How To Get Financially Fit in 2024

February is just around the corner and the beginning of the year is always a good time to sit back and take a good look and review of your finances. Following the busy and expensive holiday season, you might feel refreshed and ready to tackle any money issues or improve your overall financial situation.

Around 54% of people say that they feel stressed about money in the new year, but there are steps you can take towards becoming financially fit in 2024 and hopefully saving some money. So, with that in mind, let’s take a look at how you can get financially fit in 2024.

Set A Budget

It might sound simple, but the best way to start streamlining your finances is to create a budget. Look at your in and out goings and any bills that need to be paid, and then see how much money you are left with. Your household outgoings should include things such as rent or mortgage payments, electricity and heating bills, car payments and petrol money and food shopping. You might not notice just how much is going out each month and this then allows you to make cutbacks where needed, or cancel subscriptions you may have forgotten about.

Keep Track Of Your Daily Spending

A lot of people think that it’s the high-cost items which lead towards being short on money at the end of the month, but in actuality, it’s likely to be those small daily amounts which add up the most. Things that you don’t tend to think twice about buying, such as a coffee during the morning commute, or a bottle of wine and a takeaway on a Saturday night – all these little amounts quickly add up!

Try to keep closer track of your day to day spending and if you want to try and save money, limit the amount you spend on small items to once or twice a week. Consider money saving alternatives, such as cooking fakeaways at the weekend, or taking a coffee to go with you!

Reduce Your Debts

Any financial debt advisor will tell you that working towards paying off your debts is a good thing and is something everyone should consider, no matter the amount they owe. Whether you want to vastly reduce your debts, pay them off altogether or just want to chip away at them bit by bit, this should come into your overall planning and budgeting, particularly if you have credit cards and overdrafts.

For example, f you are currently paying interest on a credit card, you can make savings here by moving onto a new card with a 0% interest rate. If you’re finding that your debts are becoming overwhelming, or are struggling to manage the payments, then there are alternatives that you can take, such as a debt relief plan, or a DRO, but it is always best to discuss this with your advisor.