Ready to kick off 2024 Rask style?
Well, we’ve got quite a list lined up for you today!
Continuing on from the popularity of our saving and investing episodes in 2021, 2022 and 2023, we’ve put together 24 ways you can save and invest in 2024.
Give some of them a go, and let us know by jumping into the Rask Core community or sending us a message on socials.
Remember that the choices you make with your money aren’t just about what you want to do this year. They’re about who you want to be in the future.
Want the full list with all the resources? Head over here: https://bit.ly/24-in-2024
📚 Enjoyed this episode? You’ll love Kate’s book, Buying Happiness, which you can order on Booktopia or Amazon.
💸 14 ways to save in 2024 💸
- Try before you buy (and save $$$)
You know how everyman and his dog offers you a free (or heavily discounted) trial these days? Make use of these (but remember to put a reminder in your calendar to cancel)! Whether it’s your local fitness centre, streaming service or app, make use of these trial periods.
- Make use of the rewards programs that come with your memberships
So many platforms like banks, superfunds, internet providers and insurers offer rewards programs to members now, with discounts on things like movie tickets, gift cards and common service providers. Keep an eye out if you’ve got a purchase or bigger expense coming up!
- Crush your bills
In true Kill Bills style, call up all your service providers (gas, electricity, water etc.) and see if you can negotiate a better deal, or pay 6 months in advance for a discount.
- Sell those unused items from around the home
A classic savings tip that comes up time and time again, make some cash from the items around the home. On top of the classic Gumtree and Marketplace sale options, consider the Ikea buy-back scheme.
- Get on your local council’s mailing list for free activities
Your local council and library are treasure troves, so use them! Whether it’s a gardening workshop, food pantry, toy/tool library or space to study, make use of these free or heavily discounted programs by signing up to their mailing list.
- Find a better deal on your health insurance
If you currently have health insurance or are thinking about getting it, sit down and look through free comparison sites like Choice, iSelect and PrivateHealth, to compare different policies and make sure you’re getting the best deal for your personal health requirements. Like many things, the best deals are often only available to new customers to lure you in their direction.
Regardless of whether you have private health insurance, make sure you’ve got ambulance cover to avoid additional stress during a medical emergency.
Ambulance Victoria has a helpful checklist to determine if you have sufficient ambulance cover. Unfortunately, not all health insurance plans (especially the basic level ones) include the correct level of ambulance insurance, so it’s worth reading the fine print and not getting caught out!
- Get the cost of fuel under control
Use an app like FuelLock, Petrol Spy or Arevo to make sure you’re getting a better deal when you next fill up your car.
- Save money on dining out by using apps like FirstTable, EatNow & Groupon
If you’re going out, find creative ways to save money on the bill. Try things like mid-week specials and Happy Hours and using apps like FirstTable, EatNow, or Groupon to score discounts on your meal.
- Buy refurbished tech products (instead of brand-new)
If you’re not after the thrill of opening a brand-new Apple iPhone, consider purchasing your next laptop, phone, TV or camera as a heavily discounted refurbished product. Even better if a warranty is offered! Owen’s recent iPhone was $600 less because it was ‘Used – like new’ on Amazon!
- Try a free or subsidised government course
The Australian Government has committed to delivering a further 300,000 Fee-Free TAFE places across Australia, over three years, from January 2024. Check out your state government website for more information on the courses available and where to study them!
- Free TAFE for more Victorians | vic.gov.au
- Fee-Free* Short Courses & Full Qualifications – TAFE NSW
- Fee-Free TAFE | TAFE Queensland
Go halvies with a friend
So many things like produce boxes, holidays and specials rely on you purchasing for two people. So team up with your housemate, friend or sibling and avoid the singles tax!
- 10c bottle scheme
This might just be interesting to me because it just got introduced in Victoria, but it’s a good way to reduce waste and get some cash, especially if you’re hosting a party. Head to the Container deposit scheme website for more information (Vic) or in your state (SA have had it for years!).
- Make money from your spare things
Spare room, garage, car park, pool, boat, car, caravan, lawn mower etc? Find a way to rent it out and get some extra money into your savings account.
