6 Money Saving Tips You Need to Read Before 2023
Who doesn’t want to save money? It seems like it’s getting harder and harder these days to do so. Between the war and the pandemic, inflation is hitting us hard. It’s never too early to start thinking about setting yourself up for success next year and those New Years’ Resolutions. These 6 money-saving tips will help make 2023 the best financial year of your life!
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Money Tip #1: Start Investing
You don’t have to buy a house or a large amount of property to start investing. Simply buying stocks will help you put money away, and save for your future. The stock market isn’t just for the NFT bros. There are plenty of beginner-friendly apps and other resources online that will help beginners. I find Investopedia to be super helpful and it was my saving grace in my stocks class in grad school. I started buying stocks in early 2021 and have been very passively investing and have almost saved $1,000 already. You don’t have to spend hours buying and short selling to make a profit (in fact you’ll make more money in the long run if you don’t do that). Many investors consider buying and holding to be your best bet for long-term gain.
Money Tip #2: Open a high-yield Savings Account
Saving money can be hard and most savings accounts make it all too easy to transfer money from savings to checking. So I recently started a high-yield saving account with affirm. Not only is the account separate from my checking, but I get an annual percentage yield of 2.50%. That’s one of the highest in the industry. Unlike my credit union and other banks, there was no minimum balance to open my savings account. So I didn’t have to save before I started saving. I could start earning interest right away. I’ve already earned interest and I haven’t even had it open for a whole month yet. Save a little bit each paycheck and watch it grow!
Money Tip #3: Cut Back on Subscriptions
It didn’t seem like that long ago we were all talking about cutting the cord. Getting rid of cable and going to streaming to save money. While having multiple streaming services is still cheaper than the average cable bill, having multiple streaming services can add up. And when you think about it are you watching all of the streaming services you pay money for each month? If you haven’t touched that HBO Max app in a while, put it on pause. The beauty of streaming services is that there are no contracts. You can cancel one streaming service when you get bored of it and move on to another the next month.
Money Tip #4: Try a No/Low Spend Month
One thing I’m going to be doing in November is a Low Spend month. A No-Spend month is when you refrain from spending money on anything but your essentials. I’m going to do a low-spend month rather than a no spend month because a No-Spend month means no new clothes, but I am continuing to grow my work wardrobe. Going to the coffee shop by my apartment to get black coffee and work on my lectures once a week will be allowed. It’s the best for my productivity and mental health. I however won’t be spending money on fancy coffee drinks, eating out at restaurants, or leisure clothing.
Money Tip #5: Save The Money You’d Spend on Take Out and Learn to Cook
Last year I was in a cooking rut. I was depressed and cooking felt like a massive chore so I ate out typically once a day or I ate out of a box. I spent so much money on food. Now that I am mentally healthy, I really love cooking again. On average, I eat out about once a week and rarely eat anything from a box. I also save a ton of money now that I have my kitchen restocked with essentials. A great way to get out of a cooking rut or learn to cook is meal delivery services like Hello Fresh. It will give you inspiration and help you learn new cooking skills.
Money Tip #6: Look for Cash-Back Apps to Save Money on Everyday Essentials
There’s a cash-back app for everything these days. Not only for retail stores but things we need every day. I recently started using Upside to start getting cash back when I fill up for gas. I typically get about $6 back each time I fill up! I also like to use apps like Ibotta and Swagbucks to get cash back on my groceries. I mean if you already have to buy it, you might as well get some of that back.
