6 Simple Ways to Save and Invest Your Money in 2024

In today’s tough economic times, it’s more important than ever to be smart with your money. Here are six simple ways to save and invest your money in 2024 that will help you get ahead financially!

 

1. Improve Your Credit Score

The two most important things you can do for your credit score are pay off bills on time and in full every single month.

Credit companies are also looking at your entire credit history. This includes the mix of credit accounts you use, as well as the last time you applied for a new type of card. Paying on time and keeping balances low will have the biggest impact on your credit score!

In 2024, improving your credit score remains crucial for financial stability and access to favorable lending terms. Aim to reduce outstanding debt by creating a realistic budget and allocating extra funds toward paying off high-interest balances. Additionally, avoid opening unnecessary new credit accounts, as each application can temporarily impact your score. Regularly monitoring your credit score and making informed financial decisions will contribute to a healthier credit profile in 2024.

 

2. Cut Down Your Expenses

Another way to save a little and ensure you’re spending on what’s important to you is to check your expenses.

We all have non-essentials in our lives, but it’s important to be able identify what really matters. Take a look at your list of expenses and decide which is the least necessary or worth cutting out completely for more money available towards reaching your financial goals.

 

3. Increase Your Savings Rate

Your savings rate is the percentage of your income that you keep each month, versus the amount that you spend. Check out this calculator to determine your savings rate. Increasing it, even slightly, will put you in a better overall financial position. The higher your savings rate, the better off you will be. It’s not just about having money stashed away for rainy days or emergencies; it can also help with other goals like buying a house and investing more.

 

4. Figure Out Your Retirement Number

Having an idea of how much money will be needed for your post-retirement lifestyle is important for when you stop working full-time.

This will look different for everyone, depending on your current income, family size, location, health, retirement plans, and so on.

Keep in mind that things change. Get an idea of how much you need, but know that it will likely change over time.

 

5. Double Check What Your Benefits Plan Includes

Familiarize yourself with your company’s benefits this year. There could be things available you haven’t been aware of, such as financial planning sessions, wellness opportunities or gym reimbursements. Taking a few minutes to go through your benefits manager directly can save you a surprising amount of money.

 

6. See A Financial Advisor

Are you looking for more information that is specific to you and your financial situation? Consider speaking with a financial advisor! Financial Advisors will help you with plans for retirement, savings, investments and more! Give us a call today for a no obligation consultation.