Best Budgeting Tips For 2024 – EP 367

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Time flies by so fast, and we’re already at the end of 2023. Are you having a blast? We’re wrapping up this year with tips on budgeting to gear you up for the coming year. In this episode, Jen and Jill share helpful tips on not just planning your money better but also expanding it!

Let’s forget this mindset that we have to go all or nothing or we have to change our entire life, 1% better is BETTER.

Sponsors:

  • No Spend January. If you got a little caught up in holiday shopping FOMO and made purchases you don’t necessarily need, but want to do a No Spend Challenge to get back on track then welcome to No Spend January, friends! We are doing No Spend January with you ALL MONTH. Every issue of the Friendletter will have helpful tips. We send out 3x a week. 

    Jen will be posting on the frugalfriendspodcast’s Instagram and modernfrugality on Tiktok. We will be navigating together the thoughts, challenges, successes of a NO Spend Challenge. This is us holding your hand. Head to frugalfriendspodcast.com to get the Friendletter.

Earn More Money

You may feel dismayed by this first budgeting tip, but Jen reintroduced the 80/20 rule, wherein 20% of your effort is going to produce 80% of the change you see in your budget. Just look at your budget; see how the income budget is so small yet it dictates the size of every other portion of your budget. Sparking your creativity to find ways to earn more money and creating a mindset of how. 

Jill hears from everyone around her that they have felt impacted by what has transpired economically over the last couple of years, so we have to be willing to work on this by not just practicing saving but also spending and earning more. Jen and Jill do not advocate hustle culture, BUT starting a side hustle can be a great way to transition from working for someone to working for yourself.

Queue up these episodes for increasing your income in your chosen profession:

Ep 305 Intentional Strategies To Increase Your Income With Rich Jones
Ep 263 How To Negotiate A Higher Salary In Any Field With Mandi Woodruff-Santos

Waste No Food

You may feel dismayed by this first budgeting tip, but Jen reintroduced the 80/20 rule, wherein 20% of your effort is going to produce 80% of the change you see in your budget. Just look at your budget; see how the income budget is so small yet it dictates the size of every other portion of your budget. Sparking your creativity to find ways to earn more money and creating a mindset of how. 

Jill hears from everyone that they have felt impacted by what has transpired economically over the last couple of years, so we have to be willing to work on this by not just practicing saving but also spending and earning more. Jen and Jill do not advocate hustle culture, BUT starting a side hustle can be a great way to transition from working for someone to working for yourself.

Relevant episodes to queue up on food waste:

Ep 210 Tips To Live Zero-Waste Frugally
Ep 176 Zero-Waste(Ish) Cooking W/ Debt Kickin Mom

Pay Off Any Debt Over 10% and to Never Pay Double Interest in 2024

According to Fool’s latest study, while inflation cooled in 2023, the average debt is up, and in nearly every category of debt, it’s up by a total of 2 and a half trillion dollars since 2020. Jen notes that they used to recommend 5%, but recently it has been more difficult to do, so start with 10% if it is for you. Get rid of your high-interest debts, which are what hold most people back. Jills thinks this tip goes hand in hand with the first tip, as sometimes we might look into ways to increase our income to pay down debt.

Invest For Retirement

Jill encourages you to invest in your retirement every month, no matter how little. For us average income earners, time is on our side; we want to be investing early and often rather than waiting. You do not have to wait until all of your debt is completely paid off; start now! Jen firmly says that we are going to have bills for the rest of your life. This is a budgeting tip to protect your budget and an assurance that, in the future, you will have an income to budget your expenses.

Your biggest money lesson of 2023

Jen looks at ways she has inflated her lifestyle in order to deflate it because the prices of goods have gone up and she and her husband have been making less this year. Jill had the mental space to check up on her bank and move into a new one. They both agreed to get a high-yield savings account. Head over to frugalfriendspodcast.com/CIT to sign up for a high-yield savings account.

Bill of The Week

Thank you Rachelle P for updating and sharing us about your recent bill from an almost unredeemable washing machine! 

Thanks so Much for Listening!

Thanks so much for listening. We love love love reading your kind reviews and we especially loved this one from:

✰✰✰✰✰
DYNAMIC DUO

Jen and Jill are the best. Both my husband and I LOVE listening to them and their fun twist to frugality. They make saving money fun. This year we’ve started our journey becoming debt free. On days when I just want to go to Target to buy decorative pillow or cozy socks I cue up this pod to keep me motivated and focused on the goal. Thanks Jen and Jill for changing the frugal game.

Thanks for listening. If you enjoyed this show, please take a minute to leave a rating and review, it helps potential new listeners know what our show is all about!

And don’t forget to share your favorite quote from the episode by using the hashtag #FrugalFriendsNote. 😉

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