Day to Day Savings

14 ways to save money in 2023

The cost of living crisis is stretching many families' budgets, but there are plenty of ways to save more money in the next 12 months.

 - 12 Min Read
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14 ways to save money in 2023
  • Making a budget is one of the easiest ways to save money and offers accountability and structure
  • The 30-day rule could be a great way to maximise your savings and get your impulse spending under control
  • People spend more than £300 a year on forgotten subscriptions they no longer use
  • Saving money doesn't have to be complicated; there are plenty of saving hacks to help you get started today

Savings goals for 2023: FAQs

  • How do I stop wasting money?

    Are you someone who loves shopping and often finds themselves reaching for credit cards? Although it's enjoyable in the moment, our shopping habits can quickly lead to empty wallets if we aren't careful. Saving money instead of wasting it is easier said than done, but there are simple steps you can take immediately to help. To save more money, start by budgeting with areas like food, entertainment, and clothing - make sure not to overspend in these categories.

  • What is the 30-day rule?

    The 30-day rule is a budgeting hack that helps you avoid instant gratification and build up an emergency fund. You wait 30 days before you purchase something you want. This gives you time to decide whether you need the item. The 30-day rule can help you stay on track with your finances and reach your financial goals.

  • What are the benefits of saving money?

    There are plenty of benefits to saving money! For one, you'll have a cushion in case of emergencies. No one wants to be caught without a way to pay for a broken boiler. Additionally, if you have a healthy current account balance and no credit card debt, you can enjoy your retirement without worrying about money or remortgaging the house to survive. You'll also be able to treat yourself and your loved ones to nice things without stressing about the cost.

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Saving money can be a great way to secure your future and provide much-needed peace of mind. When you're living month to month, every penny counts – and being able to put money away can make a big difference down the road.

But getting started can feel like an overwhelming task. The good news is that it can be a smooth process. There are an array of easy steps you can take to save money responsibly and sustainably.

Setting savings goals, identifying where you’re overspending by evaluating your spending habits, and implementing money-saving tips could help you reach your financial goals quickly. Even something as simple as knowing the amount of money leaving your account each month can be empowering.

There are lots of ways to cut costs in your day-to-day life without making significant sacrifices. The best savings hacks are usually the simplest ones. By being mindful of your spending and taking advantage of helpful resources like this guide, you can save money today - and see the benefits down the road.

1. Make a budget

Making a budget is one of the easiest ways to save money and offers accountability and control. With budgeting apps such as Emma and Money Dashboard, you can easily create one on your phone or laptop. You'll be able to track expenses in real time, put money into savings accounts, build an emergency fund, and know when your bank account runs low. 

A budget can also help you set and better align with your financial goals, giving you peace of mind when managing your finances. Ultimately, making a budget can help you feel more secure about how much money you have. It can also help you create a realistic savings plan. 

If you want to learn more about making a budget, read on! 

2. Follow the 30-day rule 

The 30-day rule could be a great way to maximise your savings and get your spending under control. Whenever you're tempted to make a spontaneous purchase, save the money instead in a savings account for 30 days. If, after those 30 days, you still want it, then go ahead and buy it with no regret. If not, bask in the glory of growing your savings — an achievement we can all be proud of. The 30-day rule is an easy-to-remember and easy-to-implement trick that will help you save more of your hard-earned cash and reap the benefits of successful budgeting down the line.

3. Cut back on unnecessary expenses

One of the simplest ways to save money is by reducing non-essential expenses. This could include saying 'no' to that daily indulgence such as a latte or putting off buying something you don't necessarily need right now – like that new pair of shoes. 

Small purchases add up over time and keep you from reaching your financial goals. However, if you commit to cutting back even slightly on these luxuries, you may be amazed at how much money you save each month!

There’s even more money to be saved if you review your monthly direct debits and subscriptions to streaming services. We waste, on average, a staggering £265 per year on subscriptions and memberships we don’t even use! A review of all your subscriptions could ensure you’re only paying for what you need. 

Taryn from Saving In London City added this great tip: "Try using a printable chart to keep track of your savings progress. A visual reminder of your savings goals can be super useful, helping you to stay motivated and accountable. Also crossing off each milestone towards your goal can be really satisfying!"

4. Shop around for better deals

Comparison websites are a great way to save money on various products and services. By comparing deals on broadband, car insurance, and energy bills, you can save yourself hundreds of pounds each year.

Car insurance is a great example. By comparing providers and tariffs, you can easily find the best deal for your needs and save up to £334 per year. The same is true for broadband. Comparing quotes from different providers can save you a lot of money, as can shopping around for the best energy deal.

Why not use comparison websites to get the best deals on the products and services you use most? You could save yourself a fortune.

5. Use coupons 

Looking for a way to save some money on your next shopping trip? Check for discount codes and vouchers! These codes can help you save money on clothes, food, and other necessities.

You can find plenty of vouchers online. There are websites that compile lists of current discounts, and you can also find codes specific to the store where you're shopping. Just be sure to read the terms and conditions carefully so you know what you can use the code for.

Another great source of discounts is newspapers. Often, stores will run ads with special coupon codes that allow you to save extra money, so be sure to clip out these pages before you head to the mall.

Finally, remember browser extensions like Honey. Honey can automatically find coupon codes for you and apply them to your basket. This can be a great way to save money on big purchases.

6. Use cashback websites 

Using cashback websites is a great way to save money when shopping online. These sites give you a percentage of your order back, so you can save on every purchase. In addition, it's easy to do: all you need is an internet connection and an account on the cashback website.

