1. Set goals– First of all, make a list of goals that you want to achieve in 2023. For instance, I want to cut down on eating junk food. I want to start eating breakfast every day. I want to cut down on alcohol etc. It will take about 15 minutes to write down your goals. You must be clear about what you want to achieve this year to save money. Next, set up a primary goal of saving money in 2023. It can be to buy a house, a car, for retirement, for a wedding, etc., then break that goal down into five sub-goals.

For example, my primary goal is save a down payment for the house. My sub-goals are: I will save $500 from each monthly cheque. Second, I will create a budget for monthly groceries. Third, I will make a budget for my travel expenses. Fourth, I will start learning how to get a passive income. Finally, I will begin providing freelance services.


2. Open a high-yield savings account– High-yield savings account works like a traditional bank savings account but with a higher interest rate. Many high-yield savings accounts are available in the market, which can give you a higher return on investment. This is the first step to start investing your money. 


3. Cut down your expenses– Cutting down unnecessary costs are essential if you want to save money. The easiest way to find out unnecessary expenses is through your bank statements. You will see some subscriptions that you don’t use often. Cancel them. If your subscription is for $10 a month and you are not using the services, you can save $120 every year.


4. Make a 3-day rule– Make a 3-day rule in your shopping. If you want something, don’t purchase it right away. Instead, wait three days and think about it if you need the product. After three days, if you feel you still want the product, then purchase it. These three days will allow you to consider whether the item is unnecessary. Ask yourself Do I need this, or do I want it? It’s always easy to click on the purchase button on your cart online, but if you wait for three days, you will instantly realize the difference between the needs and wants of the item.


5. Start Investing– Investment is the key to growing your money. If your money is sitting in your bank account, it will lose value yearly. Imagine you had $1000 in your bank account in 1960, and you think you have a lot, but in today’s era $1000 value is lower than in the 1960s. If you start investing, you can get a 10% return on your investment every year, and your money will start growing. So start investing, even as little as $10 every month.