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Here's 23 easy money saving tips to try in 2023

how to save money in 2023
23 easy money saving tips to try in 2023Moyo Studio - Getty Images

Every year after the fun and merriment of Christmas (and the chocolate, don't forget that), there comes a slight panic when we look at our bank balance. Often, we find ourselves going into the new year with dread and worry about the state of our finances.

And it seems we're not wrong to worry. According to a YouGov survey, four in 10 Brits will have increased their debt despite, unsurprisingly, wanting to start the new year in a financially secure position.

If you're worried about starting the new year in the red, don’t worry. These money-saving hacks will help you claw back some cash in 2023.

Easy money saving tips

Cancel unused subscriptions

Ever signed up to a free trial for a service and then forgotten about it? Well, the chances are you’re now being charged for it and unless you take action to cancel it, it will continue to auto-renew.

So, take a look at what is coming out of your account and cancel anything you do not need. It’s easy to get caught out on free trial offers, so put a reminder in your diary to cancel them before payment is taken.

Equally, take a look at other monthly outgoings that you don’t need. Are you still paying for a gym that you didn’t use much? Do you have a TV streaming service that you don’t need? They all add up to hundreds of pounds a year, so ditch them and save money.

Download the free Snoop or Emma app to help you identify unused subscriptions on an ongoing basis.

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Be sale savvy

The first rule to remember here is "a bargain is only a bargain if it’s something you actually needed in the first place".

So, as tempting as the January sales may be, only buy something if it is something you need, otherwise you are just spending money, not saving it.

If you do have your eye on something however, you know, like a new toaster, then use the PriceSpy to set up price alerts or the camelcamelcamel for Amazon prices.

Stop using contactless cards

Seriously, we would all consider the purchases we're making SO. MUCH. MORE. if they were made with physical cash rather than a contactless card.

Although we're all using contactless payments more after the pandemic, it’s important to keep track of your money.

Take unwanted things back

Once Christmas is over, so too is the awkward 'pretending you like a gift' thing - and whether it's a pair of socks, a book you already own or coat that's two sizes too small: TAKE IT BACK. We're all guilty of saying we'll "do it tomorrow" and eventually being so lazy we miss the returns period, but you'll seriously regret not having that money when you're left with items you didn't want in the first place.

Or sell them online if you've left it too late

Sell any unwanted stuff online through Depop, eBay, Vinted or similar. Yes it's a lot of effort and yes it will end up consuming all your free time, but not only will it equate to a bit of extra cash in your account, but loads more free space in your home too. To boost your chances of selling right now, sell winter clothes.

stacked pound coins on a pink background
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Look over your shopping habits

You might be a dedicated ASOS shopper or addicted to Marks and Spencer's profiteroles, but it's worth reviewing your shopping habits and seeing if you could get the same stuff, somewhere else. Whether that's food, clothes or general shopping, have a look at what you spend and where, and see if there's easy saving to be done. Remember, supermarket own brands can be rather tasty too!

Do Dry January

You might whine about how January is depressing enough as it is, but say you spend an average of £30 a weekend on a boozy night, cutting out the G&Ts for just 30 days (or the weekends..) would save you around £120.

Regift things

There shouldn't be such a taboo about regifting things, providing the person you give the item to will actually like it - and the person you originally received it from will never find out. The same can be said for gifting things from charity shops, raffle sales or discount stores: if the receiver will like it just as much as if it were new, what's the problem?

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Olena Palaguta - Getty Images

Delete your credit card details from online shopping

Fresh year, fresh start. By doing this and manually having to type your details in every single time you want to buy something online, you will consider whether you actually need to buy it - or whether you're just doing it because it's super easy and you're impulse buying. Get into the habit of leaving things in your basket to considering whether or not you actually need them.

Be frugal

If you really want to claw back some money and make some savings in your life, it's worth just asking yourself again and again if you're just buying something for the sake of it. Will it change your life? Do you need it to make you happy? Would you rather have £20 in your pocket or another bottle of Prosecco? OK OK, so maybe sometimes it's the latter, but make the decision to skip the fizz once in a while and your pockets might feel heavier.

One way to tackle it is to give yourself a no spend week each month and see how much you save. P.s. that includes online shopping...

Consider your contracts

(This one is almost definitely as boring as it sounds.) Make back money you probably haven't thought about for months by looking at your phone, and wifi contracts and seeing where you could get a cheaper deal. You will save hundreds of pounds doing this. If you're paying for 4gb of data but only use 3gb, switch, and so on and so forth until you suddenly have far more money in your bank account and less unused resources on your statements.Take a look at comparison sites like uswitch or comparethemarket to see what you can save.

Review and refresh your budget

According to Chartered Financial Planner Makala Green, the beginning of the year is the perfect time to refresh your financial plans, or do a budget if you haven't already got one. Plus, since our priorities have changed a lot over the last couple of years, any previous budget you might have could be a little outdated now.

"It would help if you took this opportunity to reassess your spending, review priorities, and ensure that you're spending on the most important things for you and your future. It's worth exploring your top financial values and figure how your spending aligns," Makala says.

2022 money saving tips
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Clear and reduce debts

Clearing debt is a process, and as Makala says, it needs to be managed in stages rather than simply trying to pay off as much as possible as soon as possible.

"Start by working out how much you owe, then prioritise which debt needs clearing first, ideally the one with the highest interest or urgent debt," she explains. "Then pay as much as you can afford and try to remain consistent in payments until the debt is cleared. If you've got little or no money spare to pay debts, seek advice straight away. Consolidating debt can also be an efficient way to help reduce debt or interest and make paying debt more affordable."

