How to Invest MORE This Year | 24 Money Tips for 2024

Tracking Finances

Maintaining a clear and simple system for tracking finances is crucial for staying motivated in financial management. Mindy Jensen suggests that overly complex systems, like detailed Excel spreadsheets, can be discouraging. Instead, she recommends finding a method that works for you, even if it's as simple as using a notebook. Kyle Mast agrees, emphasizing the importance of consistency in monitoring expenses to keep financial goals on track 1.

If your system is holding you back from tracking your expenses, make a new one.

--- Mindy Jensen

This approach ensures you remain engaged and aware of your financial situation throughout the year.

   

Smart Payment Options

Utilizing auto-pay and annual-pay options can significantly reduce expenses and prevent late fees. Kyle Mast advises evaluating the benefits of annual payments, which often come with discounts, against the potential to invest or save that money elsewhere. He suggests using auto-pay for monthly payments if annual discounts aren't substantial, to avoid unnecessary early payments 2.

Look at auto pay. Look at annual payments for subscriptions. See if you can use those to reduce your fees and get some discounts.

--- Kyle Mast

This strategy can help manage cash flow more effectively and take advantage of available discounts.

   

Cost-effective Phone Plans

Switching to a cost-effective phone plan can lead to substantial savings without sacrificing service quality. Mindy Jensen shares her experience with Mint Mobile, which offers plans as low as $15 a month, significantly cheaper than traditional providers. Kyle Mast also uses Mint Mobile, highlighting the flexibility and affordability it offers, especially for families who can share data efficiently 2.

Why would I pay $100 a month for the exact same service I get for $15 a month?

--- Mindy Jensen

This approach encourages consumers to reassess their current plans and explore more economical options.