Money Saving Tips for 2024

Hands flipping blocks over to 2024, indicating beneficial money tips.

The new year can bring the promise of a fresh start. Many people make resolutions to eat healthier, work out more, or spend more time enjoying a hobby. Resolutions are promises we make to ourselves that will help improve our lives in some way. So, why not resolve to be more financially prepared in 2024? Smart and practical money saving tips will start you off on the right foot!


Guest blogger, Nichole Coyle, Certified Financial Planner™, talks about sticking to a budget, setting financial goals for the new year, and when to meet with a financial planner.


Here are some of the most common financial resolutions:

  • Create and/or stick to a budget
  • Plan for emergencies
  • Gain control over spending and debt
  • Plan for short, mid, and long-term goals


Stick to a Budget

Having (and sticking to!) a budget is one of the most essential money saving tips for a healthy financial foundation. I know it might sound boring or restrictive, but a budget is a tool you can use on an ongoing basis to prioritize where your money goes. If you use it to control your spending, you could focus funds on major purchases such as a new home, new car, or summer getaway.


Need some money saving tips to establish your budget? Here are the basics:

Make a list of all your expenses (I like to separate the costs into two initial categories):

  • Fixed Expenses (mortgage/rent, utilities, cell phone bill, etc.) Include the amount owed and the date it’s due.
  • Variable Expenses (groceries, eating out, clothing, entertainment, gas, etc.)


Include the most you’ve paid in one month over the last year, as well as the average amount you pay monthly. Now, make a list of all your income streams. Maybe you only have one, and that’s ok! But if you drive for Uber or DoorDash occasionally, sell Mary Kay, or operate an Etsy store, make sure to include those “side hustle” earnings. List out every single income source and its minimum monthly earnings from the previous year, as well as the average monthly income.


Now, it’s time to put it all together and create a budget. There are lots of ways to do this, and because we all operate differently and have different situations, there’s no one way to set up a budget. You can create your budget on paper, electronically, or through an app.  The goal is to gain control over your cash flow.  Know how much is coming in, how much is going out, and what you’re spending your money on.


Plan for Emergencies

Once you’ve created a budget, it’s time to start allocating funds to a savings account that is earmarked for emergencies. If you have no savings at all, start with a smaller goal of $500-$1,000. Once you’ve hit your first benchmark, set the next one and continue saving until you have saved 3 months of expenses.


Once you have hit the 3-month benchmark, it’s time to prioritize. The next savings goal should be 6 months of income, but if you have debt (especially high-interest debt like credit cards) or other financial goals that need attention, it may make sense to focus on those goals first.


Gain Control Over Spending and Debt

I may sound like a broken record, but the best money saving tip you can act on is utilizing a budget. It’s a good framework to control your spending and address debt. You can see and make necessary changes to your spending habits, which can free up funds to more aggressively pay down your debt. There are a few methods to paying off debt, including the debt snowball and the debt avalanche.


With the debt snowball method, you apply extra funds to the smallest debt first while paying the minimum on the rest of your debts. Then you move on to the next smallest, then the next, until you are debt-free. This method does not take into consideration interest rates, so you may pay more interest in the long term compared to the debt avalanche method, but it can give you a win (paying off a debt) sooner because you are starting with the smallest balance.


With the debt avalanche method, you apply extra funds to the debt with the highest interest rate while paying the minimum on the rest of your debts. Then you move on to the debt with the next highest interest rate, and so on until you are debt free. This method may take longer to pay off your first debt entirely, but it saves more in interest and pays off your total amount faster.


Setting Goals

Putting your savings plans in perspective is another money-saving tip that gives you a solid foundation for the future. Once you have your budget set up, it’s time to dive into goal setting! I want you to visualize what is important to you and take those first steps to set your goals.


To get started, make a list of all the financial goals that are important to you and order them according to the time frame, starting with the soonest. Some examples include:


Short-term (0-12 months) savings goals:

  • Establish or fully fund an emergency account
  • Control spending
  • Stick to a budget
  • Save for upcoming event (like for a vacation, Christmas, etc.)
  • Start or increase savings for retirement


Did you know you can open multiple savings accounts and utilize them for different things?  FFCCU also offers club accounts that are used for saving for Christmas and vacations.

I personally love this option because I can see at a quick glance where I am at in saving towards each goal. Segmenting your funds into different accounts is a subtle money-saving tip – it makes you less likely to dip into those funds for something that isn’t as important.

Midterm (1-5 years) savings goals:

  • Pay off debt
  • Insurance review (life, health, disability, etc.)
  • Save for a new house (or vacation home)
  • Save for a child/grandchild’s education

Long-term (5+ years) savings goals:

  • Retirement
  • Legacy Planning



Meet with a Financial Advisor

Consider making an appointment with myself or another financial planner for more comprehensive money saving tips and planning specific to your finances. Reach out if you are going through any of the following situations:


  • Do you need help paying off debt? Has something recently changed with your income or your lifestyle? You may also need to check your tax situation, financial accounts, retirement plan, and so on. A financial planner like myself, can help you create a plan that will work best for you and your unique situation.
  • Are you saving for a goal that isn’t immediate? Speaking with a financial planner can help you learn about options you didn’t even know existed and also help you navigate tax implications, fees, investment risks, and more.
  • Has it been a while since you’ve met with your financial planner? Never met with one before? Life happens quickly. Whether you have had a child, changed jobs, gotten a raise, become an empty nester, or are getting ready to retire, there are so many significant life changes that can impact your financial and insurance needs.


Regardless of where you are at with your finances, take some time this month to think about your financial future. What do you want to accomplish this coming year? What do you want to put in motion now that will positively affect your financial situation down the road for you and your family?


As always, if you have questions or would like to discuss your unique situation, please don’t hesitate to contact me.


Nichole M. Coyle


20333 Emerald Pkwy

Cleveland, OH 44135

216.621.4644 x1607


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