British Muslim Magazine

Five New Ways To Save Money in 2023

With many concerned about the cost of living crisis, exploring new ways to save money has become a major factor when dealing with our finances. This is probably the first time in many years that inflation has risen rapidly, with prices of essential items rising at a superfast rate. 

In this article, we look at five of the best ways you can save on your bills in 2023.

Start a New Saving Habit That Works For You

The best thing about saving is that you can be as creative as you want with it. Whether it’s rounding off to the nearest pound or simply using the good old fashion piggy bank, play around with ideas and make it fun. That way you’ll enjoy saving and find it more approachable than taking a large sum out every month. If you’re feeling up for it, you could even do the 1p challenge which consists of saving 1p the first day, 2p the next day and so and so forth until the 365th day of the year where you save £3.65. That way you’ll end up saving £667.95 after a year. 

Shop Elsewhere

Recently we published an article talking about the cheapest supermarket in the UK. Many of us may be familiar with certain brands, but it pays to shop elsewhere at times. Aldi and Lidl were undoubtedly the cheapest supermarkets in the UK, which is why many are opting to do all their grocery shopping from these places. Whilst not everyone likes to buy own-brands, it could help in lowering your total amount with some products. What’s more, by shopping around and comparing prices, you could find that you’re saving an average of £10-£15 each time you do your weekly shopping. 

Create Budgets

It’s very easy to spend, spend and spend. From impulse buys to chaotic shopping experiences, spending without a budget can create unnecessary tension when it comes to finances. Review your income, work out your monthly bills and simply create a budget to stick to. That way, you’ll be in the driver’s seat instead of letting your money take you for a ride. Even if there was not a cost of living crisis, creating budgets for everything you do in life can help you manage your money much better. Set yourself goals, compare your expenses and income, track your spending and shop around to help manage your money better and be in control. 

Save on Monthly Bills

There are many cool and different ways to save money on your monthly bills, many of which we are unaware of. Whilst we also know that the most obvious is searching around and comparing prices, many of us are not aware that we can also negotiate lower rates with our service providers. Don’t be afraid to call them and haggle for a lower price if you feel that is the best thing to do. You can also review what you already have and cut back. Do you know all the subscriptions and TV services you currently have? Maybe you can start using LED light bulbs instead? Check for leaks so you’re not spending more than you need to. 

Cut Back on Redundant Non-Essentials.

There are so many non-essential services, subscriptions and items we have that we could do without. Whether that’s streaming services, gym memberships or impulse buys, make this year different by ridding yourself of any of these redundant monthly subscriptions. Ask yourself, do you need that expensive coat? Maybe you can cancel insurance for a certain product you don’t use anymore. Instead of visiting the barbers, start cutting your hair at home. Instead of splurging on an expensive car wash, use the automated ones. And most importantly, with food prices rising exponentially, maybe it’s time to cut back on those luxury and expensive meals by eating out less or cooking at home. 

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