Save more money in the new year – is that your resolution?
In order to implement this project, you need the best savings tips. And this is exactly what we have collected for you: 20 savings tips for 2023.
You may already know some ways to spend less. Others will be new to you. Share your extra savings opportunities with us in the comments so we can all spend less money together and save a small fortune this year instead.
1. Check Insurance & Contracts
The beginning of the year is a good time to check your insurance policies and contracts. Do you still have the best offers and conditions? By changing or terminating contracts, you can save a lot of money in 2023 without much effort.
At least once a year you should critically examine your existing contracts:
- Is everything really still needed?
- Which conditions have changed (possibly to your disadvantage) or will change?
- Which current offers are better than your existing contracts?
This check not only applies to all types of insurance (household goods, liability or travel insurance), but also to any other contracts. This can be, for example, the expensive tariff of your mobile phone contract, the electricity supplier * or subscriptions to the gym, magazines or Netflix.
You can easily and really quickly compare your contracts online using platforms such as Check24 * and, if necessary, cancel them directly or sign a new one.
Sometimes it is enough to switch to a different tariff with the service provider so that you no longer pay too much. We ourselves changed internet providers last year and electricity providers the year before, and in both cases we can save a lot of money with our new providers.
2. Organize Free Time According to Offers
Just because you finally want to save money in 2023 doesn’t mean you have to spend every free day or evening at home in front of the television. Of course, leisure activities often cost money and are more expensive than staying at home. But saving here is easier than you think!
How it works? Through clever planning of your free time.
Take advantage of special offers, such as museum days (many cities offer reduced admission to municipal museums on a certain day of the week) or go and see a film on cinema day (at a lower price).
Visit the local tourist information or use the online search to find suitable offers and promotions in your area and you will see: Leisure time can be so cheap!
3.Track Income & Expenses
If you finally want to save money together in 2023, the very first step is: Track your (joint and individual) income and expenses.
No matter whether via app or on a piece of paper. The important thing is that you write down everything you buy, every minor and major expense. In the same way, you write what income you were able to achieve, so that at the end of the month you know exactly what went in and out of your checking account.
In the second step, you then set budgets for individual areas of life. In the third step you will find the perfect account model for you. In the fourth step, you discover your optimization potential – both in what comes in and what goes out of the account. Last but not least, you start investing and build a fortune together.
Does it all sound like a lot and complicated?
The Excel financial planner for couples is included, so you can start tracking your incoming and outgoing money straight away.
This makes it possible to save in a structured way in 2023 and you work together on your future.
4. File Your Tax Return Early
We all want to save taxes. But if you pay taxes and want them back, you have to prepare a tax return. Most Germans actually get money back as a result. Additional payments are significantly rarer.
We therefore recommend: Prepare your tax return early in 2023 in order to save. So you don’t save any money, but you get your repayment earlier and can continue working with this money. So you save time when the money is not with you.
In order to create the declaration at an early stage, you can collect all the necessary data and information in January.
As soon as all receipts and documents are available (most banks, for example, send information about capital gains tax by mid-February), you can prepare your tax return.
5. Meal Plan & Shopping by List
We’ve been preaching it for years, but even in 2023 we didn’t consistently save at this point: everyday grocery shopping in the supermarket or at the weekly market.
But in 2023 this will change again and we will use our 4-week meal plan . Our dishes are pre-planned and we know what we need to buy. We go to the store with a complete shopping list and thus buy significantly fewer useless things and, above all, healthier food.
Spontaneous purchases are reduced and you save money every month from the “Cost of Life” pot. You also save time for the question “What should we eat today?”.
6. Power Saving Plug
Saving electricity is not only good for saving money but also for the environment. Most of our devices (laptop, TV or washing machine) already consume very little power in standby mode. So little that we rarely pull the plugs. It is much easier to simply switch off a power-saving plug *.
But you can save a little more by purchasing energy-saving plug strips * and switching them off in the evening with a simple click. No more devices on standby will save you more money in 2023 – try it out!
7. Sublet the Apartment When You Are Absent
When you are out and about and spend money on your travels, your apartment is empty and you still pay rent for it. Have you ever thought about renting them out via AirBnB while you’re away?
With this additional income, you can save more money again in 2023 and ideally invest directly.
You can read more about our experiences as Airbnb hosts here. We save all of our extra income through Airbnb into our real estate reserve. This is how our guests gradually pay off our loan for our apartment through their rent.
8. Drink Tap Water
Another everyday savings tip: drink tap water instead of purchased water. In addition to saving money in 2023, it also saves a lot of energy, since no heavy crates have to be carried to the third floor.
If you are not sure how the pipes in your apartment are doing: There are practical filter systems* that you connect to your tap. For little money you can clean your water again before you drink it.
You quickly saved the initial investment for filters or streams. A liter of tap water in Germany costs an average of 0.002 euros or 0.2 cents. How much money do you have to spend for a liter of water from the supermarket in comparison?
