At Super-Advice we are about all things financial, but more importantly, helping people understand so they can get ahead financially.
In today’s blog post, we are in the midst of a cost of living crisis. Inflation is high, everything’s getting more expensive, and people’s incomes are struggling to keep up. So today we have got the 2023 best ways to think about saving money.
Shop with the sales and only buy what you need
Shop with the sales. I know it’s ridiculously obvious this one, but I’m gonna add a caveat to it. Don’t buy it if you want it, buy it only if you need it.
Want has taken over our lives because it’s become easy to do. Let’s move it to “need” for this year. All right, so we’re gonna calm down the spending, but when you NEED to – shop the sales.
Review your insurances
This is a place where you might be able to save some money. So remember, if you’re fully insured and you’re a homeowner, for example, you’ve got home insurance, you’ve got contents insurance, you’ve probably got vehicle insurance or multiple vehicle insurances.
You’ve probably got life insurance, income protection insurance, medical insurance, and a range of other insurances. We can help you look at those and see if we can find you a better deal.
Quite often, we can bundle a whole lot together and in doing so, create savings.
A lot of insurance policies have excesses.
That is, how much do you want to pay first? For example, if your car crashes, I pay the first thousand and insurers pay the rest. Maybe we could muck around with the excesses a little bit. If you’ve got things like health insurance, perhaps we could dial it back a little bit and just cover the big stuff and not everything. There is a lot we can do with insurance to save you money.
Review your mortgage insurance
If you are a homeowner and you had to borrow money from the bank to purchase that home, you will be paying interest. There could be ways to save money there. Banks are always fiercely competitive when marketing their interest rates to have you as a customer borrowing money off them for your home.
So maybe we could save you some money by reviewing your mortgage.
We talk about this in money-saving hacks and lowering debt hacks, but automate your finances. You know what’s coming in from your income. Take all the big expenses your rent, your mortgage payments, your insurances, and your internet and your power and just set them up so that they automatically go out.
And then we’re gonna make sure there’s no late fees or anything like that. And it’s just a good way to keep your house in order.
Invest in yourself
Invest in yourself
In times of inflation, in times of high-interest rates, in times of everything costing more. If you are better, you can attract more money.
Invest in yourself.
Learn something new.
Be better at your job, be more valuable to your employer.
If you do that, more money will come and it will ease the pressure for you.
Cut back on unnecessary expenses
o through your bank statement item by item.
Cut away the stuff that, you know, is probably a little bit extravagant for 2023 if it’s getting hard to make ends meet.
Be prepared with an emergency fund
An emergency fund gives you peace of mind.
If you can save money into an emergency fund and leave it somewhere in the back in a bank account, you will know that should the ‘proverbial’ hit the ban, you are covered.
Create a budget
We talk about this all the time, know where your money’s moving, create a budget, stick to it, have a savings component, automate your bills, and we can certainly tighten it up and make sure you’ve got some spare money.
Important things to remember
In conclusion, let your fingers do the walking, only buy it if you absolutely need it for 2023. Not if you want it! Review things like insurances and mortgages. Make sure you’re getting the best deal there.
Automate your finances and of course, invest in yourself. Go through that bank statement item by item and get rid of the stuff that you’re not using. Cut away unnecessary expenses. Always have an emergency fund saved, and you can build that by doing a budget and sticking to it.
That’s a wrap
So what do you think? What will you try to do when saving money this year?
If you need any financial help or advice please get in touch with us at Super-Advice.