Since these websites offer savings at various retailers, it's the perfect way to find bargains on the items you want. For example, if you're looking for a new camera, check out the deals on Amazon or eBay before making your purchase - you could save significant amounts of money. Even if you're shopping for gifts and still trying to figure out what you need, using a cashback website to find participating retailers is still a great way to get some extra cashback on your regular online shopping.

7. Invest in quality items

Choosing quality items is a wise move when it comes to your budget. Sure, you may save a few bucks in the short term by buying cheap, but over time you'll save a lot more money by selecting items with durability in mind.

Let's look at clothes, for example. It's all about understanding the cost per wear. There might be a heftier price tag initially, but divided by the number of uses you'll get out of it, it's often far better value than cheaper options. 

You won't have to replace quality items as often, plus quality products usually come with more prolonged quality guarantees that can save you even more money and headaches should something go wrong. So save yourself the trouble and invest in quality items; your wallet will thank you later! 

8. Automate your savings

When it comes to saving money, automation is king! Setting up a standing order that automatically transfers money from your current account into your savings account each month is a simple yet effective way to save with minimal effort. 

With just a few clicks, you can set up regular transfers from your current account into your savings, ensuring that you end up with a decent nest egg in no time! Not only will this save you the hassle of manually transferring each month, but it's also an easy-to-follow and intelligent way to save money without thinking about it.

This helps fight present bias, the human tendency toward immediate gratification, which often prevents us from making decisions that will result in long-term financial security. Automating your savings ensures that no matter how tempting those sales are, you've already paid yourself first and can enjoy the savings later in life. 

9. Get a lodger 

Having a lodger is an excellent way to save money in the long run. You can save on your bills, make use of your spare room, and maybe even make a friend. It's a great way to save or even make some money, especially if you're an empty nester. 

What's more, there's even a unique scheme available through the government called the Rent a Room Scheme, which allows you to earn up to £7,500 tax-free from letting out your private accommodation. So as long as your spare room is furnished and your partner is on board, you could both benefit from this tax-relief arrangement. 

10. Take your lunch to work 

Eating out during the workday may seem like an easy (and delicious) way to save time, but it can cost you a fortune! Making your lunches at home and packing snacks from the cupboard each morning is an easy way to save money in the long run. A recent survey found that the average person spends £1,800 a year buying lunch rather than making it. 

But, the same survey found that the average person could save nearly £1,300 a year just by bringing food they made to work instead of buying it outside. So if you're looking for a way to save some pennies over the long haul, making your lunch might be precisely what you need! Eating well and saving money? Now that's something we can get behind! 

Taryn from Saving In London City added: "Get into the habit of portioning up your meals in the evening before serving, and save any additional food in a container. Instead of piling up your plate or going back for seconds (or thirds), you now have tomorrow’s lunch ready and prepared!"

11. Switch to own-brand products 

Shopping for own-brand products is a great way to save money; you could save up to £1,200 a year! It's a cheap and cheerful alternative that will allow you to save cash on your weekly food shop. 

Plus, in many cases, the quality and taste can be just as good as the more expensive branded versions! So why not switch next time you go food shopping and start putting more money away each month? 

12. Get your debt under control 

A great way to save money is to get your debt under control. That certainly isn't easy, and interest rates can make it even more difficult because payments quickly skyrocket. If you're struggling, get financial advice, so you don't have to fly blind. 

But be wary of solutions like payday loans. They have high interest rates that can often be predatory, making them a dangerous option if you're already struggling with debt. In addition, living in your overdraft almost permanently is undoubtedly stressful and it's not a great way to save money. 

Instead, gather up all your debts and come up with a plan! There are plenty of free resources available through outlets like Citizens Advice that’ll help you get started. 

13. Save up for big purchases 

Instead of buying on credit and getting caught in a spiral of interest charges, why not save your pennies and wait for big purchases? 

Buy Now Pay Later is all the rage these days, but save yourself from taking on additional payments to buy something you could easily wait for. Even with 0% interest offers, there's the danger of overstretching yourself if you haven't budgeted for it. 

Setting aside money is smart because it helps you save money you would otherwise spend. So open that piggy bank and take the time to save—it'll be worth it when you get that thing you want without going into debt!

14. Invest in energy-efficient appliances 

Investing in energy-efficient appliances and boilers may feel like a splurge, but it's one of the most fruitful money-saving strategies out there. So if your boiler or appliance is driving you up the wall and is on its last legs, why not save yourself some stress (and cash!) and treat yourself to an energy-efficient upgrade? 

The upfront cost may be more than you'd pay for standard models, but over time you'll save lots of money with reduced monthly bills. Think of it as a significant investment. You can get some energy-efficient updates and reap all the rewards! Figures show that switching from a G-rated boiler to an A-rated one could save you at least £580 a year - now that's something worth investing in!

Saving money in 2023

There are all sorts of ways to save money in 2023. And you can implement many of the money-saving tips discussed here reasonably quickly and painlessly. For example, you could start making your own lunch today, which could save you thousands of pounds over the next few years. Or you could consider buying more energy-efficient appliances and boilers if your old ones need changing anyway. 

There are tons of ways to save and reach your financial goals. But one of the best ways to tackle your financial situation and create a savings plan is by creating a budget first. This will give you a clear idea of your finances and allow you to set realistic goals for the future. 

Saving might seem hard in the face of a cost of living crisis, but there are many small steps we can all take to make it easier. And there are so many benefits to having a healthy savings account, not least the peace of mind that comes with it.

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