout plan in the new year, resolve to make changes that will allow you to meet financial goals. A few money moves can add up in savings over the year.
Here’s how to potentially keep more money in your pocket in 2024.
1. Update your budget
Review your budget for opportunities to cancel unused subscriptions and swap products or services you won’t miss for less costly alternatives. Comparison shop for better deals on expenses like medications, supplements, streaming services and others.
Also consider what’s going to be different in 2024, says Melinda Perez, an accredited financial counselor at Meli The High Flyer, a financial counseling and coaching website. For instance, if you’re starting a family or paying for a large celebration, do research on the projected costs and include those in the budget. Continue to check in with your budget quarterly to make adjustments wherever necessary, Perez suggests. You can avoid losing money if you can spot any problematic expenses ahead of time.
2. Plan to tackle high-interest debt
Explore options to lower high-interest debt on credit cards. With a good credit score of 690 or higher, you might qualify for a balance transfer credit card that allows you to move some or all of your high-interest debt onto it at a lower rate. The ideal balance transfer credit card will have no annual fee, a low balance transfer fee of 3% or less, and a lengthy 0% introductory APR. Weigh the cost of the fee against projected interest payments to determine whether it’s right for you.
If you’re struggling to keep up with bill payments and essential expenses, consider seeking the help of a counselor at a nonprofit credit counseling agency. They can help with budgeting and determine whether you're eligible for a debt management plan that consolidates multiple credit cards into one single low-interest fixed payment.
3. Negotiate your bills
If it’s been a while since you’ve shopped competitor prices for different bills, carve out some time. Some bills may be negotiable, including your cell phone, internet, insurance or others, says Matt Becker, a certified financial planner at Mom and Dad Money, a financial planning practice. Use competitors' prices as leverage in your negotiation.
“It’s any bill that you have where there is a viable competitor for that same service where you can tell them you’re planning on switching,” Becker says. “Even if they don’t have anything for you at the very end you can say, ‘You know what, I’m going to keep what I have.’”
4. Open a high-yield savings account
Grow your emergency fund at an online bank that offers a higher annual percentage yield, upwards of 4% on savings accounts, than the average national rate of 0.46%.
Becker encourages people to save for an emergency fund in stages, with stage one being a minimum goal of $1,000 in a savings account, stage two being enough to cover a month’s worth of expenses, and stage three as having enough to cover three to six months of living expenses.
5. Use your credit card benefits
Your credit card may have little-known perks that can potentially save you money. For instance, some credit cards offer credits on eligible rideshare services, shipping, food deliveries, or even streaming services. A useful benefit like cell phone protection can keep you from paying out of pocket for coverage when you use the eligible credit card to pay the cell phone bill. To learn about your card's benefits, log into your account or call the issuer.
If you're on a debt payoff journey, though, take care not to charge more on your card than you can afford to pay off in full.
6. Shop smart
Avoid paying full price whenever possible. Use a price tracker like ShopSavvy to get real-time price comparisons. Cash-back shopping apps like Ibotta for groceries and Rakuten for other items can also help you recoup some value on your purchases. Ibotta requires selecting retailer offers and uploading a receipt to claim them. Rakuten requires you to activate offers with select merchants to get cash back.
In some cases, it’s also possible to stack value by enrolling in a retailer’s loyalty program to get additional perks or discounts. Earn more value by paying with a rewards credit card that earns points or cash back — but again, pay off the credit card balance in full every month to avoid interest charges.
7. Ask for a raise
If it's been a while since you’ve received a raise and you’ve contributed to the success of a company, consider timing a conversation around increasing your wages. It can be tricky to ask for a salary increase in an uncertain economy, but even if your employer says “no,” you’ve opened the door for the conversation to continue, whether it leads to a raise or a development opportunity.
If your company has a listing available for the same role that you have, Perez suggests asking someone you know to contact human resources to ask about the pay rate.
“If they are paying more, you can tell them, ‘I happen to know that you’re asking this amount for this role I'm in now,’ and that's a negotiation tool,” she says.
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