9. Do It Yourself Instead of Buying It
This tip is completely year-unspecific – you can always start making more yourself instead of buying it. With a little practice, you can make your own soap, detergent, and even clothes and save a lot of money in the process. Maybe you will even discover a great new hobby or develop a business idea from it?
The easiest thing to do at home and save money for 2023 is lunch: Cook up some extra food in the evening or prepare delicious sandwiches or healthy shakes to eat at lunchtime instead of expensive fast food at work.
10. Set Up Budgets
In addition to tracking your income and expenses, setting up budgets for the different expense categories is a valuable savings tip for 2023.
How does it work?
- Take a critical look at the household book of the last month or year and derive patterns.
- Calculate average requirements for fixed costs.
- Discuss and plan the variable items together.
- Set shared budgets for each category.
11. Bike Instead of Car
An expensive thing in everyday life is the fuel for the car. In 2023, this promises to be even more expensive.
In order to save money in 2023, you don’t have to get rid of your car directly. But switching to cycling for shorter distances will save you a lot of fuel.
Short distances in particular require an above-average amount of fuel. In contrast, the costs for a decent bike light * or a new bike helmet * are disproportionate.
Put the excuses aside, protect the environment! Cycling really isn’t just for thrifty students. You save a lot of money by cycling in 2023 and do something for your health at the same time – so let’s go!
12. Use Coupon Book
One of our favorite savings tips for years! Use a coupon book for your home region to eat out.
Buy it at the beginning of the year (or get it as a Christmas present) and it will give you savings all year round. The vouchers usually mean that one of two dishes is free or significantly cheaper.
For couples who, like us, like to go out to eat and always want to try out new places, such a voucher book is a great money-saving tip. Try it once!
13. Use Wishlist
Avoiding impulse purchases is your biggest resolution for 2023 to finally save money?
Our favorite saving tip and still fulfilling common wishes is to create a wish list.
How does it work?
- Whenever a wish arises – a new mixer, a new technical gadget or a new handbag – it is not implemented immediately, but is added to the wish list.
- It stays on the wish list for at least 3 weeks.
- After the agreed time, you look at your wish list again and now decide whether the wishes still exist and should be bought.
You will notice: More than half of your wishes become much less interesting with a little distance. And you decide not to spend the money and instead save the money.
14. Filter Coffee or Beans Instead of Capsules
Coffee capsules are an environmental mess and incredibly expensive. Will switch to filter coffee * or bean coffee * in 2023 . Not only is this a lot cheaper, but if you buy a quality strain, the difference in flavor will be minimal.
And you save a lot of money – depending on how much coffee you drink.
15. Account With No Maintenance Fees
More and more banks are charging fees for managing your checking account or for withdrawing cash.
In addition, we must expect that in 2023 even more banks will charge negative interest on savings deposits in the current account or on the call money account.
To save money here, it is worth comparing different accounts with each other. If your accounts lead to additional costs, it is advisable to switch accounts and save money in the long term (and not just this year).
16. Make Your Own Baby Food
You have a small baby and are about to switch from milk to solid food? For all baby parents, the money-saving tip for everything to do with baby food is: it’s worth making your own!
Boiling and pureeing vegetables until soft sounds like a lot of effort. However, it isn’t. With an integrated steamer and blender, preparation is really easy.
You will then freeze the correct portion sizes and will save a lot of money and in many cases your baby will eat even healthier.
Because especially at the beginning, your offspring will only eat a few spoonful’s and will not be able to manage the large baby jars at all.
17. Plan Train Journeys
Do you plan to travel extensively in 2023? Whether alone or in pairs. It is worth planning trips within Germany in good time. This is how you can still find cheap savings offers on the train. Experience has shown that the tickets are cheapest about 3 months in advance. Also pay attention to special offers, e.g. for students and promotions – especially in summer – the train. It pays to be careful.
In order to continue to save money when traveling, we like to use the Flixbus instead of the train or look for a ride. With the latter, you almost always get exciting entertainment – completely free of charge.
18. Vacation in a Holiday Apartment Instead of a Hotel
Any other tips for planning your 2023 vacation? Sure, of course!
But how about a holiday in a holiday apartment * instead of a hotel this year? You can often save a lot of money by renting accommodation at the resort.
In addition, self-catering on site gives you the opportunity to get to know the culture in a foreign place even better – because a visit to a supermarket in another country always has surprises in store.
Due to the savings on the main holiday, there might even be an additional weekend trip in 2023 – do the math!
19. Taking Bags With You When You Go Shopping
When it comes to shopping, it is not only important to have a list and a clear meal plan with you.
In addition, you will save a lot of money in 2023 if you always have your own backpack or other shopping bags with you. So you save yourself the supermarket bags to buy.
20. Turn Off Advertising
Last but not least, we have the best of all savings tips for 2023 for you: Don’t watch any advertising!
TV advertising should be switched off, a pop-up ad blocker helps at least somewhat on the Internet and on social media we recommend conscious advertising consumption and, above all, questioning the intentions of your favorite influencers.
Because what happens if you consume less advertising?
Exactly – you buy less and save more money in 2023.