Cost of living: 23 savvy money saving hacks for 2023 - from TikTok’s ‘50:30:20’ rule to starting a side hustle

Over a quarter of Brits are looking to get their finances in order this year, according to finder.com - these 23 money saving hacks for 2023 should help.
Watch more of our videos on Shots! 
and live on Freeview channel 276
Visit Shots! now

The cost-of-living crisis spiralled over the last year with the rocketing prices of food and energy leaving many families worried about how they can manage their finances in 2023. But there are some steps Brits could  be taking to save a little cash, from tracking spending via a digital budget planner to investing in a smart meter.

With this in mind, NetVoucherCodes has released 23 money saving hacks for 2023. There are quite a few savvy ones you might not know about, such as the ‘50:30:20’ rule that took TikTok by storm and putting locks on digital banking pots.

Hide Ad
Hide Ad

Lucinda Fox, online consumer expert at NetVoucherCodes.co.uk said: “December is one of the most expensive months of the year, which is why many families are left tight for cash when it comes to January.

“We’ve faced one of the toughest years when it comes to saving money, as every household expense has been rising, from petrol to food and of course our energy bills. As we head into 2023, we’re offering households simple tips on how to stick to measurable budgets so they don’t have to worry about overspending or be left strapped for cash towards the end of the year.

Invest in a digital budget planner

Start the year off by investing in a digital budget planner so you can visually track how much you’re spending and in which areas. This way you can monitor which outgoings can be cut down to help save hundreds off your monthly budget.

Get a smart meter 

Having the physical amount in front of you can let you see clearly how much is being spent on gas and electricity. It means you can knock £20 off the electric bill if devices that aren’t being used are still turned on.

Start a side hustle

Hide Ad
Hide Ad

A savvy way to earn extra cash in the new year is to earn more and spend less by starting a side hustle. This can simply be done from home whether it’s selling clothing on apps or completing free online surveys to earn rewards.

Enter free giveaways

Social media giveaways are also an easy way to grab a freebie. While it’s all down to chance, it’s worth doing as the only effort you’ll likely be putting in is following the company’s social page and tagging a friend in the comments.

Having the physical amount in front of you can let you see clearly how much is being spent on gas and electricity on a smart meter.Having the physical amount in front of you can let you see clearly how much is being spent on gas and electricity on a smart meter.
Having the physical amount in front of you can let you see clearly how much is being spent on gas and electricity on a smart meter.

Set measurable savings goals

While it’s great to save as much as possible, don’t just throw everything into savings only to realise there’s not enough money left to pay for the bills. Be reasonable with how much you can save and by putting aside a steady amount to start with.

Shop during sale events 

January sales are one of the prime sales events over the year, where many retailers knock down their prices after the Christmas rush. If you have family or friends with birthdays coming up, make the most out of the sales to save on the costs.

Book 2024/25 holidays now 

Hide Ad
Hide Ad

When it comes to travel prices, the earlier you book, the better. Many companies offer zero deposit schemes where you pay the holiday off on a cheaper monthly basis rather than all in one go. Have a look at travel voucher codes to save up to 30% on future trips.

Shop around for deals 

Have a look at different outlets offering the same type of products, both online and in-person. This also applies to supermarkets during seasonal events where better promotions can be found by shopping around.

Join community groups for free activities 

Signing up for online community groups means you have access to wider information about free local activities going on in the area. This will help even further when it comes to half term to prevent overspending on days out.

Digital banking apps have a range of features that can help you save money, such as different savers accounts and budgeting tools.Digital banking apps have a range of features that can help you save money, such as different savers accounts and budgeting tools.
Digital banking apps have a range of features that can help you save money, such as different savers accounts and budgeting tools.

Sign up for loyalty schemes

Each time you decide to shop at a retailer, have a look if they have an app available or go straight to their website and join their reward schemes. This can result in freebies or discounts on your next visit.

Book free cancellation trips

Hide Ad
Hide Ad

Booking free cancellation trips can provide extra insurance to get money back on a cancelled trip. This can be extremely helpful if there are ongoing strikes over the course of 2023 that could impact you getting to your destination.

Sign up for email subscriptions

Even if they end up in your junk mail, it’s worth signing up for email subscriptions every time you purchase an item online, as you can be offered exclusive free items or early discounts before they go live to other consumers.

Freeze leftovers from Sunday roasts 

Freezing food and meal prepping is always a handy way to save on food costs. With prices set to rise again in the new year, it’s also worth saving the leftovers from a Sunday roast and batch-cooking them into lunches for the rest of the week to save a few quid.

The 50:30:20 split

A popular TikTok trend from 2022 is one to follow through in the new year. When the monthly wage comes through, allocate 50% of it on bills and essentials, 30% on leisure and 20% on savings.

Use a credit card 

Hide Ad
Hide Ad

When buying a large purchase item, pay for it on finance or directly by credit card to build up your credit score. But only do so if you can realistically manage to fit the payment into the monthly budget.

Have spend-free weekends

Dedicate one weekend a month where you’re going to have a spend-free weekend, where you can go for long walks in the park, get crafty in the kitchen with existing cupboard ingredients, or even just settle down and binge-watch a new TV show.

Use fakeaway recipes

A fakeaway is always a delicious budget treat to have on a Saturday night. Fried chicken and homemade pizzas might take a little longer to make but the rewards are just as tasty.

Notepad mystery box

Write down different amounts you’d like to put into your savings on separate pieces of paper and put them into a bowl. Every Sunday, draw out a different amount to determine how much money you will be putting into your savings that week. This is a great way to save little and often, just remember to keep it realistic!

Check for tax rebates 

Hide Ad
Hide Ad

Often many find themselves accidentally paying too much tax, which can be reclaimed on the Government website. Even if it’s £30 - it’s still worth a look.

Take part in free subscription trials 

Brands offer freebies by signing up for subscription deals, whether it’s entertainment packages or beauty products. These can often be cancelled shortly after, so make sure to do so to prevent being charged.

Stick to non-branded foods

These can cost nearly 50% less compared to other products. Veggies and meats often taste the same so it’s worth investing in the non-branded versions to cut down on weekly meals.

Put locks on banking pots

Virtual banks often allow for savings pots to be locked and only accessible on certain dates. Having the visual lock on display can help prevent the temptation of taking cash out on a frequent basis.

Stick to the plan 

Hide Ad
Hide Ad

Don’t just stick to the budget for January and forget about it for the rest of the year, make it a personal goal that you’ll stick to the saving targets so that the rewards will be greater by the end of next year.

Related topics: