Whether you are living paycheck to paycheck or not, saving money is always a priority.
In 2023, there are tons of strategies to both save and make money that you can do from the convenience of your phone or computer.
All your bills can add up quickly. You might be paying for a mortgage, car loan, utility bills, insurance, groceries, taxes, and much more every month.
When you consider all the expenses you pay, it becomes necessary to find ways to save or bring in additional income so that you can cover your bills and still have some money left over for emergencies or pleasure.
Fortunately, there are plenty of simple actions you can take to improve your financial situation. Here are a few moneymaking and saving tips to try out in 2023.
Pay Above Your Credit Card Minimum
Credit cards are a unique form of payment that can cause significant debt if used incorrectly.
Many credit card companies will offer a minimum payment option. Rather than paying for all your purchases for the month, you may only need to pay a flat rate to avoid missed payment penalties.
However, the unpaid amount begins to accrue interest immediately. The more this debt builds up, the more you will end up paying above the original payments.
This cycle can quickly get you into debt. Always pay the full amount owed on your credit cards to avoid spending even more on interest.
Track Subscriptions
The modern world is obsessed with the idea of subscriptions and paying for things in monthly installments.
In particular, streaming services have replaced traditional broadcast and cable as the top options for consuming entertainment like shows and movies.
However, paying for multiple services can add up quickly. Fiscally, it makes more sense to prioritize one or two services that you use the most and cut out the rest.
Many of these services take monthly payments, so you can easily cancel them for a while and then re-open them sometime in the future.
Each subscription you cancel could save between $5-$20 a month, which over the course of a year ends up being a lot more.
Online Gigs
The online world offers many moneymaking opportunities for anyone with a laptop and some basic skills.
These online gigs can provide extra income that makes it easier for you to afford your various expenses and start saving more money.
You could become a freelance writer, creating articles much like this one for various clients.
There are plenty of data entry jobs available as well that are perfect for those who stay at home to care for kids.
Another option is to become a virtual assistant to a business professional who needs help managing their calendar and tasks.
All these gigs can be done with a computer and wifi connection, so you can bring in extra income from the comfort of your home or in a coffee shop.
Open An Online Bank Account
Brick-and-mortar banks are facing intense competition from online banking institutions.
The main reason? Customers can access their funds from anywhere and there are often fewer fees associated with online accounts.
If you are tired of annual fees or overdraft charges, then opening an online bank account with the right institution could save you some money on these costs.
Plus, online banks can offer perks like small cash loans and instant transfers between accounts.
Pay Down The Principal On Your Mortgage
Homeownership is part of the American dream, but most buyers cannot afford the listing price of a residential property upfront.
Fortunately, home loans make homeownership possible for millions across the country.
Borrowers then pay back the principal amount plus interest over a set period. The interest is what really increases the total cost of the loan.
Therefore, if you can pay down that principal faster, you will save a lot of money long term.
If you have a decent tax return, for example, you could put forth a lump sum payment to reduce the principal, thereby reducing the amount of interest owed as well.
Increase Home Efficiency
Homes require a lot of resources to provide comfort and functionality for residents.
Every month, you pay for the usage of water, electricity, potentially gas, and other utilities.
Reducing these costs is possible if you invest in a more efficient home, such as installing energy-saving windows, improving insulation, purchasing new appliances, and adding alternative energy sources like solar panels.
Over time, these investments will yield lower monthly bills that eventually end up paying for the upgrade on their own.
Saving Sometimes Requires Spending
While there are some simple ways to save money by cutting out costs like subscriptions or taking public transportation rather than owning a vehicle, many saving strategies require you to spend a little first.
Efficient home upgrades, starting an online business, and paying down your mortgage principal may have upfront costs, but the long-term savings are worth it.
In 2023, there are thousands of ways to make and save money, so follow the above tips or find other strategies to improve your financial situation.
