CONSUMER experts have revealed their top 23 money-saving hacks to help Brits save in 2023.
Households around the country have been hit hard in recent months due to the cost of living crisis and many people will be looking to save as much as they can in the coming year.
The experts have identified a number of ways to save cash by completing monthly saving challenges as well as offering advice on how to knock off hundreds of pounds from holiday expenses.
Brits can save little and often by taking early preventive steps to save their cash, from sticking to a digital budget planner to track how much they’re spending, to investing in a smart meter so they can monitor how much gas and electricity is being used in the home.
Lucinda Fox, online consumer expert at NetVoucherCodes.co.uk said: “December is one of the most expensive months of the year, which is why many families are left tight for cash when it comes to January.
“We’ve faced one of the toughest years when it comes to saving money, as every household expense has been rising from petrol to food and of course our energy bills.
“As we head into 2023, we’re offering households simple tips on how to stick to measurable budgets so they don’t have to worry about overspending or be left strapped for cash towards the end of the year.
“We’ve found various ways to save over the next year such as following budget planners and booking holidays a year in advance.”
Digital budget planner
Start the year off by investing in a digital budget planner so you can visually track how much you’re spending and in which areas. This way you can monitor which outgoings can be cut down to help save hundreds off your monthly budget.
Get a smart meter
Having the physical amount in front of you can let you see clearly how much is being spent on gas and electricity. It means you can knock £20 off the electric bill if devices that aren’t being used are still turned on.
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Start a side hustle
A savvy way to earn extra cash in the new year is to earn more and spend less by starting a side hustle. This can simply be done from home whether it’s selling clothing on apps or completing free online surveys to earn rewards.
Enter free giveaways
Social media giveaways are also an easy way to grab a freebie. While it’s all down to chance, it’s worth doing as the only effort you’ll likely be putting in is following the company’s social page and tagging a friend in the comments.
Set measurable savings goals
While it’s great to save as much as possible, don’t just throw everything into savings only to realise there’s not enough money left to pay for the bills. Be reasonable with how much you can save and by putting aside a steady amount to start with.
Shop during sale events
January sales are one of the prime sales events over the year, where many retailers knock down their prices after the Christmas rush. If you have family or friends with birthdays coming up, make the most out of the sales to save on the costs.
Book 2024/25 holidays now
When it comes to travel prices, the earlier you book, the better. Many companies offer zero deposit schemes where you pay the holiday off on a cheaper monthly basis rather than all in one go. Have a look at travel voucher codes to save up to 30 per cent on future trips.
Shop around for deals
Have a look at different outlets offering the same type of products, both online and in-person. This also applies to supermarkets during seasonal events where better promotions can be found by shopping around.
Join community groups for free activities
Signing up for online community groups means you have access to wider information about free local activities going on in the area. This will help even further when it comes to half term to prevent overspending on days out.
Sign up for loyalty schemes
Each time you decide to shop at a retailer, have a look if they have an app available or go straight to their website and join their reward schemes. This can result in freebies or discounts on your next visit.
Book free cancellation trips
Booking free cancellation trips can provide extra insurance to get money back on a cancelled trip. This can be extremely helpful if there are ongoing strikes over the course of 2023 that could impact you getting to your destination.
Sign up for email subscriptions
Even if they end up in your junk mail, it’s worth signing up for email subscriptions every time you purchase an item online, as you can be offered exclusive free items or early discounts before they go live to other consumers.
Freeze leftovers from Sunday roasts
Freezing food and meal prepping is always a handy way to save on food costs. With prices set to rise again in the new year, it’s also worth saving the leftovers from a Sunday roast and batch-cooking them into lunches for the rest of the week to save a few quid.
The 50:30:20 split
A popular TikTok trend from 2022 is one to follow through in the new year. When the monthly wage comes through, allocate 50 per cent of it on bills and essentials, 30 per cent on leisure and 20 per cent on savings.
Use a credit card
When buying a large purchase item, pay for it on finance or directly by credit card to build up your credit score. But only do so if you can realistically manage to fit the payment into the monthly budget.
Have spend-free weekends
Dedicate one weekend a month where you’re going to have a spend-free weekend, where you can go for long walks in the park, get crafty in the kitchen with existing cupboard ingredients, or even just settle down and binge-watch a new TV show.
Use fakeaway recipes
A fakeaway is always a delicious budget treat to have on a Saturday night. Fried chicken and homemade pizzas might take a little longer to make but the rewards are just as tasty.
Notepad mystery box
Write down different amounts you’d like to put into your savings on separate pieces of paper and put them into a bowl. Every Sunday, draw out a different amount to determine how much money you will be putting into your savings that week. This is a great way to save little and often, just remember to keep it realistic.
Check for tax rebates
Often many find themselves accidentally paying too much tax, which can be reclaimed on the Government website. Even if it’s £30 – it’s still worth a look.
Take part in free subscription trials
Brands offer freebies by signing up for subscription deals, whether it’s entertainment packages or beauty products. These can often be cancelled shortly after, so make sure to do so to prevent being charged.
Stick to non-branded foods
These can cost nearly 50 per cent less compared to other products even if there’s a lack of difference in price and quality. Veggies and meats often taste the same so it’s worth investing in the non-branded versions to cut down on weekly meals.
Put locks on banking pots
Virtual banks often allow for savings pots to be locked and only accessible on certain dates. Having the visual lock on display can help prevent the temptation of taking cash out on a frequent basis.
Stick to the plan
Don’t just stick to the budget for January and forget about it for the rest of the year, make it a personal goal that you’ll stick to the saving targets so that the rewards will be greater by the end of next year.