How to Save Big Money in 2024: A Three-Part Money-Saving Challenge

Saving $20,000 in a year seems overwhelming — but looking at it in smaller numbers can make it less daunting. With 2024 upon us, Téa Angelos, the Australian founder and CEO of Smart Women Society, has created a three-part money-saving challenge to help you boost your bank balance .

WATCH THE VIDEO ABOVE: How to save big money in 2024 If you’re hoping to save $5000, $10,000 or even $20,000, the lawyer-turned-finance-guru says the key is to break the amount down into bite-sized goals — with the flexibility to put aside more or less funds — based on your monthly budget. To get started, Angelos says you need to know exactly where every dollar is going as this can help you stay focused. “Give your money saving a purpose — write down exactly what you are saving for and why you are saving for it,” Angelos tells 7Life. To avoid spending temptations, the author of Smart Moves: Simple Ways to Take Control of Your Life suggests automating your savings so the money is out of sight, out of mind. “Set up an automatic transfer to your bank account the day after your pay day,” she say

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