Five Succesfull And Proven Methods To Save Money In 2024

If you’re trying to save money, you may have heard of a number of different methods. But not all of these money-saving techniques are a good idea. For example, stuffing money into a mattress, burying it in the backyard, or putting it in the freezer are probably not the best ways to build a solid financial foundation.

Fortunately, there are many other ways to save money. Between technology and innovation, saving money has never been easier. There are many options available to help you achieve your short and long term financial goals. So if you want 2024 to be your best year ever, follow these seven modern ways to save money.

Download the money saving app

According to the Pew Research Center, 75% of people in Kenyas own a smartphone. More and more people are doing almost all of their personal business on mobile devices through apps. Recently, more companies have released apps that can help you budget and save money. Some of the most popular money saving apps are Equity, Mpesa and KCB bank

Join the No Buy group

Strength in numbers. If you really want to save some money but need a little help, you might want to consider joining a “don’t buy” or “buy nothing” group. Buy nothing groups are generally local organizations that encourage members to share things with other members instead of buying.

The group’s concept of buying nothing is that everything is given for free or borrowed. If you want to save money, buy nothing, this is a great way to get what you need without hurting your wallet.

Accept the challenge

Platforms like TikTok and Instagram have also created or promoted money-saving challenges that encourage people to become financially independent and debt-free.

Round up to save more

Your change can add up quickly. Banks and money apps can help make your change work for you by automatically rounding up each purchase. The change is transferred to your savings account. The results can be eye-opening even after just a month.

Reevaluate your spending

Finally, to really save money, you’ll want to rethink your spending habits. While technology has made it easier to save money, it has also made it easier to spend it. If you’re working on saving cash this year, you need to know how much you can put away.