Getting Financially Savvy In Summer 2023
Inflation may be finally falling, but the credit crunch still in full flow, and money is becoming increasingly tight, 2023 is turning out to be the year when many people have to, once again, tighten their belts when it comes to all areas of family and employment finance. But, if we are being truthful, are we as canny with our budgets as we could be. I know my answer to this question is no, but 2023 could be the year when you change all this.

Here are some of the things you could be looking at.
Bank Accounts
Look carefully at your bank accounts. I have had the same bank account with the same bank for many years, but I’m not sure it is the right one for me now. Shopping around for a new account with better interest rates on savings could help to increase savings, and if they also offer things like travel insurance and other incentives, this may also save the pennies.
Using an Accountant
When it comes to work and employment, many of us now fall into the realms of being self employed, including those who work online, work in any sort of PAYE employment, and even many of us who work from home. This means that we need to submit tax returns and keep accounts, and this can be an area where we try to make cutbacks by doing it ourselves. This can be a huge mistake.
Using a dedicated accounting services for sole traders can ensure that not only are your tax bills paid on time, avoiding any late penalties that add another financial burden, but can also mean that you can look at what tax breaks are available, but also what items and services could be tax deductible, allowing you to handle your tax and accounts in the most cost effective way, something that, as a sole trader, you may not be aware of.
Household Bills
Look at the household bills to see where savings can be made. Utility bills need to be looked at carefully due to the rising costs, swapping your provider can lead to quite decent savings, and you can also lock yourself into deals which fix your rates for up to 12 months. In addition, if you use Quidco, you can gain cashback when you swap.
Your Shopping
Write a shopping list. This may sound like a no-brainer, but I never used to do this – ever. I would just walk around the supermarket and throw anything (and everything) in. But since I have been planning meals properly, checking what is actually needed and writing it all down in a list I have been able to avoid waste and impulse buys. Swapping to a lower price supermarket like Aldi will also help too.
Your Home Insurance
Keep up to date with when insurances need renewing and then shop around. I kept the same home contents insurance for years, I just kept renewing at a rate of £33 per month. I then had a random email from Compare the Market and decided to check out some other home contents insurance providers. A quick phone call led to a new policy saving more than £250. When it comes to renewing, barter, and if that fails, get more quotes.
Shopping Online
When you shop online, shop savvy. Look for voucher codes, free delivery offers, companies that offer free returns. Sign up to email alerts that will tell you when the sales are on, or if there is a flash sale coming up. Nobody says you should never shop or treat yourself, but there are definitely more savvy ways to do it.