Concerned about saving money in 2023?

It’s understandable to have financial concerns when all you have to do is turn on the television, listen to the radio, check social media or simply look at the price increases in the shops and supermarkets to understand that we are in the midst of a cost-of-living crisis. Practically speaking, your gut instinct may be to worry about the bills and expenses you have today, rather than look too far into the future, but even though living costs seem to be skyrocketing, the one thing hasn’t changed is that we all need to save money.

Putting money aside when it might not seem like you have enough of it in the first place can be tricky, but it’s not impossible. Check out these tips and tricks that UK residents can use to save money in 2023.

Creating a budget and sticking to it is one of the most important tips when it comes to saving money. By having a clear outline of how much you will need to spend each month on essential items such as rent or mortgage payments, food, utilities and transportation; as well as on discretionary items like entertainment, clothing and eating out, you are in a good position to see if you are likely to have enough money before any major deficits occur. Creating a budget helps you keep track of your spending habits so that you don’t overspend or make unnecessary purchases. Once you have created your budget, stick to it by tracking your expenses through an app or by using cash instead of credit cards. Some banks even allow you to ringfence certain funds for different things, so you could, for example, have a shopping fund, a holiday saving fund and an entertainment fund.

Transportation costs can add up quickly if you are not careful. To save on costs you might consider walking rather than getting in your car, sharing a lift with someone else or taking the bus rather than calling for a taxi. If you regularly have to travel by train, be sure to look into season ticket deals, or consider getting a railcard to give you cheaper fares. Also try to book ahead whenever possible. Whether you are traveling by road, rail or air, it’s generally always cheaper to secure and pay for your tickets in advance when demand for them is lower.

Discounts and coupons are great ways to save money when shopping for goods and services. Before making any purchase online, open up a new browser and check for discount codes. Quite often they will be out there, and people often share them for others to benefit from. If you’re purchasing from a website you haven’t bought from before, see if they offer a first-time discount for signing up to their mailing list.

You can also take advantage of loyalty programs offered by retailers which often provide additional discounts or rewards points that can be used towards future purchases. Many of the supermarkets and major high street shops have such schemes and, if you have a smartphone, you can store all of your cards digitally too so you no longer have to carry them around with you.

Saving money in 2023 doesn’t have to be difficult if you plan ahead and follow the tips outlined above. By creating a budget, taking advantage of discounts/coupons and opting for more economical forms of transportation whenever possible, you should be able to find ways to save money without sacrificing too much comfort or convenience.

If you are concerned about your finances, we are of course always here to offer advice and support. Get in touch to speak to one of our independent financial advisers.

This article does not constitute financial advice and should not be construed as such.