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7 Ways to Save Money in the New Year

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Saving money is a common New Year’s resolution, as it can help you get your finances in order and feel at ease. However, it can often feel overwhelming as you begin the new year. With so many expenses, it’s easy to feel unsure about how you can start saving money.

Whether you choose to cut down on subscriptions, reevaluate your cell phone plan by comparing T-Mobile vs. Verizon, or start cooking more at home, there are many ways to save money! With a few tips, you will see that saving money can be less challenging than it seems.

Continue reading to discover seven realistic ways to save money in 2023.

1. Use a Budget

A great way to get your finances in order is with a budget. Write down your key expenses like rent, utilities, groceries, and gas and non-essential expenses like entertainment, clothes, and dining out. It’s best to track your expenses daily and stay as accurate as possible.

At the end of the month, you will see what you’re spending the most money on and better understand the categories where you should cut back. When you see your total expenses written this way, it also gives you a better idea of how to plan for bills and flexible funds for the months ahead.

2. Manage Your Subscriptions

As we add more technology to our lives, it’s easy to click and subscribe to more and more online services. To save money in the new year, evaluate your current subscriptions and decide which ones you truly need. If you aren’t using it weekly, it likely isn’t worth the money!

To check what you’re paying for, use an app that helps you see your subscriptions and how much they cost you. Then, you can decide to cancel what you don’t use and save that much more money each month!

3. Set Up Auto-Pay

Adding auto-pay for your bills is a great way to ensure you don’t miss payments, avoid late fees, and lessen your chances of interest charges. You can write the dates for each auto-pay cycle in your budget to ensure you know when the money will be taken from your account!

Contact your bank or use the banking app to see how you can start using auto-pay to make it easier to pay bills and stay on top of your monthly payments.

4. Compare Prices

Another great way to save money is by comparing the prices of brands with similar services. Start by assessing your insurance package, phone plan, or even the grocery items you typically purchase! You can also track airline prices and hotel booking websites to see if you’re getting the best deals.

By doing a bit of research and spending time to see if there are any cheaper alternatives with the same quality, you will immediately save money.

5. Cook at Home

Although it’s fun to eat out, it can quickly get expensive. If you dine at restaurants often, try to limit yourself to going just two or three times a week. Cooking at home can save you a significant amount of money and is also fun!

Try to recreate your favorite restaurant menu items, get excited about your weekly lunches by meal prepping, and find new recipes on websites like Bon Appétit. You will watch your savings grow while enjoying a new fun activity.

6. Go to the Library

Reading is a great way to learn and relax. However, books can get expensive if you read a lot! If you join your local library, you can check out as many books as you want without the crazy costs.

If you have an e-reader, you can download the Libby app to take advantage of the e-books at your local library! It’s free for most libraries and lets you download thousands of books directly to your device.

7. Enjoy Free Activities

If you are hoping to save money on entertainment in 2023, you can try plenty of free activities! Discover the local parks in your area, go for a bike ride, or see if there is free admission on certain days to museums or exhibits in your area. You can also look for free concerts and trivia nights at local restaurants or bars.

Another great free activity is volunteering. Choose a meaningful cause and spend time benefiting the community. It will feel fulfilling, help others, and won’t cost a dime!

Ready to Start Saving?

With seven great ways to save money, you should feel prepared to get your finances organized in 2023. By incorporating some of the helpful tips, your New Year’s resolution should feel exciting rather than a daunting challenge. Now, all that’s left to do is plan your budget and decide how you will save big in 2023!

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