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Olympia D. headshot 2022

Source: Magen Marie Photography | Radio One Digital

It’s almost the new year and you don’t want to go into 2024 with the same money habits.

Here are a few ways to save money in the new year:

  • Track your spending – you can’t save money if you don’t know where it’s going. Take some time each month to track your expenses and find areas where you can reduce spending.
  • Create a budget – now that you have an idea of where your money is going, create a budget that allows you to allocate funds to different spending categories.
  • Eliminate unnecessary expenses – look for areas where you can cut back, such as taking your lunch to work instead of eating out, canceling subscription services you don’t use, and cutting back on entertainment spending.
  • Take advantage of discounts and coupons – look for sales and discounts when shopping for groceries and other items. Also, take advantage of loyalty programs that can offer rewards for repeat customers.
  • Make your own coffee and meals – instead of buying coffee or lunch from a cafe or restaurant, make your own at home. It will save you a lot of money in the long run.
  • Save money automatically – set up automatic transfers to a savings account each month so you don’t even have to think about it.
  • Invest in yourself – instead of spending money on material items, invest in yourself. Take classes, attend seminars, and read books that will help you reach your financial goals.
  • Live within your means – if you can’t afford it, don’t buy it. It’s as simple as that. Live within your means and you’ll be able to save more money.