The cost of living crisis has hit many people hard this year. In 2023, it is predicted that the economy will be unstable, with inflation hitting an all time high. Many people are tightening the purse strings in order to make ends meet. However, it is difficult to know how to keep your money and still have an enjoyable quality of life. Finding small, innovative ways to improve your money management could help your financial situation massively this year. Here are the top ten ways you can save money in 2023.
Look Through Subscriptions
One of the main reasons why people have a hard time hanging onto their money is down to forgotten subscriptions. Many people sign up to the free trial of certain apps and services and forget to cancel the automatic subscription. Sometimes, they don’t even use the app or service that they’re paying for! Make sure to go through your bank statements and cancel the subscriptions that you don’t use – it could save you a lot of money per month.
Constantly ordering out food could be one of the biggest reasons why you’re in financial trouble. It’s nice to have a takeaway every now and then, however, the cost adds up quickly if you’re eating out all the time. Why not meal prep and buy the ingredients for your favourite meals? There are many free recipes and cooking videos online, so you can teach yourself how to cook these dishes relatively easily. This could save you so much money, and you could learn a new skill all at the same time!
Before you buy something, whether it be food, toiletries, insurance or technology, make sure you’re getting the best price available. Look online and in stores and do your research before you impulse buy – it could be on offer somewhere else! Sometimes, you can find an item being sold somewhere else for hundreds less! There are also many websites and apps that help you to compare prices across different websites or stores. Taking the extra time to compare prices for big purchases could save you a lot of money in the long run – being a savvy shopper is a great skill to learn.
Make Use Of Discounts/Coupons
One of the best tips that savvy spenders give to others is to utilise as many discounts and coupons as you possibly can. Collecting and looking for the best coupons and deals could save you a lot of money when you’re shopping. There are many places where you can find coupons – newspapers, magazines and websites all offer discounts for certain items. If you’re a student, you should look for places that offer student discounts – this should help you save money while you’re studying. Coupon collectors can often save thousands – make sure you’re scouring for the best deals and offers if you’re buying items often!
DIY As Much As You Can
Doing things yourself can be one of the best ways to save your money. There are many skills that you can learn for free online. Not only can being more self-reliant improve your financial status, but it is also an amazing skill to have. You can learn how to fix small appliances, put up shelving, sew and other skills online by watching video tutorials. If you want something such as a piece of home art, try and see if there’s any way you can do it yourself. This could save you so much money throughout your life!
Try A ‘No-Spend’ Weekend
Money-saving challenges can be one of the best ways to reframe your spending habits and allow you to save your hard earned money. No-spend weekends mean that you would challenge yourself to not spend on anything other than the essentials – rent, groceries, bills. It means you would try to go a full weekend without spending on takeaways, meals or coffee with friends, or going to the cinema. This can help you realise how much you’re spending and allow you to enjoy the smaller, free things in life. Challenge yourself today and watch how much money you could possibly save!
Get A Side Hustle
Side hustles are one of the best ways you can make money – if you put all of the money you make into your savings, you could see the number rise and rise. There are many ways you can set up a side hustle that makes good money. For example, there are many sites that allow you to perform surveys or rate music in return for cash. If you’ve got a good skill, such as playing an instrument or speaking a second language, you could tutor people in return for cash. You could also do freelance writing or designing. Diversifying your cash flow could mean you save a lot more money.
Hit Up Charity Shops
Don’t be afraid to go to second-hand shops to get clothes, furniture and other things. Many second hand stores and charity shops have amazing vintage pieces, and you can often find fantastic articles of clothing and furniture pieces for a lot cheaper than buying brand new! Thrifting has become a huge trend recently, so you could even go second hand shopping with friends. Online second hand shopping apps such as Depop or Vinted may also be a great way to find clothes cheaply. Going second hand is one of the best ways you can save money.
Borrow, Don’t Buy
If you can’t find what you need in a charity shop, you can always borrow the things you need from friends and family. For example, instead of buying machinery such as a lawnmower, you could always ask to split the price with neighbours and share it! There are many apps and online forums dedicated to borrowing and sharing, so you can find people to trade with in your city. Don’t buy a carpet cleaner – borrow, or rent it. It could save you a lot of money in the long run.
Get A Money Saving App
Using an app to help you save money might be one of the best things you can do if you’re finding it difficult to save money. Many apps automatically track your spending and put money away for you, so you don’t have to do the maths yourself. Many of these apps also can offer expert financial advice and some can even help you to invest your money. Some apps even include amazing technology such as an IVA Calculator, so if you’re in financial difficulty and need a loan, you can work out how much you would need. Getting a money saving app might be one of the best things you can do in order to save your money.
Everyone is feeling the pinch of the cost of living crisis, but by incorporating a few of these tips in your everyday routine, you might be surprised at just how much you can save.