10 Simple Ways To Save Money in 2023

Americans under the age of 35 typically have $3,240 in their savings account, while older Americans usually have $6,400. This doesn’t surprise me. Most people like myself live paycheck to paycheck. 

Of course, that could be due to if you went to college, your job experience, and where you live in the United States. However, what happens when your savings account is depleted? How do you refill it again when money comes as fast as it goes?

This is where my top 10 ways to save money in 2023 will come in. These ways will help you save money no matter if you are living paycheck to paycheck. 

1. Make a Budget

I know this is one that many people know about but need to know where to start. A while back, I wrote a post on making a killer foolproof budget that even a beginner could do. I would spend an afternoon reading that post and creating your budget!

Pro-Tip: I even linked to a standard budget sheet I use!

2. Cancel Unused Subscriptions

This goes hand in hand with making a budget, but look at everything you pay for seriously. I guarantee you; you are paying for a handful of subscriptions you are not using and forgot about.

If this is the case, it is time to cancel them. Only keep subscriptions that you will use. My rule of thumb is if I didn’t know I had it, I do not need it. Do not waste money on something you do not need. Every little bit adds up, and that money can fund your savings account.

3. Open a High APY Savings Account

Did you know you could lose money every month if your bank doesn’t offer an outstanding APY for your savings account? Even some banks will take over APY for their checking account. This is FREE money for just keeping your money in your account. You do not have to do anything differently. 

If you are looking for an excellent high APY savings account, I’ve made a great post about the top 3 picks for high APY savings accounts for low-income individuals meaning you do not need to put in a few thousand dollars like some of them require you to. 

4. Use Rebate Sites

Rebate sites are the newer version of couponing. There are rebate sites and apps for literally everything under the sun. You have gas rebate apps, grocery rebate apps, dining rebate apps, and even travel! There’s something for everything out there.

I recommend getting out there and incorporating them into your daily lives. If you are already purchasing this or that, why not save a few coins using an app? This can add up quickly and help fund your savings account more quickly. 

Here’s a link to a few of the tried and true apps I regularly use that I think you should also sign up for.

5. Automate Your Bills

Many people usually frown upon this when I tell them to automate their bills. Why should you automate your accounts? You won’t ever have to pay late fees again! If you forget when their bills are due, you are spending $ 100 every year on late fees, which can be helpful elsewhere. Stop paying late fees and automate your bills, so you never have to worry about, “Did I pay the electric this month?” again.

6. Start a Money Savings Tracker

You will probably have seen this cute money savings tracker if you are on any social media. Typically many fan pages start posting, saving a penny every day for a year. This is a great way to motivate you to put money in your savings account. Best of all, you can find free savings tracker if you want to keep it free. 

This tool is an excellent motivator for many to start saving because they want to finish their savings tracker sheet quickly. I recommend this if you need help starting to save money or looking at the bigger picture when saving money.

Some great sites that have free savings trackers are:

Savings Trackers by Printabulls

11 Free Printable Emergency Fund Trackers & Charts by Frugal Confessions

21 Free Money Tracker Printables by Caroline Vencil

7. Shop Around for Insurance (Home, Auto, Life)

My mom had drilled into my head that I should always call around every 6 months when my car insurance was up to see if there was a lower price. I will also admit I never did that because it was always daunting. However, do not be like me because the times that I did call around, I did find much lower prices. 

I recommend calling around to see if you can get a lower price because it doesn’t hurt. You can even contact an insurance agent and give them the information; they will call on your behalf. They can even get you a better deal than you can by yourself.

Remember bundling your insurance needs will also give you a cheaper rate!

8. Get a Side Hustle

If you are already at a bare-bones budget and there is nothing else you can do to squeeze out another red cent, then it is time to look at getting a side hustle. I know this is not what you want to hear, but it’s something you have to do to get ahead and stay afloat. 

Luckily, there are many side hustles that you can do from the comfort of your home and on your time. I have written a few posts that have over 50 places that you can do as a side hustle. These two posts will be linked here and here. 

I recommend looking at the different side hustles and finding one that interests you and can fit into your schedule. 

9. Snowball Your Debt

You may not see this as saving money, but every month your debt costs you money whether you like it or not. Every month you pay interest, which in the long run makes you pay more money out in the long term. By snowballing your debt, you can tackle it by paying it down much quicker by saving money. Because let’s be honest, the faster you can pay down your debt, the quicker you can put that money directly into your savings. 

Pay the debt with the highest interest rate and work your way down that way. However, if that debt is the most significant and you get discouraged easily, try paying down the smallest debt. If you work in a way that keeps you motivated to continue to snowball, that’s how you should do it despite others’ opinions.

10. Sell Your Items You Don’t Use

We all have junk to get rid of. I know I’ve been in the deep cleaning mood for the past month and have tried my hand at selling various new and used items. You can sell your items on Facebook Marketplace, Craigslist, and other platforms. 

However, remember pawn shops. They’ll purchase your items too, and you won’t have to go through the hassle of meeting people and answering questions repeatedly without a sale. 

What’s Next After Saving Money?

Now that you know some of the best simple ways to save money in 2023, we need somewhere to store our money safely. You will want to get high APY savings account if you haven’t already. I’ve talked about 3 high APY savings accounts you can open with little to no money needed. 

What are your simple ways to save money in 2023?