Cheers to the new year and the new beginnings! It’s already January and it’s the perfect month to make a recap and set your future goals. Now that the holidays are over, it’s the month of lower expenses, too – a good time to start planning your budget for the upcoming year.
If you need help to prepare for 2024 and set your financial goals for all 12 months, our first blog post of the year is at your disposal! Whether you’re about to open an iCard account or you’re already part of the family, we’ve prepared all you need to ease your daily life. Before you dive into our tips and tricks, we wish you a higher income throughout the new year so you can expand the potential of your iCard Digital Wallet further!
Subscriptions, impulsive purchases, nightlife, takeaway food…If you can recall spending on at least one of these categories, think about the expenses you can cut if you minimize or completely cease the use of such products and services. Kicking off only with the essentials is crucial for your yearly budget. In fact, a digital wallet like iCard can help you track what you spend the most on. Take advantage of having a complete overview of all your transactions anytime.
So…how many times have you seen the same brand names in your “Activity” tab for the last year? Just scroll through and you’ll find all your transactions. Sort out your most significant and most frequent expenses and consider whether they’re worth your money in the new year. After carefully eliminating the non-essential or unwanted expenses, you will end up having more money to spend for what’s more valuable to you.
If you’ve had some major expenses such as a trip abroad, renovation, car purchase, or even a wedding in 2023, perhaps this year you can rest and save a lot more money. By starting with your budget plan early, you’ll be able to save for any unexpected and significant expenses in 2024.
Saving in 2024
If your impulsive purchases have resulted in an overflowing wardrobe and now you have so many clothes or shoes you’re not wearing – don’t throw them away but sell them instead. It’s a quick and easy way to earn some “cashback” and simultaneously help the environment by supporting the circular economy. There are plenty of platforms where you can sell your items or exchange them with other people. This will help you earn and save more for something you’ve been looking forward to buying for a long time. Receiving money for each item is easy with iCard – you only need to share your IBAN with the buyer and expect the amount within a day or two. Even better, if the buyer has an iCard account, you’ll only need to share your phone number and you’ll receive the amount instantly.
For future purchases, think twice if you really need them in order to avoid overspending. And if you end up making the purchase, remember to keep the receipt and not to remove any labels – this way, you can return the item hassle-free in case you change your mind (trust us, we’ve all been there).
Nevertheless, whether you shop online or offline – shop wisely and don’t worry because safety is your true friend when using iCard Digital Wallet. Pay with your virtual Visa or Mastercard cards for extra security when shopping online – you can have up to 20 virtual cards that will never reveal your primary money account. If you want more flexibility and are keen on cash withdrawals or carrying plastic debit cards, grab one of our iCard debit cards and use it anywhere, anytime. You can still link it to your phone for contactless payments with your Google Pay™ or Apple Pay, so you won’t have to worry about losing it. Freeze all your cards whenever you wish to, which will protect your money even more, and unfreeze them when you’re ready to use them again.
Another convenient way of saving with iCard is the opportunity to open accounts in different currencies. This way, you can easily separate your primary income and expenses from your savings, for example. Besides, if you wish to travel abroad this year, it’s a clever way to save for your trip and use your foreign currency account for local payments.
To make your journey even more exciting, you can get our iCard Metal debit card with fantastic privileges – up to 1% cashback for any payments outside Europe and up to 0.2% within Europe, and many more benefits. It’s an excellent opportunity to spend and save at the same time. Using iCard Digital Wallet is truly convenient, isn’t it?
Our New Year’s resolutions often get dumped by the first month and we’re once again stuck in the same routine as last year. This time, step out of your comfort zone and give a chance to meal preps. Ordering food online is not optimal for both your body and your wallet. Once you get into the routine of preparing your meals in advance, you’ll quickly realize how much you can save throughout the year just by cutting off your takeaways. It might seem like a small step, but it will pay off in future.
Invest in your future
Spending on your personal development can never be considered an expense that’s not worth your money. Don’t always think about all that’s materialistic and won’t bring you much except temporary joy. Gaining knowledge and learning new skills will eventually enhance your potential to earn – the more experienced you are, the more you can put on the table, and thus, the more money you can make. You can choose among plenty of free or affordable online courses or workshops that alight your career aspirations. Ultimately, you’ll become a recognisable candidate for your dream job.
What’s there to stay?
Your bills and taxes, which are your so-called “fixed expenses”, are inevitable throughout the year. Analyze your income and calculate how much you’d need to set aside for such essential expenses. The best you can do is to cover all your liabilities on your payday so you know what you’re left with for the rest of the month. Keep in mind the inflation rate so you can save a bit more money to compensate for potentially rising prices throughout the year.
Your iCard debit card will ease any of your payments – whether it’s your phone or electricity bill, or your annual taxes – use your card by typing its number, expiration date, CVC, and cardholder name when paying online. You can also pay with your iCard debit card on any POS terminal with your phone or the card itself. Just hold either near the POS and your transaction will be completed in seconds. And you never have to worry because safety is our highest priority in any payment with iCard!
Doing regular monthly reviews will benefit your budget for the upcoming months and a check-in in the middle of the year is a great way to track your progress for the first half and gauge whether you have to adjust your budget for the other half. Don’t forget to leave some savings for birthdays and special occasions for your beloved ones, too. And at the end of the year, you shouldn’t forget about the Christmas presents either.
Optimizing your expenses requires discipline, mindful choices, and a strategic approach. By cultivating healthy spending habits, harnessing technology, and prioritizing your financial goals, you can pave the way towards financial stability and a brighter future. It’s easy to begin with iCard – your all-in-one money management app. We believe you are now ready to kick off your year with our tips and enjoy your saving journey!
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