Cost of living: 23 savvy money saving hacks for 2023 - from TikTok’s ‘50:30:20’ rule to starting a side hustle

The cost-of-living crisis spiralled over the last year with the rocketing prices of food and energy leaving many families worried about how they can manage their finances in 2023. But there are some steps Brits could  be taking to save a little cash, from tracking spending via a digital budget planner to investing in a smart meter.

With this in mind, NetVoucherCodes has released 23 money saving hacks for 2023. There are quite a few savvy ones you might not know about, such as the ‘50:30:20’ rule that took TikTok by storm and putting locks on digital banking pots.

Lucinda Fox, online consumer expert at NetVoucherCodes.co.uk said: “December is one of the most expensive months of the year, which is why many families are left tight for cash when it comes to January.

“We’ve faced one of the toughest years when it comes to saving money, as every household expense has been rising, from petrol to food and of course our energy bills. As we head into 2023, we’re offering households simple tips on how to stick to measurable budgets so they don’t have to worry about overspending or be left strapped for cash towards the end of the year.

Invest in a digital budget planner

Start the year off by investing in a digital budget planner so you can visually track how much you’re spending and in which areas. This way you can monitor which outgoings can be cut down to help save hundreds off your monthly budget.

Get a smart meter 

Having the physical amount in front of you can let you see clearly how much is being spent on gas and electricity. It means you can knock £20 off the electric bill if devices that aren’t being used are still turned on.

Start a side hustle

A savvy way to earn extra cash in the new year is to earn more and spend less by starting a side hustle. This can simply be done from home whether it’s selling clothing on apps or completing free online surveys to earn rewards.

Enter free giveaways

Social media giveaways are also an easy way to grab a freebie. While it’s all down to chance, it’s worth doing as the only effort you’ll likely be putting in is following the company’s social page and tagging a friend in the comments.

Set measurable savings goals

While it’s great to save as much as possible, don’t just throw everything into savings only to realise there’s not enough money left to pay for the bills. Be reasonable with how much you can save and by putting aside a steady amount to start with.

Shop during sale events 

January sales are one of the prime sales events over the year, where many retailers knock down their prices after the Christmas rush. If you have family or friends with birthdays coming up, make the most out of the sales to save on the costs.

Book 2024/25 holidays now 

When it comes to travel prices, the earlier you book, the better. Many companies offer zero deposit schemes where you pay the holiday off on a cheaper monthly basis rather than all in one go. Have a look at travel voucher codes to save up to 30% on future trips.

Shop around for deals 

Have a look at different outlets offering the same type of products, both online and in-person. This also applies to supermarkets during seasonal events where better promotions can be found by shopping around.

Join community groups for free activities 

Signing up for online community groups means you have access to wider information about free local activities going on in the area. This will help even further when it comes to half term to prevent overspending on days out.

Sign up for loyalty schemes

Each time you decide to shop at a retailer, have a look if they have an app available or go straight to their website and join their reward schemes. This can result in freebies or discounts on your next visit.