3 Tips for 2024 Savings Goals

It’s the 4th Monday of 2024- How did that happen?! By this point in the year, I’m feeling like I have a better grip on my routine, my planners, and my budget. I’m less distracted by the “new year, new me” buzz and more focused on what’s ahead.

A big focus of mine for this new year is my budget. While I’ve given my budget regular attention in the last several years, 2023 felt a little messy- I bought a house, which changed everything. I switched budget planners halfway through the year, and while I stuck to my budget itself, I didn’t consistently track my expenses. I had a few unexpected expenses- Welcome to home ownership! Needing to hire an exterminator and having to cut open my living room ceiling to access a bathroom pipe, then repair and paint the entire living room ceiling was not something I expected to happen five months after moving.

Anyway- Now that I’m thinking about my savings goals for 2024, I wanted to share 3 tips with you about reaching savings goals!

Whenever I share my savings trackers on Instagram, I’m asked how I save for big goals like extra mortgage payments, saving to buy my car, or my retirement contributions. This answer is simple- I include savings as a line item in my budget. When I’m calculating my monthly budget, there’s an amount of money left over after bills. I look at that amount and decide how much money will be allocated towards each goal. Example- I’m paid weekly and I know I want to save $150 from each paycheck towards an emergency fund. As I updated my budget with today’s paycheck, I immediately moved $150 into savings. This prevents me from being tempted to spend any money that’s allocated specifically for a savings goal. Instead, whatever is left AFTER I save can go towards spending.

Sometimes, savings goals can feel daunting. If your budget is tight, it can be hard to set aside large amounts of money towards future goals. If you feel that way, then it’s time to look at other ways to save money. The “Extra $1 Challenge” is a great way to start with savings. Each time you spend money- when you pay a bill, buy groceries, purchase something on Amazon- Transfer $1 into savings. Last week, I spent money 17 times- If I was completing this challenge, that would be $17 towards my savings. While $17 isn’t going to make a massive dent towards a savings goal, that would be $68 in a month, and $884 in a year. It adds up! If you can afford a little bit more, try to do this as an “Extra $2” or even “Extra $5” challenge. You’ll be surprised at how much you can save with barely any effort.

If you’d like to try this challenge, I have a printable in my Etsy shop to track your progress!

Click here to view the Extra $1 Tracker

Click here to view the Extra $5 Tracker

I used to keep all of my savings in a bank account that wasn’t earning any interest. Saving money was new to me and I was overwhelmed by the idea of researching different types of High Yield Savings Accounts. Last year, I realized that I was putting my head in the sand and losing an opportunity to grow my savings, and I opened an Ally Savings Account. The Annual Percentage Yield (APY) is 4.35%, which means that my money is growing by 4.35% just by having it in the account. Because there isn’t any monthly maintenance fee or minimum balance requirement, it’s not costing me anything to use the account.

Right now, Ally is offering a bonus! If you sign up for a new account and transfer money into the account by March 25, 2024, you’ll get an extra .50% cash bonus on top of the 4.35% APY. Disclaimer- I do earn $50 as a referral bonus, but I truly wouldn’t recommend this if I wasn’t using it myself.

Click here to learn more and sign up. 

While I understand that savings goals can be intimidating, I hope that these tips can give you some ideas about how to start saving. The hardest part is getting started, but remember- changes don’t happen overnight!