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Money saving is the practice of spending less money than you earn and setting aside the difference for future use. It is the process of setting aside a portion of your income and reducing your expenses so that you can have more money available to achieve your financial goals, build an emergency fund, or make a big purchase.
Money saving can involve creating a budget, reducing expenses, increasing income, and setting aside money regularly in a savings account or investment vehicle. The goal of money saving is to improve your financial well-being by building wealth over time and achieving financial security.
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Maximize Your Savings: 6 Proven Ways to Cut Expenses
The time is right to lay out your financial goals for the coming year. Are you looking to save more money? If so, you’re not alone. Extra savings can cover a costly purchase or an emergency expense in the future. If you’re willing to use personal finance tools and make habit changes, you can reach your savings goals. We asked six experts about their own personal financial tips and here are their easy ways to save money in 2023.
1. Using budgeting apps is the first step
“Despite the fact that many people dislike the word “budget,” following a budget doesn’t mean living a boring life. It is possible to prioritize what makes you happy and live a meaningful life while following a budget and honoring your financial goals. By reducing excess spending, you can free up extra funds”, says Ken Adams of FullOfSports. Budgeting apps make it easy to set a budget and monitor your spending habits.
2. Invest in a high-yield savings account
“If you’re setting aside money, be sure to keep it in a high-yield savings account. If you keep extra money in a savings account with a low annual percentage yield (APY), you don’t earn as much interest. A high-yield savings account may offer competitive rates right now, so switching may be a good idea”, says Ivan Marusic of House Craig. With a higher rate, your interest-earning potential is higher — which increases your balance.
3. Automate your savings
“In spite of having outlined your savings goals, you aren’t setting aside money? You can set up automatic transfers so money is transferred from your checking account to your savings account automatically, as often as you want”, says Jon Lightfoot of Strategic SEO Solutions. By doing this, you’re committing to your goals, ensuring you don’t fall behind on your savings journey.
4. Reduce your monthly spending by negotiating your bills
“For those of you who are hoping to save more money, following a budget can be helpful. Another way to free up some money is to negotiate your bills. Some bills can be negotiated, and if you’re unsure, it’s always a good idea to ask”, says Sean Philips of Ship Tracking. You can, for example, ask your internet service provider for a lower promotional rate if you ask nicely. Put the savings that you save in your savings account.
5. Get rid of subscriptions you don’t use
“Paying for services you don’t use is like throwing money down the drain, whether they’re streaming apps or monthly subscriptions. If you want to reach your savings goals in 2023, pausing or canceling subscriptions you’re not using frequently is a good move”, says Benjamin Stenson of Norsemen Home Remodeling. You can also rotate your subscriptions to save money by not paying for them all at once.
6. Contribute more to your savings
“You’re well on your way to achieving your savings goals if you’re already setting aside money in your savings account. Increasing your savings contributions is a good idea if you have loftier savings goals for the year ahead.” According to Alex Federo of FTW Concrete Contractors.
Even a slight increase can make a significant difference. For instance, if you increase your contributions by $150 a month, you’ll have an extra $1,800 set aside for the year, and that doesn’t include interest.
If you want to save more money, consider implementing some of the above suggestions so that 12 months from now, you can look at your savings account balance with pride.
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