Save £10,000 in 2023 with simple tips including weeknight dates and envelope trickJanuary 1, 2023
Whether you are saving for a Chanel bag or a house, or you want a safety net during the cost of living crisis, it's nice to have a little extra in the bank. Well 2023 could be the year you become an expert saver.
With a few simple changes, our financial experts, Choose Wisely's Tara Flynn, Money.co.uk's Lucinda O'Brien and Claro Wellbeing's Stacey Lowman, think you can reach the impressive target of £10,000.
Here is how it is done…
Savings challenge – £5,050
Label 100 envelopes from one to 100 and put them in a box. each week, remove two random envelopes and put aside the amount written on them. So, if you pick 20 and 7, you’d save £27 that week.
Cancel subscriptions – £612
End services you no longer need. Cancelling Netflix saves £132 a year, and ditching a gym membership for free YouTube classes could save £480.
Make presence the present – £185
We spend around £420 on gifts a year. Homemade presents are cheaper and more sentimental – or give quality time instead.
Save, don’t spend – £1,475
The average date night costs over £100. On weekdays many venues offer half-price deals. Try a monthly 'no spend weekend' – enjoy free activities such as museum trips or an at-home spa day. Don’t buy non-essentials – instead use up leftover food, which could save you £875 a year.
Shop smart – £1,103
When online shopping, hold items in your basket for a few hours, as the retailer will send a discount code – clothes shoppers can save £459 a year. When grocery shopping, visit the reduced section first to knock around 15% off your bill, saving £644 a year.
Check interest rates – £575
If you have £10,000 in a savings account at 2% interest, you’ll only make £200 a year, change to one with 4% interest rate (try Atom Bank or Market Harborough) and get £400. Look out for switch offers – Natwest gives new customers £175 (figures may vary).
Get a side hustle – £1,000
You won’t have to pay tax on the first £1,000. Rent out designer clothes, a spare room or your driveway, become a mystery shopper, pet sitter, test new websites.
How to hustle
- Old mobiles, Lego, books, unused remote controls, empty iPhone boxes and manuals can all fetch money. Try eBay, Gumtree, Sell My Mobile, We Buy Books and Music Magpie.
- Airbnb, JustPark, Hiyacar and Shoot Factory help you rent out assets, like your spare room, entire home, parking space and car.
- With By Rotation you can rent out designer clothes or your wedding dress.
- Mystery shopping agencies Grass Roots and Retail Maxim will pay you to visit stores and report back on your experience.
- Fancy petsitting? Check out Trusted Housesitters.
- Before new websites are released, companies need to test them. Testerwork has paid as much as £50 to do this.
- Survey sites OnePoll, Swagbucks, Curious Cat and LifePoints will pay you or give you gift cards for your opinions.
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