In this article, I’m going to share the money-saving tricks that will help you save money. 

Here are the saving tricks: 

Generate more than one income.  

The truth is your ability to save is restricted by how much you earn, if you currently make minimum wage then saving a lot of money will be next to impossible, and the only way to improve this situation is to find ways to increase your income, for some this may be picking up another part-time job, doing freelance work, or increasing your skills to allow you to earn a higher hourly wage. Personally, I’ve been able to triple my income over the last two years by completing my computer science course, but I know accounting isn’t for everyone. 

Determine the cost and the number of hours.

Convert the cost of your purchases into work hours, for example, if you make $20.00 an hour at your job, then buying that new $100 T-shirt is really five hours of your time, ask yourself, is that shirt really worth 5 hours of slaving away at my job? when you begin to see your purchases in this light, you’ll become more conscious of how much a personal investment it was during this money, making you think twice before spending frivolously and ultimately allowing you to save more money over time. 

Only use cash.

One of the best money-saving tips is to only spend cash, whether you’re buying groceries or a new phone, spending the cash makes us notice the monetary effects of our actions, this is because as we are paying, we are physically handing over money and we see the depletion in our wallet, whereas when you use a credit or debit card, the potential to spend seems almost endless.  

Additionally, if you don’t want to break a big 50 or $100 bill, and you have to lug around loads of change, you may just avoid purchasing this altogether, allowing you to save more money than you ever could when relying on credit cards. 

Take your time when making large purchases.   

Sleep allows you to save money in two separate ways, firstly, without proper sleep, your decision-making capabilities diminish and the chance of risky or monetary behavior arises, so that car you would not normally consider buying may end up in your driveway, secondly, sleep allows you the time to contemplate a big purchase, take the evening to sleep on large expenditures and allow your unconscious mind to process the information related to the purchase and then analyze it while you’re dreaming. 

Consider your future wealthy self.

Sure, spending $5 on a Starbucks coffee doesn’t seem like a big deal, but what if I told you that, $5 could turn into more than $100 by the time you retire? you might change your mind, right? Every time you consider a new purchase, no matter how big or small, ask yourself for spending this money will make you closer or farther away from achieving your future rich life. 

Have an automatic deduction plan.

For those of us who had no control over our spending, automatic deductions will work wonders. If you are unfamiliar with automatic deductions, they work in the following way, whenever you get paid a portion of your pay is withheld from going into your main bank account. Typically people will set up a savings account that the money is routed into, which in some cases is not accessible to allow the money to continue to compound. 

Stay away from social media.

It seems like every time we go on Facebook, Instagram, or any other social media platform, we are bombarded by ads, from workout clothes to the hottest new toy, we are being exposed to just as much sponsored content as the pictures and videos we actually want to see, besides being terrible for our productivity, these apps are causing us to spend significantly more money, which erodes our chances that saving money saving. 

So find what works for you and with this increase in income in the previously mentioned savings tips, you will have more money than you’ll ever know what to do with. 

Tags: Building wealth in 2023, Financial planning for 2023, Money-saving ideas for the new year, Savings strategies for 2023, Tips to save money in 2023