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Saving is a common goal for most people, though many feel like they’re not saving enough. Almost 60% of Americans are uncomfortable with their emergency savings, and 56% say they feel behind on retirement savings, according to Bankrate data. 

While saving can feel challenging, it’s still possible, often achieved by making small adjustments to your current financial habits. If you’re ready to get serious about saving, here are 10 ways to save more in 2024.

If you’re paying any money to store your cash, it’s time to find a better place to park your funds. 

Almost 30% of Americans said they would boost their emergency savings if they didn’t have to pay monthly checking fees. Luckily, you can. 

Many banks and credit unions offer fee-free accounts, where you don’t need to worry about minimum balance requirements or monthly costs. 

Plus, some of the best free checking accounts earn interest or reward you with extra cash. For example, Discover’s Cashback Debit checking account pays 1% cash back on up to $3,000 of debit card purchases each month. If you max out your purchases, that’s $30 back monthly. 

Savings account interest rates are the highest in years, so it’s a good time to take advantage. The best high-yield savings accounts offer up to 5% or higher on your savings.

Online banks often offer these accounts but come with the same FDIC insurance and security measures as big banks. 

So, while you may have to open a new account, that initial inconvenience can add up to a significant amount of interest.

“Get the best yield you can,” says Ted Rossman, senior industry analyst at Bankrate. “You can get up to 5.4% on a totally liquid, federally insured savings account that will help you grow your savings without doing anything at all.”

Don’t just open a new savings account. Set up a recurring deposit to ensure your balance grows without much extra work. 

“Automate your savings,” Rossman says. “Make a good decision once, and it repeats every payday. Plus, you’re less likely to miss what you don’t see.”

You can often put a portion of each paycheck into your savings account if you receive direct deposit. Or you can set up a recurring transfer from your checking account into a separate savings account. 

Some financial experts will tell you to cut back on those small daily purchases — like your morning coffee — but Rossman recommends looking at the larger line items in your budget.

“Look at the big-ticket items,” Rossman says. “People can get so concerned about penny-pinching that it becomes detrimental to your mental health. Don’t let the goal of saving make you get frustrated and believe you can’t have any fun.”

For example, consider if your family could get by with just one car instead of two. Or maybe you could rent out an extra room in your home or downsize altogether.

These changes require significant adjustments and may not be feasible for everyone. But you can still apply that big-picture thinking to your budget. See if you can identify large line items in your budget you can cut back on.

If your priority is to save, you may need to make some sacrifices to get there. Recurring subscriptions can quickly add up, especially if you’re not making the most of it. 

Take a hard look at your subscriptions. Do you really need that gym membership that costs $150 per month? While the locker rooms might feel like a spa, consider a more affordable option for staying in shape. 

The same goes for entertainment subscriptions, like Netflix or Spotify. While most have low monthly costs, together, these recurring costs can add up quickly. By eliminating subscriptions you don’t use (or don’t use enough), you’ll free up extra cash to put toward your savings goals. 

Saving more in 2024 doesn’t have to mean doing less. It may just mean being more savvy when shopping or spending money. 

Before making any purchase, compare prices across different retailers. Look for discounts or sales to help you save money. Consider buying generic brands over name-brand items, as they often offer similar quality at a lower price. 

One of the biggest budget busters is impulse spending. Before buying something, consider giving yourself a waiting period to decide if you actually need it. Adopting a mindful shopping approach can lead to significant savings throughout the year.

Who said saving isn’t fun? Participating in a savings challenge can be a motivating way to save more money. 

There are many different popular saving challenges out there, so find the one that works best for you. For example, the 52-week challenge has you save regularly for one year by increasing the amount each week. Or, if you want a shorter challenge, try a no-spend challenge for a weekend or week. 

By trying a savings challenge, you’ll develop a good money habit and see your savings grow over time. 

If you have a chunk of change you won’t need for a while, consider opening a certificate of deposit. These accounts reward you with higher interest rates in exchange for locking away your money for a set term, ranging from three months to five years. 

The best CDs currently offer rates of up to 5.75% as of December 2023.

Just ensure you won’t need the money until the term ends. If you withdraw early, you may have to pay a penalty. 

Debt can be a significant obstacle to saving money. If you’re putting a portion of your paycheck toward debt payments, you won’t have as much left over for savings. 

If you have high-interest debts like credit cards or personal loans, focus on paying those off as soon as possible. 

By reducing your debt burden, you’ll free up more money to allocate toward savings. Consider consolidating your loans or negotiating lower interest rates to repay the debt.

Many retailers offer discounts or loyalty programs that can help you save money. If you have a merchant you regularly shop at, sign up for their newsletter or loyalty program to receive exclusive offers and discounts. 

You can also compare prices and consider using price comparison websites or browser extensions to find the best deals. By being proactive, you can save money on your regular purchases and make your money go further.

While it’s hard to predict what 2024 will bring, by following these tips, you’ll definitely be on the path to saving more this year. Building a solid financial foundation now will make the months (and years) to come even better.

Opinions expressed are author’s alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.