Money Saving Tips and Ideas for 2023

In this article you will learn the 10 BEST money saving tips and ideas for this year! Let’s end 2023 credit card debt-free by making a few EASY adjustments to your current lifestyle!

Saving money doesn’t have to be difficult! By changing the way you think about your money, you can change the way your act with your money, which can then change the way your money can work for you!

If you have been following me for a while now then you already know that this blog was born after my husband and I sat down and decided it was possible for me to stop working at my full-time job and become a stay-at-home mom to our two girls. My husband works in banking and with his income combined with his extensive financial knowledge, we were able to comfortably begin living as a family of four on one income.

Related Post:

One Income Family | Is it possible for me?

This list of money saving tips and ideas comes straight from our family practices. They are not complex, life-altering changes that are going to flip your lifestyle upside down. But they are going to challenge you to think about your money and especially your spending in a different way.

So let’s go ahead and dive right in to our top 10 money saving tips and ideas:

1. General savings tips:

If you only read one of these money saving tips and ideas I hope that it’s this one! This is the biggest piece of advice I have ever heard to help me save money:

Make a PLAN for your money and be INTENTIONAL with your spending.

Saving money is kind of like going on a diet… When you go on a diet you:

1. Choose a diet PLAN.
2. Remove temptations.
3. Decide what you will and will not eat each day.
4. Track your progress.

Same thing should be happening when you want to start saving money:

1. Make a PLAN for your money: set a budget (% to monthly bills, savings, giving, investments, food, entertainment, etc…). TIP: opening multiple free checking accounts for different financial aspects (monthly bills, savings, giving, investments, food, entertainment, etc…) helps you to visualize how much money is left over for free spending.
2. Remove temptations: As soon as the paycheck hits your account, disperse the funds to where they need to go. What amount is left over is what you have left to spend if you want to. If you leave all your money in one account it is easy to forget about upcoming bills/fees/needs and spend the money without caution.
3. Decide what you will and will not spend each day: Be intentional with your money. Avoid random spending.
4. Track your progress: If you have set up accounts and contributed a percentage of your initial income to savings &/investments, how is the growth going? How does it compare to your feeling towards the way you are managing your money/life?

2. Clothing savings tips:

First, do you have a budget for clothing or do you just buy clothing when you see something that you like? If it’s the latter, then that is the first problem. Again, spending needs to be intentional!

Next, we need to start thinking about brand and quantity. Usually if you HAVE to have one, another one has to give. If you have a budget of $600/year for new clothing you could have six new $100 outfits or you could have twelve $50 outfits. It all depends on where you shop. So you have to decide… Is brand name worth the lack of quantity? Or can you find quality clothing at a lower price tag? TJ Maxx, Marshall’s and Ross are great options for high quality with lower price tags.

Related Post:

My LaLa Leggings | Oh LaLa or Oh NaNa?

TIP: Secondhand clothing is an EASY way to save money on clothing. Buy Nothing Facebook groups are my favorite place to find FREE clothing. Facebook marketplace, Plato’s Closet, Goodwill, etc…are also great options.

3. Food savings tips:

How much easier is it to order food or pick up drive-thru for dinner than to actually cook a meal?! MUCH EASIER! However, it’s NOT easy on your budget! Or your health/waistline (which will eventually effect your budget as well)! Again with being intentional. Plan your meals and do ONE grocery trip for the entire week. If you know that you are going to be too tired to cook when you get home late from work, then make a plan! Find time to cook before the work week starts so that you just need to heat left overs. Or choose easy to make options.

If you enjoy eating out (we do too!), budget for it! Make it an occasion and not a norm. Set aside “x” amount of money per week for any and all eating out.

4. Entertainment savings tips:

Going out can be expensive! Movies, concerts, plays, amusement parks, comedy clubs, etc… cost money! Again, be intentional and make these occasions special. You can save a lot of money by making popcorn and watching a movie from the library at home rather than in the theater. Or get lawn seats rather than pavilion at that concert that you just HAVE to go to. If you plan a day out with the family at the amusement park, bring drinks and pack a lunch and snacks. Being intentional can allow you to do more of what you love while still saving money!

Also, always be on the look out for FREE events. Free concerts, movies, and fun are happening all around you all the time! You can easily find free events by looking on sites such as: local parks, churches, Facebook, etc…

Related Post:

Where Cincinnati Moms Find FUN!

5. Health savings tips:

We are human and we are going to get sick, need medication, etc… Having a health savings account is an easy way to set aside those funds for when you need them. Don’t let the flu drain you and your bank account! Being prepared is the easiest way to stay ahead!

6. Holiday money saving tips and ideas:

Shopping early and on a fixed budget is the easiest way to save money during the holidays. Don’t wait until right before the holiday when prices are at their peak! Get your shopping done in advance!

For example, Walmart is known to mark toys down to clearance prices in the month of July. Doing Christmas shopping for the kiddos in your life in July can save you TONS of money!

Buying decor and extras after the holiday when they are marked down is another easy way to save money!

7. Debt savings tips:

Feel like you are drowning in debt? Consolidate your debt as much as possible and then start attacking one debt at a time starting with the one with the highest interest rate. Plan to give a certain percentage of each paycheck towards reducing the debt in this manner. In no time (and as long as you don’t continue to increase your debts) you will be debt free!

8. Kids savings tips:

I am going to bring up Buy Nothing Facebook groups again. Search for your local Buy Nothing group and USE them! Kids grow out of clothing, shoes, and toys so fast that they are barely even used! Giving your kids old/unwanted items to neighbors is an easy way to purge the clutter and help out a neighbor. Your neighbors are there to help you too and you can find all sorts of clothing, shoes, and toys for your kids for FREE!

Another area to save is activities/sports. The “one-at-a-time” rule is great for helping to manage your money for extracurricular activities. Instead of doing 2-3 activities all at one time, limit it to one. This will not only save you money but also TIME! So maybe you will have time to eat dinner at home!

9. Vacation money saving tips and ideas:

Planning. Planning. Planning! Set a vacation budget. Add a little “cushion” to the budget and stick to it! Booking ahead can save you TONS of money on travel, hotel stays and car rentals. TIP: planning all-inclusive vacations is an EASY way to reduce added spending.

10. Personal grooming savings tips:

The last time I got my hair done (cut and colored) it cost me $240+tip! And stylists recommend you do this every THREE months?! That’s an insane amount of money! Then add in nails, makeup, etc… for everyone in the family and you are looking good…but bankrupt! Budget for this too! Set aside money into an account for personal grooming services so that these expenses don’t sneak up on you. Also, cut or reduce what you can. TIP: talk to your stylist about a style/color that needs less upkeep (reducing the number of time per year you get your hair done). Shopping around for new stylists/cosmetologists/etc…may be another way to save you money in this area.

Related Post:

Be Boujie on a Budget

I hope that this list of our BEST money saving tips and ideas helps you to set up a budget, get out of debt and start saving money! Let me know what you think in the comments!