5 Tips to Save Money

Many of us have started the year with big goals to help us save or invest money.

However, the ongoing cost of living crisis is making it harder to save money and studies show that 60% of Brits expect their bills to rise by £100 or more over the coming months, which is likely to put a further squeeze on your finances.

But there are still clever ways to save your hard-earned cash. We’ve come up with a few simple tips that can help you stretch your budget a little bit further.

Here are five tips to save money in 2023:

1. Create a Budget: One of the most important things you can do to save money is to create a budget. Start by tracking your income and expenses for a month or two, and then use that information to create a budget that accounts for all your expenses. Make sure to include both your fixed expenses (like rent or mortgage payments) and your variable expenses (like food or entertainment).

2. Reduce Your Debt: Another way to save money in 2023 is to reduce your debt. Start by prioritising high-interest debt and paying it off as quickly as possible. You can also consider consolidating your debt to a lower interest rate or negotiating with your creditors to reduce your interest rates.

3. Cut Back on Unnecessary Expenses: Take a hard look at your monthly expenses and see where you can cut back. This might mean cancelling subscriptions you don't use, cooking at home instead of eating out, or finding ways to reduce your energy bill.

4. Look for Ways to Increase Your Income: If you're struggling to make ends meet, consider finding ways to increase your income. This might mean taking on a part-time job or freelance work, selling items you no longer need, or finding ways to monetize a hobby.

5. Save for Emergencies: Finally, make sure to set aside money for emergencies. This can help you avoid taking on high-interest debt when unexpected expenses arise. Try to save at least three to six months' worth of living expenses in an emergency fund.

Don't be afraid to shop around for better deals on everything from groceries to insurance.

Comparison shopping can help you save a significant amount of money over time.

Switching to a cheaper, contract-free mobile plan like a SIM Only plan can offer several benefits, including:

1. Cost savings: A SIM-only plan typically costs less than a traditional mobile contract, which can save you money in the long run. By switching to a 30-day rolling deal with Lebara, you can also enjoy greater flexibility and control over your expenses.

2. More flexibility: Contract-free plans like SIM Only plans offer greater flexibility, allowing you to switch providers or plans more easily if your needs change. With Lebara's 30-day rolling deals, you have the option to change your plan or provider every month, giving you the freedom to adapt your plan to your needs.

3. No long-term commitment: Unlike traditional mobile contracts, SIM-only plans don't require a long-term commitment. This means you can cancel or switch to a different plan without incurring hefty cancellation fees.

4. Customizable plans: SIM-only plans often offer a range of customizable options to choose from, such as data allowances and calling minutes, allowing you to tailor your plan to your specific needs. With Lebara's flexible 30-day rolling deals, you can choose a plan that suits your budget and usage habits.

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Overall, switching to a SIM-only plan like Lebara's 30-day rolling deals can offer greater flexibility, cost savings, and more control over your mobile expenses. It's important to consider your specific needs and usage habits before making the switch, but for many people, a SIM-only plan can be a great choice.

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