Financial resolutions are being made as 2023 quickly approaches. Jennifer Streaks, Business Insider senior personal finance reporter, joined CBS News’ Debra Alfarone to discuss tips on saving more in the new year.
#newyear #finance #inflation
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Tips for Saving More in 2023 Amid Rising Costs of Living, Inflation
As we enter the year 2023, many individuals and families are feeling the pinch of ever-rising costs of living and increasing inflation. Saving money may seem like an uphill battle, but with careful planning and wise choices, it is possible to build and maintain a healthy savings account. Here are some tips to help you save more in the face of these financial challenges.
1. Analyze Your Expenses: Start by closely examining your expenses to identify areas where you can cut back. Look for non-essential expenditures such as dining out, entertainment subscriptions, or unnecessary shopping. By eliminating or reducing these expenses, you can redirect the saved money towards your savings account.
2. Create a Budget: Establishing a budget is a crucial step in saving more effectively. Allocate a specific amount for each category such as groceries, utilities, rent/mortgage, transportation, etc. Stick to your budget diligently and make adjustments whenever necessary. Knowing exactly where your money is going helps you take control of your expenditures.
3. Automate Savings: Set up an automatic transfer of funds from your checking account to your savings account each month. By doing this, you are more likely to save consistently and without temptation to spend the money elsewhere. This method ensures that saving becomes a fixed expense in your budget.
4. Increase Income: In times of inflation and rising costs, it might be necessary to seek additional sources of income. Consider taking on a part-time job or freelancing to supplement your main earnings. Alternatively, utilize your skills and hobbies to start a side business. The extra income you generate can be used entirely for savings.
5. Shop Smart: When shopping for essentials, be mindful of prices, discounts, and deals. Compare prices between different retailers or consider buying in bulk to save money in the long run. Additionally, make use of coupons, loyalty programs, and cashback offers to maximize your savings.
6. Reduce Energy Consumption: Lowering your electricity and water usage not only benefits the environment but also reduces your utility bills. Unplug electronic devices when not in use, switch to energy-efficient light bulbs, and be conscious of your water consumption. These small changes contribute to overall savings in the household budget.
7. Prioritize Debt Repayment: If you have any outstanding debts, focus on paying them off as quickly as possible. High-interest credit card debts and loans can eat away a significant portion of your income. By paying off debts promptly, you free up more money that can be allocated towards savings.
8. Track and Review Progress: Keep a close eye on your savings progress and regularly review your financial goals. Celebrate milestones along the way to stay motivated. Adjust your strategies if needed and seek opportunities for further growth.
9. Seek Professional Advice: If you’re finding it difficult to save or need assistance in navigating through financial challenges, consider consulting with a financial advisor or planner. They can offer expert guidance tailored to your specific circumstances and help create a roadmap towards achieving your financial goals.
Saving money in the face of rising costs and inflation requires discipline, perseverance, and smart money management. By adopting these tips and making them part of your financial habits, you can build a solid foundation for a secure future while still enjoying the present. Remember that every small step towards saving counts and that financial security is within reach with the right mindset and determination.
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I have a budget and stick to it for the most part. The hard part is that my rent, food, and gas costs have increased significantly making it impossible to save money. My rent went up almost 300 a month, gas went up almost 45 a month, and food has gone up almost 200 dollars a month. That is an additional 545 dollars a month for absolutely no reason, and completely out of my control. How are Americans supposed to handle this type of inflation? I can't afford to get a home, so I have to rent.. What options are there when prices for necessities increase 50 plus percent?
Work lots and lots of overtime. Go on a diet. Sit at home.
Wtf is up with these comments on investments lol. They don't even make sense.
Save more money to lose more money to inflation
Budgets! BUDGETS! We don't need no stinking budgets." I'm playing on the words of a famous line from the "Treasure of the Sierra Madres." movie with Humphrey Bogart. Just to clarify what I'm saying: Humphrey went into the Sierra Madres and found gold. Banditos calling themselves Federales (Mexican FBI) wanted his guns. Humphrey asked where their badges were. "Badges. BADGES! We don't need no…"
Humphrey went onto the mountains to find gold. He found it, lots of it. If he'd given up his guns, Federales or not, he'd be dead. I played on the words. I went homeless and lived in my car because I saw this economy coming up. It's not the first time. I lived in my car two years ago to collect money (gold) and since then the "Federales" have been after it. Would you just give them what they're asking for? Keep the gun you live and keep the gold. Believe in this criminal and you lose everything, even if the guy seems soooooo nice, you lose everything. Want someone to blame for your economy, blame CHRISTIANS. They got you coming and going. Save your money and stop giving the Church so much money, pray to god all you want, but for free. They've become Federales" because Jesus supposedly went political. Watch who you vote for. With this Santos guy, I'm calling your Christ out.
The end of the movie "Treasure of the Sierra Madres" Humphrey failed to really find the treasure that the Sierra Madres gave, gold was just and element simply blown away. If it weren't worth anything, then the treasure comes with the love in a peaceful life. How much are you willing to pay for that? Today, only con artists are getting rich, like those Federales. Save your money. We need to save ourselves, AGAIN for the third time in my life. I had to live in a car to be ready for the "Federales." claiming they're authorities.
Same story every year. Boring.
When we save the economy suffers.
The best way we can start saving money this coming year is to impeach the clown and his administration and voye in a conservative
Buy less….. There you go saved you some time.
Budgeting advice from the greedy rich to the poor who don't get paid enough to meet their basic needs is asking for a guillotine, motherfuckers.
Rising cost of living, inflation… "I did that!" -Joe Biden
Stop voting democrat …….just saved you over 13,000$ a year
No one talked about budgeting when trump was in office.
TNX GOOD
Yehhhhh rip one remove Biden.
Eat less meat it's not good for your stomach
Or don't eat meat at all
I'm too scared to look at my bank acct.
So much for the "transitory" inflation spin, eh?
Remember that on Trump's last day the inflation rate was only 1.36 percent. Dem entia Joe and the dems effed things up good. The average American is paying an extra six hundred dollars a month just for basics because of Dem entia Joe's and the dems incompetence
Easy~ turn off phone and spend less.