Uber Carshare – Rent your car
Swimply – Rent your pool
Parkhound – Rent your car spot
Airbnb – Rent your room
Gecko – Rent your event equipment
- DIY herb garden
Try growing your own herbs and salad ingredients, even if it’s only a few pots on the balcony. Much more cost-efficient (and environmentally friendly!) than buying packaged fresh herbs from the supermarket.
Now moving on to some investing ideas…
💸 10 ways to invest in 2024 💸
- Crush your debt
Focus on paying down your high-interest debt – this can often be a more sensible financial decision than investing if your debt has a high interest rate. Please talk to a FREE financial counsellor by calling the National Debt Helpline.
Take our FREE Getting and Staying Out of Debt Course on Rask Education!
- 💰Make sure you’re using a high-interest savings account
With interest rates rising, ensure you’re getting the most out of your savings account by shopping around for a better interest rate.
Some examples of savings accounts with higher interest rates include uBank, ING Australia, Macquarie, Up Money & BOQ.
While you’re there, set up one automated payment into your savings account to recur every month.
If you have an offset account – even better!
- Book five happiness-boosting activities in advance for the year
Invest in your happiness this year by sprinkling in some anticipation. Whether it’s a lunch with friends, a weekend adventure or a birthday party, get some dates booked in the calendar and invite your friends and family.
Bonus points: give Kate’s book, Buying Happiness, a read in 2024!
- 🏥 Set up your MyGov account (properly) – and check your Super is low-cost, growth-focused
According to the ATO, there are over $16 BILLION DOLLARS in lost superannuation accounts floating around, just waiting for their owner to discover they exist.
My challenge to you: set up your MyGov account properly and hunt down any lost super funds you might have. While you’re there, also have a look if you’ve got any Medicare rebates waiting to be paid out to you (as I discovered for myself this year).
You can also look at the MoneySmart website or the State Revenue Office to find other unclaimed money that might be under your name.
Hostplus’ balanced option is nearly 1% in FEES! That’s terrible!
- 🧮 Sort out your tax return and get that refund
Have you got a tax refund sitting with your name on it at the ATO, just waiting for you to get your paperwork together and submit your tax return?
Take some time to get everything sorted during the break, your tax refund might just be what you need to kickstart your investing journey!
On the topic of tax, make sure your TFNs are recorded everywhere (bank accounts, brokers, share registries, super funds etc.) so you don’t get hit with withholding tax.
- 🏁 Review your portfolio (ETF comparison activity)
Take the time to review your portfolio and consider if you need to rebalance your asset allocation. Plus, if you haven’t properly looked into your ETFs yet, we’ve got an ETF comparison activity you can complete that was part of your ETF mini-series earlier this year.
Listen to the episode of the ETF mini-series here, and be sure to download our ETF Investing Checklist (Google Doc) that we’ve created for you.
- 🗺 Sort out your investment plan for 2024
Take some time to write down your investment goals and plan for the year. This will help you keep a steady head during volatile market conditions and give you a map to follow during the year.
Think about how much you’re going to invest each month (take a look at your budget), when you’re going to invest (add a reminder to your calendar or automate it), how you’re going to invest it (what platform) and what you’re going to invest in (what shares/ETFs).
- 👩💻 Pick one area of money & investing to learn more about in 2024
Between the Australian Finance/Investors/Business Podcasts, we’ve covered everything from emergency funds to ETFs, active investing and business plans over the past five years.
Challenge yourself by selecting one topic that we’ve discussed on the podcast over the years to take a deep dive into it and become your own expert. Then share what you learn with your friends, family and the Rask Core community!
- 🏡Refinance (or just negotiate) your home loan rate
Right now could be a FANTASTIC time to refinance with a new bank and crush your interest cost. Savings of 1%+ may be possible!
You might have to get your home revalued, so tidy it up before the valuer comes around and talk to them about recent sales — if you can unlock an additional $50k-$100k in property value with a simple spruce, you may be able to redraw that money (and invest it) OR buy an investment property!
- ⌛️ Try investing with small amounts (you can start with $5!)
If you’re brand new to investing – set the goal of investing $500 this year to get comfortable with the process, so you don’t go from 0 to 100 straight away! Tune into our new investor checklist episode on the Finance Podcast, to make sure you’ve covered the basics before jumping in.
Well, that is certainly a list of epic proportions! We can’t wait to hear what you get up to on your money & investing journey in 2024, so jump into the Rask Core community to let us know.
