With inflation at an all-time high, soaring interest rates, and a potentially weakening economy, it’s no surprise that saving money is a top priority in the new year. Saving and budgeting are always great ideas and in order to help you reach your financial goals, here are 10 tips for saving money in 2023.
- One of the best ways to save money in 2023 is to reduce your monthly bills and day-to-day expenses. Review your monthly expenses to see what you can purge. Cut out unused subscriptions or call to negotiate lower rates or new packages for internet, cable, and phone services.
- Examine your credit card spending habits for ways to save. You can request a lower interest rate for your existing balances or transfer to a card with 0% APR. Also, check your accounts for untapped rewards.
- Keep an eye out for higher rates on savings products. With the Federal Reserve increasing fund rates to combat rising inflation, now is the time to open a high-yield savings account or invest in CDs. During times of economic uncertainty, these can help your money grow faster and give you a better return on investment.
- Let go of items you have not used in the last year. Websites like eBay and Craigslist are great places to sell things you no longer need. Additionally, Poshmark is a great app for selling clothes and Decluttr is the best app specifically for selling technology and electronics.
- Consider picking up a side hustle to boost your income. This could be freelance work like bookkeeping or graphic design, starting a small business, or renting out a room on Airbnb. You might be surprised to find you have a skill or asset that others find valuable.
- Use a budgeting app to keep better track of your finances and spending. These apps can help you track your spending, and set budgets and savings goals.
- Setting up a regular auto-transfer from your checking to your savings account is a highly effective and passive way to make sure you’re consistently saving money. This can be easily set up in your online banking app.
- Riding your bike to work is another potential way to save. Obviously, this is only possible if the weather permits, but not only do you save money on gas it’s also great for your health and well-being. If biking is not an option, consider ride-sharing and carpooling to save on monthly gas expenses.
- Eating at home also can save you money, it’s cheaper and healthier than eating out as well. If you are pressed for time in the evenings, consider a meal subscription service to take the guesswork out of meal time.
- Lastly, set up online bill pay to automate your payments and avoid human error. This can ensure that you never miss a payment and incur a late fee again, which can save you money and a hassle.
By incorporating any of these 10 money-saving tips this year, you’ll be on your way to more money in 2023 and beyond.