How to Get Control of Your Money in 2024

As costs rise, many people around the world are having to consider more frugal living. 

But that doesn’t mean you still can’t set financial goals, and crush them, in 2024.

With a plan for your money, and the right actions to put that plan into place, you can reduce your spending and put your money to work for you. 

Track Your Spending

The first step to getting control of your money is to find out where it is going.

A quick glance over your bank or credit card statement for the month should show you where your biggest areas of spending are. 

You may think that it’s better to jump right into your financial goals, without looking at the money habits that you already have.

Why is this important? 

Tracking your spending lets you see where the important big bills are (like a car payment) and where the less-important big bills are (like Uber Eats).

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Mobile Phone App For MoneyIt also allows you to take an honest look at where your money is really going before you make changes to anything. 

If your money is all over the place, this also gives you a chance to consolidate.

There are apps that can show you if you’re still paying for extra subscriptions on auto-pay that you forgot about – like that Netflix account your ex is still using (shudder).

Set a Realistic Budget

If you’re used to spending money when you feel like it, setting a budget can feel a little like going on a diet. 

Not fun! But just like dieting, your budget has to fit your lifestyle and needs for you to be able to stick to it. 

After you’ve looked over your expenses and spending for a month or two, you should be able to see where you can cut your spending, and where that extra money needs to go. 

When creating a new budget, write down your necessary expenses first: housing, transportation, food, utilities.

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WritingMake sure those are covered first, before other things like debt payoff, investing, or fun spending. You have to make sure your needs are met. 

Paying off your debts

If you have a lot of debt to pay off (or at least reduce), make that one of your budget goals as well. 

There are many different debt payoff strategies: pay the smallest debt first, the highest interest rate, debt consolidation.

Find one that works with your budget, your habits, and your personality.

And if you can only make the minimum payments or a few dollars extra each month, pat yourself on the back. You’re still making progress. 

Make room to “breathe”

Setting a realistic budget also includes wiggle room. Just like a healthy lifestyle includes room for treats, a realistic budget should also include some fun spending. 

It’s better to have it planned for than to blow your entire budget on an impulse buy.

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 Online shopping or Internet technology conceptPlan an amount of fun money that will fit in your budget, but will still allow you to feel like you’re having fun. 

Lower Your Bills

We can’t do without these things, but there are ways that even necessary expenses can be reduced to fit a budget.

Food

Eating out and food waste are two of the biggest ways we spend too much on food. 

Luckily, a little planning goes a long way toward stretching your food dollar.

Choose four or five tasty, easy-to-make meals and base your weekly meals around those. A big pot of your favorite soup, oatmeal with fun toppings, and bread for sandwiches can set you up for a few days. 

Invest in a few good lunch containers or a thermos so you can make the most out of the leftovers. 

Electricity

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