5 Areas You Can Cut Back on Spending In 2023!

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New Year’s Resolutions come around every year. Most of us try and set new goals for things like going to the gym, eating healthier, and finding a new hobby. Come February, we’re tired and want to get back to binge-watching Netflix and scrolling mindlessly on our phones.

​The best goal you can set for yourself… being mindful of your money. As a financial coach, it’s my job to help people budget and save but with new technology and upcoming startups, there are so many different options to aid you. There are five areas that you may be able to cut spending that you didn't even realize!

1. Subscriptions

Do you ever want to watch a show but it’s on a service you don’t have a subscription with? Next thing you know you’re signing up for a 30-day free trial, and weeks, months, and sometimes years go by and you don’t realize you’re paying for 7 different services you don’t need. You must keep track of this, as inconvenient as it sounds at the time. The last thing you want to do is lose hundreds of dollars monthly. 

Rocket Money is a tool that can help you with that, allowing you to cancel subscriptions and stay on budget. Rocket Money is an app that helps people gain awareness about their spending habits and better manage their money. Rocket Money makes it easier than ever to manage subscriptions, lower your bills, and stay on top of finances & budgeting. You can check it out here. 

2. Personal Spending/Online Shopping

We’re all guilty of visiting Amazon or online stores and finding the next gadget we need for the kitchen or bathroom. In fact, I even have my own Amazon storefront with lots of items I recommend for your own home office and more.

However, it’s common for us to use things we buy a few times times, get bored of it, toss it a drawer, and repeat the vicious cycle all over again. With the internet at our fingertips, it’s easy to spend… even easier if you have your card saved. Make sure to be mindful of your spending.

Creating a budget sheet via Excel, or even on paper will help remind you that you must budget. I have a free budget sheet on my resource page, and I also have create a simple to use Mini Financial Planner that makes your income, expenses and goals easy to track. You can check it out here.

3. Vacations and Travel

If you’re anything like me, and love to travel the world, you probably don’t mind spending out-of-pocket money for a nice getaway. Instead of tossing thousands of money every year, cut back spending by engaging with programs that give you money back for travel. This includes credit cards that give you specific benefits for air miles or cash back for vacation spots! 

Card Curator also allows you to do this, as you can use the rewards for amazing premium travel opportunities, hobbies, and even charities! With it, you can save thousands without even changing your current spending habits. It cuts back on the time you would take searching for the right program to enroll in while being all at your fingertips. Click here to find out more!

4. Find an Accountability Partner

Doing all of this work to save alone can be difficult. It’s very tempting to buy whatever you want when the ability is right at your finger tips. Having someone to support you through the process can make it so much easier. You can even find someone to help you create a financial plan. 

Find an accountability partner or a coach who you can reach out to when you’re feeling tempted to spend unnecessarily. Make sure it’s a person who knows you and is on your side. You want someone who will tell you the truth and encourage you to reach your savings goals.

5. Shop With a Shopping/Grocery List

It can be so easy to get distracted when you go shopping and buy whatever looks appealing to you. Bringing a shopping list can help you to stay focused. If you write a shopping list and stick to it, it can help you to stay on budget.
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You can also use cash envelopes to help you stay on budget. Set aside your money to spend before hand and make sure your list keeps you within that amount. I have a set of cash envelopes you can purchase here that can help you to manage that money easily.

​Conclusion 

Saving money isn’t always the most fun thing to do, but it’s absolutely necessary if you want to reach your financial goals. Start with these five ways to save money to give your finances a boost in 2023! 

​​For more helpful tips on making your money work better for you, Sign up for the It’$ My Money™ Newsletter.