My 2024 Plan for Frugality – My 10 Steps to Save Extra Money This Year

I’ll be honest, although I bang on about money earning and getting those extra pennies, the last couple of years, especially, I have been spending more than I need to. There is nothing wrong with that; life is for living, and there is no point eating beans every day, as one could get knocked down by a bus tomorrow.

However, it is now time to find the best ways to live a frugal life. In 18 months, we will have a wedding to pay for, and although it is not an extravagant affair, we will need to save as much as possible to pay for it, to prevent owing money afterward.

Frugality Plan Steps

• Make a budget and pay yourself first.
• Cancel all subscriptions then only keep the ones I actually use.
• Make my lunches at home.
• Limit the takeaways.
• Earn vouchers and extra cash.
• Save for Christmas.
• Maximize Cashback.
• Save the Pennies.
• Shopping on a Budget.
• Don’t forget to treat ourselves.

Make a budget and pay yourself first.

One of the ways I used to make sure my spending was on point was to make a budget. By making a budget you know how much extra cash you have left after your bills and necessities. Then with this disposable income number. I take what I can afford and on payday pay it straight into a separate savings account. Meaning whatever is left is then my spending budget.

Cancel all subscriptions then only keep the ones I actually use.

There are too many streaming services now, the most annoying thing is when see something on my bank balance that didn’t even recall being signed up to, so I thought for the new year would start from scratch and just keep with what I use. They will probably creep up again, but at least will be the ones I am using.

For music subscriptions, there are some good free options or free trials as long as remember to leave. 

Also with some services that know will have all year, can save some money by paying it all off in one go as opposed to monthly. Putting this in the budget and then auto-moving the extra cash each month will help the savings top up.

Make my lunches at home.

Easy one this one, but so many times i will be lazy and not make my lunch, thinking I will just pick something up from work, this can easily cost £5 or more a day, do that few times a week that is easily pushing £500 for the year. That is a lot of money, when i could just eat what I have at home.

Limit the takeaways.

Takeaways are the guilty pleasure in our house, we lead busy lives, it is an easy cop out, but want to save them for the treats they are, best way to avoid this is to plan ahead, meal plan for the week, batch cook, or always have easy options in the bottom of the freezer so can never blame the fact, that forgot to defrost the chicken.

Don’t want to stop them completely, but budgeting it and limiting them will be huge in this household.

Earn vouchers and extra cash.

Saving money is not going to be, fortunately am always on the hunt for earning extra money and vouchers, plenty of things I already use, and others will be on the hunt for in the year.

Earning extra vouchers and cash, through surveys, user testing and sign-up offers can all be saved and used for shopping or Christmas or whatever else. The bonus money as I like to call it can go straight into the savings pot.

Save for Christmas.

Whether want to or not Christmas will always be a big spending month, what I don’t want to do is get to Christmas and wipe out my savings, so will keep Christmas money saved separately. Then have that as my budget for our Christmas spending, staying strict. I always earn many vouchers and loyalty points throughout the year as well. So saving them up throughout the year and using them for Christmas, can take the sting out. I used Park last year which was a nice way of doing it as I didn’t notice the money trickling out each month and was still a nice surprise at the end of the year. If disciplined could do this yourself within your budget.

Maximize Cashback.

Make the most of cashback opportunities by using cashback apps, credit cards with rewards programs, and online platforms that offer cashback on purchases. Consistently checking and utilizing these avenues can accumulate significant savings over time. Whether it’s groceries, online shopping, or everyday expenses, maximizing cashback is an effective way to get some money back on your regular spending.

Save the Pennies.

Small changes can add up to significant savings. Consider adopting a habit of saving loose change or rounding up your purchases and transferring the extra cents to a savings account. Cutting back on small, daily expenses like coffee shop visits or impulse purchases can also contribute to saving the pennies. Over time, these small savings can grow into a substantial amount.

Shopping on a Budget.

Set a budget before you start shopping, whether it’s for groceries, clothing, or other necessities. Planning your purchases and sticking to a budget helps prevent impulse buying and ensures that you prioritize essential items. Look for sales, use coupons, and compare prices to get the best deals. Additionally, consider buying generic brands and taking advantage of discount programs to further stretch your budget.

Don’t forget to treat ourselves.

Lastly, this one may seem counterintuitive, but a year is a long time, so need to give rewards and treats throughout to stay motivated and keep on the right path to getting where we want to. Whether this is small weekly, or bigger monthly treats, or when hitting milestones celebrating in one way or another.

Going completely frugal and scrimping on everything will leave you demotivated and miserable. Particularly when others are around. Life is for living so make sure to enjoy it.