As the cost of living crisis worsens many of us are already thinking ahead to the new year and looking for money saving advice.
With Christmas on the horizon setting a budget for the year to come is a great way to better allocate the funds we have, and it may be there are some things we can totally do without in 2023.
Many families have already cut their expenditure to a bare minimum, so how is it possible to make even more cuts than we already have?
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This collaborative post shares three money saving tips for families in 2023!
3 money saving tips for families in 2023
1. Review last year’s budget
If you really want a money saving strategy for the year ahead start with a review of how and where you allocated funds the previous year. You may discover that you allocated more than you should have in one category, and not enough in others.
If you find that you’ve done this, either allocate less money next year or make a mental note to spend the excess in areas where you have gone short. Remember it’s never too late to ‘edit’ your budget, so when you find money that you haven’t spent, move it to another category that could really use an influx of funds.
2. Arrange payment plans where practical
We all want to find reasonable interest rates on payment plans or credit extended to us, but there are times when we have no choice but to make those payment arrangements. Find the lowest interest rates possible, but if you have a real need, even high-interest rates are better than doing without something that is one of life’s necessities.
For example, if you have misaligned teeth that you have been longing to fix so that you can stay on top of your oral health, you’ll want to look at budget-friendly options. Your health insurance doesn’t have dental coverage, so you may think you are left paying the high cost of an orthodontist for a teeth straightener procedure.
However, there are at-home clear straighteners that you can either pay for outright or you could subscribe to a payment plan. That said, however, make sure you choose a professional company like ALIGNERCO so that you get what you are paying for. With a payment plan, you can afford to fix your teeth without over-extending your budget. This strategy will work with any other kind of treatment that you simply can’t afford upfront.
3. Separate your needs from your wants
When you create your budget for 2023, make sure you prioritise needs. Even though most budgets have categories such as entertainment, those should come last. Always prioritise needs such as food, clothing, rent, utilities and so forth first. If you can live without it, it isn’t a basic need. If you have dental issues, a teeth straightener is a medical need and not something that falls into the category of cosmetics. Once you separate your needs from your wants, you’ll be in a great place to start money saving in the year ahead.
This is a collaborative post.