Cost-cutting tips: how to save money in 2023

Living costs soar, and inflation hits a record high of 9.6%. It’s no wonder that many of us are spending more on essentials like our energy bills and food shops.

But it’s not all doom and gloom. Luckily, there are plenty of ways that you can keep costs down. From budgeting to swapping bills, here are some ways to save money in 2023.

1 - Keep track of your spending habits

If you’re partial to a specialist coffee or like to splurge on clothes, it might be time to rein it in. To save money, you first need to consider what you’re spending. Once you’ve established ways in which you might be living above your means, you can cut down accordingly.

But it’s important to remember to keep some money aside so that you can still enjoy yourself.

2 - Reduce electricity usage

Do you like to leave lights on when you’re not at home? If so, then it’s time to put a stop to it!

Where you can, try to reduce your electricity usage in the home. One easy way to do this is to invest in energy-efficient appliances. But also take care to switch your laptop off standby and ensure that you’re draft-proofing your home.

You might also wish to invest in LEDs if the lighting costs a small fortune.

3 - Review your subscriptions

Make sure to go through and cancel any subscriptions that you no longer use. Or cancel those you’re struggling to afford.

Another way to save money on your subscriptions is by investing in a VPN with a tracker blocker. A VPN hides your identity. This means you can make purchases in foreign countries, where items cost less.

4 - Cut the cost of your water bill

It’s not just electricity that you need to reduce. You can save water by taking shorter showers and turning off the tap while you brush your teeth.

Pay bills on time

Make sure to pay credit card bills on time. If you leave them to lapse, you’ll end up paying late fees and hefty interest rates.

If you tend to forget, set yourself diary reminders. Then you’ll never miss another payment date.

Eat at home

If you’re partial to splurging on a takeaway or enjoy going to the local pub, it might be a good time to cut down.

As well as being better for your health, eating at home will save a significant amount of money. Luckily, you can create convincing ‘fakeaways’ without much effort.

Consolidate debts

Debt consolidation can be a good alternative to short-term borrowing. This is because your monthly payments will be lower. It’s also easier to manage as all your debts are converted into one simple loan payment.

Which will you try first?