Learn how to boost your savings in 2023! Uncover how much you spend with these apps, budgeting methods, and saving accounts this year.
The year 2023 is one where knowing how to boost your savings will matter most. Rising inflation and tumultuous markets mean we need to get savvy with our money, and that means squirreling away a few more dollars. There are several apps, plans and products that make it easier to increase your savings fast. We've rounded up a few of our favorites to get you started.
Say hello to budgeting apps, the fastest way to create some breathing room in your finances to allow for maximized savings. A few of the top-rated budgeting apps are:
When you consciously have to think about saving money, it can take Olympic-level discipline to do it every month. What do you do when you forget or decide to use the funds for something else?
The best way to prioritize savings is to automate them. You can set it up yourself, and it takes just a few minutes. Choose an amount you're comfortable with automatically deducting from your account each month. Increase the amount incrementally each month to save more money in 2023.
While debt can help people get out of tricky financial situations, it can also leave them living paycheck-to-paycheck. U.S. household debt has reached a staggering $16.5 trillion, but that doesn't mean you have to contribute to that statistic. Kick debt to the curb with a Get Out Of Debt (GOOD) strategy. Paying off debt not only frees up funds for savings and investments, it also saves chunks of money on interest payments.
To give you an idea, let's look at what an extra $50 per month can do to a $10,000 loan. Let's say the loan carries an 11% interest rate and has a repayment of $500. The repayment period will be roughly 22 months, and you'll pay just short of $1,100 in interest. By increasing your payment to $550, you save almost $100 in interest and cut two months off your repayment period. That extra $100 can easily go towards savings or investments.
Feeling broke doesn't need to follow you around in 2023. It's no secret that salary increases are hardly ever at the rate of inflation increases. In fact, surveys show that companies plan to increase salaries by 4.6% in 2023, compared to inflation. But you don't have to rely on the regular incremental salary increases to boost your income to create some room to save. Some ways to up that income include:
There isn't a bank in the U.S. that doesn't offer savings accounts, but sometimes you have to look beyond the traditional brick-and-mortar institutions. It pays to shop around.
You can access these accounts easily through ATM cards, debit cards, and online transactions. Plus, many of them don't have monthly service or maintenance fees. Savings accounts at qualifying institutions also fall within the protection of the Federal Deposit Insurance Corporation (FDIC) for deposits of up to $250,000.
You might also have long-term financial goals, such as saving for a downpayment on a property. If you don't want instant access to the money, consider longer-term savings products, such as certificates of deposit (CDs). These accounts offer:
2023 is the year for savings. What better way to create some space in your budget than by saving on one of your biggest costs: groceries! See if our print coupons serve your area by searching our Coupon Book Finder and check back on save.com for ongoing saving tips and tricks.