3 Ways to Save Money and Live Better in 2024

Think about this - you can't build wealth if you're dead! Cheaper isn't always the best way to go when it comes to what you consume and your overall health. By taking the time to exercise and eat well, you're investing in yourself. Maintaining good health allows you to be the best version of yourself, and to run at full speed at your financial goals. It'll give you a longer runway to work and invest, and more time to enjoy your retirement once you achieve it.

Eating fast food every day may be cheaper in the moment, but the immediate savings won't make up for future medical bills. Below are three ways to save money and live better.

 1. Optimize your grocery shopping

The Consumer Price Index confirmed that the cost of food increased 3.4% in 2023. This may not sound overly terrible, but when looking back historically the increase is much steeper. According to the Apri 2023l Report, the cost of food increased by 8.5% in March 2023 compared to March 2022. Needless to say, the cost of feeding yourself is getting a bit out of hand.

There are many ways to trim down your grocery bill. A few that I do my best to follow for each trip to the grocery store include:

• Before heading to the store, create a list of items that you need. And stick to it. This is one of the easiest and most effective ways to avoid impulse buying. I’ve saved hundreds of dollars by following a strict list and staying away from the freezer aisles (I love a good tub of ice cream). 

• If your grocery store offers a loyalty program or coupons, take advantage of the savings, but only on items you need. There are serious pros out there that take coupon shopping to the next level. If you get curious - a quick Google search for extreme couponing will provide a few interesting examples.

• Avoid spending money on non-essentials or items you aren't 100% sure you will use. This is especially true when bulk shopping at stores such as Sam's Club or Costco. Yes, you can save money per item when compared to standard grocery stores, but only if you use it. Buying two pounds of zucchini when you were planning to eat only one will lead to waste.

One final piece of advice when it comes to grocery shopping. Try and strike a balance between savings and food quality. Some foods are cheap for a reason and should be eaten in moderation. I used to eat ramen quite a bit in my early 20s. I remember thinking “Wow, they’re only a quarter each! Such a good deal.” Until one day I said that out loud to my wife, who kindly stopped and showed me the nutrition label. 

Hard to feel great and make money long-term when you’re throwing back high levels of sodium every day. I still eat ramen, just more as a rare treat instead of a household staple.

2. Cook at home

While fast food is affordable and quick, it's absolutely horrible for your health. According to Healthline, the average fast food order ranges between 1,100 and 1,200 calories. And that's just calories, not to mention fats, cholesterol, sodium, and all of the additives that are used to keep costs down. 

Restaurants fall into a similar range - but carry a higher price tag. Reducing how much you eat out is one of the best ways to give your wallet (and waistline) a break. 

You can easily make several meals at home for a similar cost versus eating out once at a restaurant. Using an app to order in is even worse. Between the add-on fees and tip, you'll pay the equivalent of another entrée. Even if you cook with organic and higher-quality meat or fish, it's still a cheaper (and healthier) option. As a bonus, you can easily parlay this into a fun date night or activity with the family.

Let me give you a real example. H.O.P.E. of Winston-Salem hosted a cooking class for families to come together and learn how to make chicken teriyaki chicken stir fry for a family of four. I broke down the costs of cooking the meal at home versus ordering the same meal at local restaurants. 

Here are the results:

• Cooking at home only costs $3.11 per person.

• Eating at a low-end restaurant would cost each person $12.05.

• At the high-end restaurant, the same meal would cost roughly $26.50 per person. 🤯

Eating at a high-end restaurant ultimately costs 8.5x more than cooking the same meal at home. Even if you swapped out each ingredient for their organic counterpart, you’d still come out ahead.

Cooking at home saves us over $2,000 per year! Layer on the art of meal prepping and you'll not only save money but time as well. Time that you can use to pursue your goals.

3. Get outside

Exercising outside is not only a great way to get in shape, but it's free! Chasing your kids around the yard or at the park, mowing the lawn, and going for a jog outside are all great ways to get (and stay) in shape as a parent. I love having a toddler because it gives me a legit excuse to play outside. Plus my daughter has a blast running around so it's a win-win. 

Before having a kid I tried the gym thing, especially in the winter. But gyms are pretty expensive if you don't have a Planet Fitness around, especially if you enjoy taking classes. Many of my friends are spending $100 per month on their gym memberships. According to exercise.com, up to 67% of gym memberships go unused. That's crazy to me - essentially up to two-thirds of gym members are giving away upwards of $1,000 per year for nothing in return.

We were fortunate that we lived very close to a Planet Fitness but still didn't go. We canceled our membership after a few months and started taking walks outside instead. If you're paying for a gym membership but aren't going regularly, cancel the membership and use the savings to pay down debt or invest for your future. Every dollar counts.

Exercising outside can not only help you maintain a healthy weight, but according to the American Psychological Association, you can improve your emotional well-being by spending time in nature. This includes both your mood and overall mental health. There are even cognitive benefits as well. This is a perk not just for you, but the whole family. And you don't have to be in the middle of the woods to experience the benefits - even just taking a walk around your neighborhood or visiting a local park will do.

Save money, live better

Saving money and living a better life is a marathon, not a sprint. We have a tendency to make drastic life choices, do really well for a short while, and then backslide into old habits. I know this isn't everyone, but I'd argue that it's most of us. If you don't believe me, talk to a few friends and coworkers and ask about their New Year's resolutions.

Make small incremental changes to your financial and health plan and turn those changes into life-long habits. Most importantly, take it day by day and bring others with you on your journey, it's always easier with a bit of support.