2023 can be your financial year!
Here are 30 budget and money hacks to try in 2023 to help you budget, save money, and more!
10 Budgeting Money Hacks
Creating a budget is important to help you reach your financial goals.
There are different types of budgets, from the 50/30/20 budget to a zero-based budget. With proper budgeting, you can direct where all of your money goes from your bills, discretionary spending, and savings.
Try these tips to help you stick to your budget.
1. Automate your savings and set up automatic transfers into your savings account after each paycheck.
This will allow you to focus on other things when you know you're automatically putting money into savings.
2. Track your spending for at least one month to better understand your spending habits.
This can help you create a more accurate budget that you can stick to.
3. Pay yourself first by putting a certain amount into savings right away and then using the rest for your bills.
This will help limit the temptation to spend that money on other things.
4. Create a Financial Goal that you can put into your budget and motivate you to stick to your budget to reach this goal.
A financial goal can be anything from saving up for a vacation to saving for a new car.
5. Look for free or cheaper alternatives to expenses you currently have.
For example, if you love reading and spend a certain amount on books each month, consider using the public library.
6. Meal Plan to help you stick to a more consistent grocery budget.
7. Use cash-back apps like Rakuten or Honey on your daily purchases.
You can get cash back on your groceries and other shopping.
8. Refinance your loans with a lower interest rate to help you save money on interest payments.
You may even be able to get lower monthly payments which will allow you to put more money into your savings.
9. Try different budgeting methods to find one that fits your lifestyle the best.
The 50/30/20 budget may be great for others, but you may find the 'non-budgeters' budget to be something you can sustain for a long time.
10. Use apps to help you track your spending and create a budget.
Apps like Mint automatically connect to your bank accounts and credit cards to help you see a better snapshot of your spending.
10 Hacks to Lower Your Expenses
Lowering your expenses can help you save more money.
When you successfully lower your expenses, you can use the extra money you are saving towards your financial goals. While only using one or two of these won't help you save a lot of money, using a few of these methods at a time can add to big savings.
1. Shop around to find the best deals on your daily purchase, like groceries and essentials.
2. Negotiate the price of your bills and even loan payments to save money.
3. Save on transportation costs by biking to work, using public transportation, or carpooling.
This can help you lower your gas cost. If you can, try cutting down on one car to save on other car expenses.
4. Cut back on eating out and cook at home for your meals to lower your dining out expenses.
5. Lower your energy bill by switching to energy-efficient appliances and lightbulbs to lower your utility bills.
Use cold water over hot water for your showers and wash your clothes.
6. Shop at Thrift Stores for lightly used clothes over buying brand new clothes.
You can get very similar quality at a thrift store for a fraction of the price.
7. Shop around for insurance policies for your car or home to get the lowest monthly premiums.
8. Find free activities instead of paying for your entertainment, from free outdoor concerts to monthly free museum days.
9. Lower your subscription bills by choosing which subscriptions to keep or to cancel.
10. Use coupons when shopping to help you purchase your daily items at a lower cost.
10 Increasing Income Money Hacks
If you can combine lowering your expenses and increasing your income, you will be able to save for more than you imagined. Try these tips to help you increase your income.
1. Sell items that you are not using through Facebook Marketplace, garage sales, or another online platform.
You can sell things from furniture to clothes.
2. Set up your house as an Airbnb if you have a spare room.
3. Ask for a salary increase or adjustment from your employer, especially if your job duties have changed since you were hired.
4. Start a side hustle in that you can use your skills to earn extra money from Uber Eats, tutoring, or selling artwork online.
5. Rent your car on Turo for others to use when you are not.
6. Find online surveys or mystery shopping opportunities to make extra money on an easy project.
7. Sell crafts, art, or handmade items online on Etsy or other online platforms.
You can have additional income from this skill if you have an artistic talent.
8. Start a blog or podcast where you can monetize through ads, affiliate marketing, or sponsored content.
This can be a creative side hustle if you enjoy writing or talking.
9. Invest in real estate and use the homes as a rental property for additional income or flip the home to sell the house at a profit.
10. Invest in dividend stocks that pay a monthly or quarterly dividend that can be used as another stream of income.
Have You Tried Any of These Money Hacks?
Whether you try them all, or just a few, taking a chance and trying something different from what you've been doing could actually change your whole perspective!
Pick one or two things to start and then see how you feel - you might just get motivated for more.
Photo by Kenny Eliason on Unsplash