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After inflation battered budgets and the stock market had its worst year since 2008, economist are predicting yet another difficult year in 2023. For the average person, that might mean battening down the hatches until we've weathered the seemingly never-ending storm of inflation, supply chain issues, and skyrocketing rents. Here are eight money-saving tips for the new year, according to Reddit's thriftiest users.
It seems so simple, maybe even banal, but the most-upvoted advice for saving money in 2023 was to "use less." "Marketers want to tell you frugality is about spending less and getting more," the commenter writes. "Use less. Drive less. Go to stores less. Limit and remove marketing in your life. Increase meaningful connections with people and nature and frugality follows."
Related: The Definitive List of Things You Never Need to Buy
Wait at least 24 hours before making an unplanned purchase, another Redditor suggests. This practical, concrete, and easy-to-following guidance will prevent you from impulse buying. "Teaching yourself to be mindful and patient with your money is the best advice," one Redditor adds.
Related: These Trending Budget Challenges Could Make Saving Money Fun in 2023
Limit your exposure to enticing advertisements and sales by unsubscribing from promotional emails. And if you really want to stop yourself from impulse buying online, another Redditor suggests deleting saved credit card data. Every time you want to buy something, you'll have time to rethink your purchase while you look for your card.
Related: 16 Insider Tips and Secrets for Frugal Online Shopping
In the face of record-high prices, the Buy Nothing movement has surged in popularity, growing to 6.5 million members in 2023. The project's core goals are simple: to provide communities with a place to give away or lend things for free. These hyper-local groups — many of which are organized on Facebook — let nearby members share everything from furniture to clothing and food. "The amount of things I’ve been gifted/received from mine has been incredible, and the cost savings has been significant," a Redditor says of their local group.
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Save money on bottled water by picking up a reusable bottle. Our top-rated water bottle pick is the YETI, which has a slight edge over the Hydroflask thanks to its "chug cap."
If you read, watch movies, or listen to music (that should be everyone!), then visit your local library. Most branches offer more than just books, including free or discounted subscriptions and streaming services like Kanopy.
Related: These Are the Best (and Worst) Free Streaming Services for TV and Movies
Instead of throwing food out, freeze it before it goes bad. And if you find yourself consistently running out of space, invest in a separate deep freezer. Just be sure to label and rotate your food, a Redditor writes.
Sure, Costco is great ... but have you ever shopped at a restaurant supply store? According to Redditors, they're often cheaper than wholesale retailers and sell pantry staples in massive quantities. But be sure to call ahead before waltzing into a restaurant supply store, as many of them aren't open to the general public.
