A recent study from the Money and Pensions Service found that one in six UK adults have no savings. While this may seem alarming, it’s understandable – especially in the current cost of living crisis. However, having some savings set aside is important, whether you’re saving for retirement, planning a lavish holiday, or simply want some reassurance that you’ll be okay should you encounter some bad luck.

With that in mind, here are three practical ways to reduce your spending (and save more money) in 2023!

Buy ‘used’ or ‘second hand’.

When you think of shopping for an item second-hand, you’ll likely think of browsing for clothes in your local charity shop. You can use apps or websites like Depop to grab some bargains, and help keep clothes out of landfills for longer!

While this can be a great way to upgrade your wardrobe on a budget, there are many other things you can buy second-hand, too. If you’re looking for a new car, you can save a great deal of money by purchasing a used car, provided it is in good condition.

However, when doing so, you must buy from a company you know you can trust. For example, if buying a second-hand Audi, look out for an audi dealer that sells Audi Approved used cars. This way, you can rest easy knowing the car is roadworthy and in good condition and avoid extra surprise expenses down the line.

Keep track of your spending. 

Another way in which you can begin to save more money this year is by keeping track of your spending. After all, if you aren’t aware of exactly how you are spending your money, it’s hard to know what changes you can make to save it. 

For example, downloading a spending tracking app on your phone (or simply noting when you buy something) provides visual evidence of your spending habits (the good and the bad). You can then begin to implement changes if necessary, such as by swapping out your daily takeout coffee for coffee you make at home! However, you can also keep track of your money by putting together a strict budget and ensuring that you stick to it! 

Use discount codes to your advantage. 

Another way in which you can save money in your daily life is by making the most of discount codes and coupons. After all, they can be used against various purchases, from grocery shopping bills to flights.

Make sure you do some research ahead of time in order to find the best prices as well, instead of just making a purchase right away. While it may not be as time-efficient, you could be throwing away hundreds of pounds unnecessarily!

Final Thoughts.

In short, while saving money can sometimes feel like an impossible task, especially in the current climate, there are many things you can do to grow your savings during this time. Making any of these changes can help put you on the path toward financial security! 

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