18 Fast Money Fixes to Help You Save Money in 2024 (2024)

In the world of personal finance and building wealth, a lot of what we preach here at The Financial Revolution involves patience, and a long term mindset.

Whilst this is true, and it’s always valuable to have the mindset of working in decades, instead of days, sometimes things need to happen quicker.

Sometimes, it’s good to prioritise the short term, so here are 18 fast money fixes to help you build wealth.

All 18 of these tips apply to the vast majority of people, so take a read through all of them to see if you can grab some quick wins and kickstart your journey to financial freedom.

1. Unsubscribe from Unused Subscriptions

A recent study showed that over 54% of people have monthly payments for things that they no longer use.

If this is you, you’re essentially giving money to a business for no reason, even if it is just a few dollars a month.

Take a few minutes to go over what you pay for on a monthly basis, and if there’s anything you no longer use, cancel the subscription.

It’s worthwhile getting into the habit of doing this every few months.

2. Switch Banks

Switching banks may seem like a lot of unnecessary work, but it’s actually very rewarding in comparison to the time you’re putting in.

Some banks will even give you cash rewards just for opening an account with them.

It certainly pays to shop around and see which banks offer:

• The best interest rates.

• The best accounts.

• Rewards just for signing up.

3. Get Rid of Your Home/Landline Phone

Ask yourself honestly:

When was the last time you use your home/landline phone.

It’s been a staple of our homes for decades, but does anyone even use them anymore? I certainly don’t.

A quick win would be to ditch the landline, and do what everyone else does nowadays… use your mobile.

4. Get A Budgeting App

A lot of people struggle financially, and avoid the problems as a result. Start the process to financial improvement by creating a budget for your expenses.

By doing this, you can:

• Find out what you’re spending your money on.

• Find ways to reduce your expenses quickly.

• Increase your disposable income to invest for your future.

5. Negotiate Your Phone/TV Bill

These two facts are 100% true.

• Most entertainment packages are overpriced.

• Most providers will reduce your price significantly to avoid losing you as a customer.

Make it a habit (say, yearly) of ringing up your provider asking to cancel your subscription.

Rather than losing your business, they’ll work out a better price for you, which could save you a tidy some of money each month.

6. Maximise Your Employee Benefits

Most of you are already doing this, but it’s worth taking some time to look over the employee benefits available to you to see if you can take advantage.

It doesn’t always have to be a direct financial win:

• Private healthcare or dentistry

• Gym memberships

• Food/travel allowances etc.

7. Check Your Tyres

Low tyre pressure can be a costly thing to have. It can:

1. Damage your fuel economy.

2. Cause other damages to occur.

It’s worth making sure your tyres are well inflated, so you can:

1. Save on fuel.

2. Avoid other damages which can be caused by low tyre pressure.

8. Set Goals

Sometimes all it takes to improve your financial situation is to have a concrete goal or objective to aspire to:

• Remove debt.

• Start investing.

• Build an emergency fund.

Setting goals can be a great way to build discipline, so try it for yourself.

9. Open A High-Yield Savings Account

You could be missing out on a nice chunk of money via interest rates if you aren’t paying attention to where your money is being kept.

If you have $10,000 in a bank, earning 0% interest, but you could open up a savings account offering 5%, that’s $500 per year, for free, that you’re missing out on.

As interest rates are still high, take advantage of them in any way that you can.

10. Increase Your Retirement Savings

Retirement savings is something that you won’t see coming out of your paycheck.

So, increasing the contributions, even by as little as 1% each time you get paid, can net you a whole lot more money by the time you’re retired, and you will barely feel the difference on a monthly basis.

11. Automate Your Saving & Investments

Habits can be hard to keep, especially when they’re doing something in favour of your future self.

It’s super valuable to automate any savings or investment contributions on a monthly basis, so you never forget a payment, and you can start to build wealth each month without having to lift a finger.

12. Combine Insurance Policies

Some insurance companies will offer you significant discounts on your insurance if you bundle your insurance.

It’s certainly worth looking into, as you could save hundreds of dollars each year on:

• Home insurance

• Car insurance

• Life insurance

If they’re all under the same banner.

13. Request A Credit Limit Increase

If you have a credit card, it’s a smart idea to request a credit limit increase, which will improve your credit utilisation ratio.

Your credit utilisation ratio is simply the amount of credit you’re using in relation to how much is available.

A general rule of thumb is to keep this number under 30%, so having a higher credit limit will improve this ratio.

Improving your credit limit utilisation will improve your credit score in the long term.

14. Review Your Statements

Credit card fraud is on the way up, and you could be a victim without even realising it.

It’s a good idea to get into a habit of checking your statements for any transactions that you didn’t make.

Chances are, you’ll be fine, but it’s always worth doing in case you’re losing money to transactions you didn’t make.

If you spot something that doesn’t look right, resolve it ASAP with your card provider.

15. Automate Your Credit Card Payments

The last thing you want to be doing is missing credit card payments, as the knock on effect could be damaging to your credit score.

The best way to avoid missing payments? Automating them.

Most of the time, people miss payments not because they can’t afford them, but simply because they forget.

So, remove the possibility of this happening by automating the payments.

16. Open A Virtual Piggy Bank

You can use a range of apps available on your smartphone to automate online savings, similar to a piggy bank.

It’s another way to start putting money away for your future, so why not give it a go?

17. Request A Credit Report

You’re entitled to a free credit report once a year.

It’s a good idea to get into the habit of keeping tabs on your credit score, and understanding the ins and outs of your credit report, to ensure everything is accurate.

18. Sell Unwanted Items

You can net yourself hundreds, or even thousands of dollars by selling unused:

• Clothing

• Gadgets & technology

• Furniture

In local boot sales or yard sales.

A neighbour of mine recently made around £800 ($1,000) selling old clothes and office decor.

If it’s things that offer you absolutely no value, why not turn it into a nice payday?