Everyone loves making money, but the problem is spending it is way more fun.
Inflation is high and spirits are low, but that doesn't mean you’ve got to be stuck in the gutter of debt forever. There are tons of ways to save money as an adult, and there’s no reason you shouldn’t be stockpiling cash away with every paycheck that passes.
Here are 17 quick tips to budget and save money in 2023:
17 Quick Tips to Start Saving Money Today
Make a budget plan and stick to it - Because who wants to live in a world of financial uncertainty and impulsive spending?
Track all income and expenses - If you don't know where your money is going, you're just throwing it into the void, hoping it will work out.
Prioritize necessities like housing and food - If you don't have a roof over your head or food in your stomach, all that saving is for naught.
Cut unnecessary expenses - Who NEEDS a daily latte or a subscription to ten streaming services? No one, that’s who.
Use cash for discretionary spending - Using plastic for everything is just a trap for overspending. Don’t do it.
Set financial goals and track progress - Dreaming about a better future is nice, but actually working towards it is even better.
Avoid impulse purchases - That stuff you bought on a whim? Yeah, it's still cluttering your home and draining your bank account.
Save for emergencies - Life has a funny way of throwing curveballs, and you don't want to be caught without a glove.
Invest in retirement accounts - No one wants to work until they drop.
Reduce debt - Debt is like a ball and chain, but without the cool tattoos.
Consider side hustles for extra income - Having a day job is great, but a little extra cash never hurts.
Shop for deals and compare prices - Always paying full price is just giving money away.
Use budgeting apps or software - Keeping track of your finances with a pencil and paper is so 20th century.
Be mindful of subscriptions and monthly payments - That $10/month adds up, and you might not even be using the service anymore.
Create a monthly savings plan - Saving a little bit each month is better than trying to save a lot all at once and failing.
Evaluate and adjust your budget regularly - Things change, and your budget should too.
Live below your means and save for the future - Being able to say 'I have money' is better than 'I owe money.' While the second option IS funnier, you’re not trying to be a clown. After all, clowns make decent money when you look at their average income.
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