New year, new budget: Smart money moves for 2024


As 2024 gets underway, it’s the perfect time to turn a fresh page on your finances. The start of a new year is more than just a calendar flip — it’s a golden opportunity to reassess, reorganize and rejuvenate your budgeting strategies.

Whether you’re saving up for a big renovation, paying down that mortgage or just aiming for a more comfortable financial cushion, effective budgeting is your best ally.

Why budget now?

The new year brings a mix of optimism and a reality check. Post-holiday expenses and the prospect of new projects can make January the ideal time to set clear, achievable financial goals. It’s also a time when you can learn from the past year’s spending patterns and adjust for a more financially secure future.

Here are some helpful budgeting tips for a prosperous year ahead:

  1. Assess and reset: Start by evaluating 2023’s spending. Which areas went overboard? Where could you have saved more? This analysis sets the stage for a more realistic and achievable budget.
  2. Set clear goals: Are you aiming to reduce debt, save for retirement or fund home improvements? Specific goals are easier to achieve. Break them down into monthly or quarterly targets to keep things manageable.
  3. Automate savings: Consider setting up automatic transfers to a savings account. Even small, regular contributions can add up significantly by year’s end.
  4. Review subscriptions and recurring expenses: From streaming services to gym memberships, review what you’re really using. Cutting down on unused subscriptions can free up a surprising amount of cash.
  5. Plan for big expenses: Set aside funds each month for major known expenses like property taxes, insurance premiums or scheduled maintenance. This avoids the scramble to find money when these bills are due.
  6. Don’t forget emergency funds: Life is unpredictable. Having a cushion for unexpected repairs or job loss is crucial. Aim to save enough to cover at least three — and preferably six — months of living expenses.
  7. Be realistic: It’s great to be ambitious, but over-restrictive budgets can lead to frustration. Allow yourself some flexibility for leisure and unexpected small expenses.
  8. Regular check-ins: Schedule a monthly budget review. Then adjust as needed to stay on track.

Remember, it’s a marathon, not a sprint

Budgeting isn’t just about cutting costs. It’s about making smarter choices with your money. You have the opportunity to manage your finances in a way that not only covers your current needs but also secures your future.

Here’s to a financially savvy 2024, where each dollar spent is a step towards your goals. Do you have strategies you’ve incorporated over the years to help you with budgeting? Please share them with the Shopper’s Voice community!

Did you know: Save on energy

Did you know that making your home more energy-efficient can save you a bundle? Some studies suggest implementing energy-efficient home improvements — like switching to LED lights, sealing windows or upgrading to high-efficiency appliances or solar panels — can save your household up to 25% on your monthly utility bill.