As we eagerly approach the new year, thoughts of financial resolutions naturally come to mind. In the face of economic uncertainties and the ever-increasing cost of living, effective expense management becomes crucial. The burning question remains, “How can you make your money last longer in 2024?” Here are 8 practical tips to help you trim costs and recession proof yourself in the coming year.
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Live within your means
The festive season, filled with merriment (lots to eat and drink) and razzmatazz, is undoubtedly the most wonderful time of the year. But guess what? It’s also a period, where overspending can easily strain your budget and lead you to dip into your life savings. So, consider thoughtful spending to prioritize financial stability over temporary pleasures. Resist the urge to go overboard to impress friends and family. Believe me, you don’t want to spend the new year playing financial catch up.
Tip: Use a card like NowNow debit card, to gain better control of your financial spendings. Use the set limit features to determine how much you want to spend daily, weekly or monthly.
2. Transportation
The rising fuel prices is affecting everyone’s pockets. To navigate this challenge, think of ways to cut daily transportation costs. For instance, if you are commuting long distances from Mowe to Lagos Island daily, consider relocating closer to your workplace or finding temporary accommodation near your office. This move not only saves money but also reduces stress and supports mental well-being.
Additionally, carpooling with colleagues to work, or utilizing public transport to further reduce expenses. The less Uber or Taxify ride you book, the better for you.
3. Eat out less
Fast food and eating out sounds great. However, herein lies a problem! it’s easy to lose track of how much money you are spending. Instead of ordering food daily, save money by preparing and packing your lunch from home during the week. This will help you cut down on expenses and also promotes healthier eating habits.
4. Get Remote or Hybrid Job
In the era of digital work, consider exploring job opportunities that offer hybrid or remote work options. Let’s not forget the amount of stress associated with commuting to work everyday, especially in cities like Lagos with lots of traffic. Making a shift to hybrid or remote, can help you stretch the money you have, so it lasts longer.
5. Buy foodstuff in Bulk
In this current economy, if you buy something today, the price is never the same when next you want to buy it– especially for food items. Giventhe fluctuating prices of food items, buying in bulk can be a cost-effective strategy. Visit local markets to stock up on essentials like rice, beans, yam, garri, palm oil, vegetable oil and other non-perishable foodstuff in larger quantities. This approach ensures you worry less about food, minimizing the impact of prices in the market.
6. Sell Online
You don’t need a brick-and-mortar store, especially if rent is a concern. Many businesses are struggling to cope with the impact of inflation and making profit. This makes online selling an attractive alternative. Leverage social media platforms like Facebook, Instagram, and Twitter for cost-effective advertising, allowing you to reach a wider audience without the overhead costs of a physical store.
7. Mindful Socializing
While socializing is enjoyable, it often comes with expenses. Plan your budget and reduce the frequency of outings to bars and restaurants. Consider limiting such activities to once or twice a month to explore new places. Regularly going out to chill can spell trouble for your finances. And you really do not want to carry that into a new year. So, strategic planning ensures you enjoy leisure without compromising financial stability.
8. The 30-Days Rule
Have you noticed since October till date it’s been one promotion or the other? Independence sales, black Friday, Christmas sales, New years sales. One thing they have in common is promotions and sales. Apply the 30-day rule before indulging in discounts. Wait for 30-days to evaluate if the item is a necessity or just a fleeting desire. This rule helps you make more informed and deliberate spending choices.
As you step into 2024, let these practical tips serve as a guide to financial prudence. By incorporating these tips into your lifestyle, you can better control your money and navigate the economic landscape with greater financial resilience and a clearer path to achieving your financial goals.