Eliminate expensive habits

Most of us have at least one or two habits that cost us more than the unusual. Depending on just how expensive the habit is, it could be really beneficial to cut it out of your spending until you're in a more financially stable position.

"On average, people who smoke ten cigarettes a day spend £37.80 per week, or £1,971 per year (based on an average packet of cigarettes costing £10.80). So, just think of how much you could be saving," Makala explains.

Consider a 'no spend challenge'

If you're been on TikTok in the last few weeks you may have come across the 'no spend challenge'. It's essentially a month long challenge where you challenge yourself not to spend anything.

Now, obviously bills, rent, transport, and groceries don't come under this, but the rest of the rules you can decide. Some people opt to not spend anything apart from these essentials through the month, others will factor in events such as buying partner's birthdays presents into the challenge, where they know they will have to spend money.

Once you've decided on your parameters, it can be super satisfying and kind of addictive to tick off each day in the month that you haven't spent something.

Round up your pennies

One of the fastest ways to put aside a little spare change is to round-up your purchases and put aside the extra. Luckily, there are a good numbers of apps nowadays that will do this automatically for you, meaning that you may not initially notice that 7p coming out alongside that purchase, but you'll definitely notice that lovely little nest egg that you've suddenly accumulated at the end of the year.

For some banking apps that include the ability to 'round-up', check out the likes of Plum, Monzo, and Monese.

Walk to save

It costs a lot to get around, especially if you're based in a big city. If you're heading into the office everyday, or frequently hitting the town during your weekends, maybe reconsider your usual travel methods. Is the bus a more wallet-friendly alternative to the train? Is the route walkable? These trips might just start to add up, so it's probably a good idea to work out if leaving an extra twenty minutes early might just save you some significant cash.

Plus, putting your walking boots on is better for the environment. Bonus!

The 50-25-25 Rule

We have TikTok to thank for this one. The 50-25-25 rule is a good method, particularly for students and part-time workers, to prioritise dividing their money in the most efficient way possible.

The concept is this: Divide your accounts into three. One for rent, bills, and short-term savings, one for long-term savings, and one for day to day spending. When you get a pay check, put 50% of that pay into the account for rent and bills. Then split the remaining amount to put 25% into the long-term savings and 25% into day to day spending.

This way, you'll be able to effectively split your money, building saving habits that will ensure you're putting money into each of those aspects. This tip is not only great for those who have no idea how to disperse their pay each month, but also those who want to know exactly how much they're putting into each of their accounts.

how to save money in 2023
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Take the cash

Another TikTok tip here, though this one comes in the form of a clever hypothetical question. Next time you're scanning the shops and see something you want (a cool jumper, a new pair of trainers...dealer's choice) stop before you buy. Say you spot a necklace for £20 that you fancy. Before you waltz over to the till, ask yourself this:

If someone came up to me and offered to give me either this necklace or £20 cash, what would I prefer?

Believe us, nine times out ten, it'll be the cash. It's because this question makes us face the cold hard truth that the cash is ultimately more valuable than the thing we've suddenly decide we want. So, keep this question in mind next time you come close to that impulse buy.

Lots of pots

If you have lots of little things you're trying to save for (maybe finally getting that filling done, or replacing your old running shoes), then the best way to approach this for some is to create money saving pots. Odds are, if your money is sitting in one account, you're going to end up spending it. But if you set money aside at small rates at a slow pace, then you'll start to build up to your target without even really noticing it.

The online banking app Monzo is particularly good for this, and easily lets you create new pots for you to transfer money into at the drop of a hat. Simply by scrolling through, you can check how well each of your pots are doing. Plus, you can customise each pot with a name and its own image.

money saving tips
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Test yourself

People are quick to set themselves challenges in other areas. (Half-marathon, anyone?) But we rarely set the same goals when it come to our finances. But setting yourself a money-saving challenge might be the best way to really stack up those pennies.

Apps such as IFTTT (If This, Then That) can help you move your money around automatically and can easily link to a Monzo account. 'The 1p Savings Challenge' is something they're currently working on, which involves saving a little money each day, starting with 1p. The following day, you save 2p, the next day 3p, and so on and so forth. If you do this each day, then you'll have set aside £667.95 after a year! Sounds like a challenge worth doing to us.

Take advantage of benefits you already have

It may sound obvious but taking advantage of benefits you're already being offered, but not taking up, is a great way to save a little bit of cash. Does your company offer discounted gym memberships? Does your phone company have any freebies on offer?

For example, those on an O2 contract, O2 Priority is usually full of discounts and offers, right now there's a free weekly coffee from Greggs.

It may not end up saving you thousands, but picking up a free coffee rather than paying for it, will always feel like a win.

Get to know your money

Perhaps the reason that a lot of us feel unconfident with our money is because...well, we're not familiar with it. It's that feeling of not wanting to look at your account to avoid seeing the no doubt low numbers, or avoiding looking at your statement because you don't want to be confronted with your splurges.

But the most helpful thing we can do in order to get control of our finances is to get to know our money. Take an afternoon to sit down with a cup of tea and look, really look, through your finances. Double check what direct debits and standing orders you still have being taken out each month. Look at your statement and come to terms with the fact that maybe you've ordered just a few too many Deliveroos the past three months. (It's okay, we've all done it.)

But unless you do this, you'll have no idea where you're going wrong. Once you've reckoned with your banking app for long enough, you'll feel much more in the know about your own finances. That's the first step to working towards more efficient money.

Open banking apps such as Money dashboard and Emma can be useful too, as they'll let you see all of your accounts and subscriptions in one convenient place.


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