How to save more money in 2023
A new year marks a new opportunity to fulfill resolutions and commitments. For millions of Americans, this can mean getting back into shape, taking on a new hobby, or just generally improving your health and wellness.
It can also be a second chance to improve personal finances and start saving money. With that being said, it's not always easy to save money, particularly during periods of high inflation. As the cost of living and weekly food shopping increases, it can be difficult to make ends meet, let alone save some extra money.
Fortunately, there are a series of ways consumers can start saving now, without having to touch their paychecks. It may not be quick - and it may take some research - but if you're committed you can start saving money today.
How to save more money in 2023
Whether you're looking to fulfill your 2023 resolution - or just want to keep some money in your pocket - consider these three ways to start saving money now.
Review insurance policies for savings
Don't get too comfortable with your current insurance providers. It's possible that you could be paying less for the same (or even more) coverage. You'll need to do your homework and shop around to see where you can potentially save.
There are strategies you can use to get cheap life insurance, travel insurance or pet insurance. You can (and should) also look into any eligible discounts you may qualify for. Don't forget to look into your current home insurance policy, too, as you may be paying for coverage you don't need (or if you live in a building, coverage that the landlord or owner already has).
Start by comparing your current life insurance costs and get a quote here.
Refinance existing debt
If you have cost-prohibitive interest rates on your mortgage, student loan or personal loan, you could save significant sums of money by refinancing to a lower interest rate.
Remember: private student loans aren't eligible for any federal forgiveness programs. So if you want to lower what you're paying each month you may want to turn to a refinance loan.
And while mortgage refinancing isn't as advantageous as it was during the height of the pandemic, there are homeowners who would still benefit. Homeowners who have a high-interest rate (think above 6%), those who are hoping to pay off their loan sooner, or those who want to stop paying private mortgage insurance could all benefit from refinancing now.
Answer a few simple questions here to see if mortgage refinancing makes sense for you.
Consolidate your debt into a more manageable loan
You may be paying high interest rates on credit cards, for example, that is costing you long-term. By consolidating your debt into a debt consolidation loan, you may be able to obtain a lower interest rate and a shorter term, saving you money each month and interest you otherwise would have paid if you kept your existing payment schedule in place.
Debt consolidation loans can also help boost your credit rating. If you've gotten yourself into a hole with credit cards or other debt then you've probably damaged your credit score, making it more difficult to be eligible for better rates in the future.
A debt consolidation loan helps by bringing all of your debt under one umbrella. After a series of on-time payments to the loan (and assuming you don't wrack up debt elsewhere), you'll start improving your credit - and you'll save money. See how much you could save by answering a few simple questions here now.
The bottom line
This isn't an exhaustive list. Everyone's personal circumstances and financial situation are different. So what works well for one person may not work as well for another and vice versa. But if you're looking to make your financial resolution stick - or if you could benefit from saving a few extra dollars - then these recommendations could help you start 2023 off strong.
