5 Ways to Achieve Your Money Saving Goals!


The start of the year is the ideal time to make some financial resolutions for 2023. One of the most common resolutions, when it comes to personal finances, is to be a better saver for the year ahead. This sounds easy in theory, but can be harder to achieve in reality. 

With that in mind, here are five simple tips to help you achieve your saving goals in 2023. 


1. Have a concrete goal 

It’s basic but often overlooked — you’re much more likely to shift your spending habits and get better at saving if you have something to aim at. While the particular goal is up to you – it could be a holiday, a new car, or some new clothes – make sure it’s clear and achievable. 


2. Budget wisely 

A budget is also important because it allows you to see where your money is going. Once you’ve examined your income and expenses, you’ll be in a position to know how much income you have to work with at any given time, which will help you to save more effectively in the future. 

What also helps, when it comes to maximising your savings, is to look closely at your budget and figure out how much you spend on discretionary items like clothes, holidays and eating out to see where your expenses in these areas can be trimmed. 


3. Analyse your expenses 

While reducing expenses opens up more opportunity to save, so does some lateral thinking. For instance, it’s a good idea to keep on the lookout for cheaper deals when it comes to banking, insurance providers or memberships on things like gyms and streaming services. 

It also pays to stay on the lookout for cheaper brands of clothing and food, as well as savings on utilities such as power or water. 


4. Get out of debt 

It’s simple — debt is not your friend if you’re trying to save. Indeed, you’ll be amazed how much easier saving is when you’re not fighting against spiralling debt. 

If you’re in this boat, try and get across how the interest on your debt is calculated and when it’s charged as this can help you manage your repayments and avoid paying unnecessary interest. It’s also a good idea — if you have several debts – to try and pay off the debt with the highest rate of interest first. 


5. Phone a friend! 

Even for the most disciplined person, saving can get difficult at times. That’s why it can help to team up with a family member, friend or colleague who also has a saving goal. 

Still, if you do have to do it alone, think about imposing some hard spending rules on yourself. For instance, when it comes to impulse buys, one option is to impose a 24-hour ban on splurging the cash after it hits your account. If you impose such a “cooling-off” period on yourself, you may realise that what you wanted to buy was not so essential after all.



Don’t have the Raiz App? 

Download it for free in the App store: 





Important Information

The information on this website is general advice only. This means it does not consider any person’s investment objectives, financial situation or investment needs. If you are an investor, you should consult your licensed adviser before acting on any information contained in this article to fully understand the benefits and risk associated with the Raiz product.

The information on this website is confidential. It must not be reproduced, distributed or disclosed to any other person. The information is based on assumptions or market conditions which change without notice. This will impact the accuracy of the information.

Under no circumstances is the information to be used by, or presented to, a person for the purposes of deciding about investing in Raiz.

The past return performance of the Raiz product should not be relied on for deciding to invest in Raiz and is not a good predictor of future performance.

The advertisement has not been reviewed by the SC.