8 ways to budget your money and save more cash in 2024 - from mindful spending to the 50/30/20 rule

As the year draws to a close, you might be reflecting on the financial choices you have made throughout 2023, particularly if you have spent more than intended.

So, with January around the corner, it's natural to contemplate how to manage your finances better in 2024.

Luckily, the experts at MoneyZine, a company which publishes tools, guides and calculators to help people take control of their financial future, have shared their top eight budgeting tips so you can make the most of your money. Here they are:

Automate your savings

Set up recurring transfers to your savings account. Automated savings not only ensure consistency but also help you grow your nest egg effortlessly.

Track every expense

Meticulously track your expenses, and use budgeting apps or spreadsheets to help you do this. This level of awareness allows you to identify spending patterns and areas where you can cut back.

Embrace the 50/30/20 rule

Consider adopting the 50/30/20 budgeting rule; allocating 50% of your income to necessities, 30% to wants, and 20% to savings and debt repayment. This balanced approach fosters financial stability while accommodating personal desires.

Set realistic goals

Define clear and attainable financial goals for 2024. Whether it's building an emergency fund, saving for a specific purchase, or investing, setting tangible goals motivates consistent budgeting efforts.

Practice mindful spending

Before making purchases, especially substantial ones, practice mindful spending. Ask yourself if the expense you're about to make aligns with your priorities and whether the item you're considering buying is a necessity or a fleeting desire.

Review and adjust regularly

Revisit your budget regularly to assess its efficacy. Life changes, and so should your budget. Adjust allocations based on evolving needs or unexpected circumstances.

Audit your subscriptions

Conduct audits on your subscriptions and then identify and eliminate those you don’t fully utilise. This helps in freeing up funds for more meaningful expenses or savings.

Make the most of cash back and rewards programs offered by credit cards or apps. These incentives can add up over time and contribute to your savings or offset expenses.