Will You Save More Money in 2023? Only if You Do These Things

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Put them on your list if you want to boost your savings.


key points

  • Many people struggled to save money in 2022 due to inflation.
  • If you want to boost your cash reserves next year, you may need to make some key changes.
  • Getting on a budget and living below your means can help, as can automating your savings.

Saving money is an important thing to do. But during periods when living costs are up, it can be a difficult feat to pull off.

Such has been the case this year. Inflation levels were up at the start of 2022, and they only climbed from there. As such, it’s easy to see why so many people may have struggled to pump extra money into their savings accounts.

But having a nicely funded savings account is essential, especially at a time when experts have been warning about a potential recession. And so if you don’t have a solid emergency fund at this point, it’s imperative that you ramp up your savings efforts next year.

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But what if you’ve really struggled to save even outside of inflation? In that case, you may need to change some of your habits. And if you do the following things, you may find you’re able to do a bang-up job of saving in 2023.

1. Follow a budget

Some people think budgeting is boring. Others think it’s complicated. In theory, these are reasons not to do it. But if you don’t get into the habit of sticking to a budget, you might really struggle to save money. So rather than go down that road, talk yourself into budgeting.

One thing you should know is that budgeting isn’t a tricky or time-consuming process. Plus, these days, there are different budgeting apps you can use that make the process seamless.

As for the boring part, well, that’s something you may just need to get on board with. You may not love the idea of ​​reviewing your finances every month, just like you may not love the idea of ​​cleaning your bathroom every so often. But at the end of the day, it’s one of those things that just has to be done.

2. Live below your means

If you want to boost your savings, you’ll need to get into the habit of not spending your entire paycheck month after month. Sticking to a budget will help in that regard, because you’ll see where your money actually goes. But you’ll also need to commit to shedding some non-essential expenses if you want to see your cash reserves grow.

Think about the things you spend money on today. You might hate the idea of ​​giving up your weekly takeout order. But if that’s the case, cut an expense you care less about, like cable. The goal isn’t to cut out every little luxury — just the ones you can live without.

3. Make the process automatic

When you spend all of your money month after month and only transfer funds into your savings account at the end of the month, it can be tricky to meet your goals. A better bet? Make the savings process automatic. Arrange for a portion of your paycheck to move from your checking account to your savings account when it comes in — before you get a chance to spend it. That will take away the temptation to indulge in extra spending during the month and keep you on track.

Many people didn’t make great progress with their savings efforts this year. If you’re one of them, these moves could set you up for success in 2023.

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