13 Ways to Save Hundreds in 2023

Pinching pennies doesn't always mean doing without.

The basic tenet of personal finance is to spend less than you make. But it's not always easy to spot the ways we're overspending when we live in it day after day. Here are a few little tips for saving money this year that may help inspire some big changes.

1. Switch to generics

This move can work for everything from cereal to prescription medications (with your doctor's approval). And it doesn't have to mean dealing with substandard substitutes. Many generic or store-brand products can be just as good as their name-brand counterparts. (In fact, they may be the same exact product, a la Costco's Kirkland Signature brand!)

My advice? Try it one item at a time. Some of them may not be worth the savings, but you might be surprised how many pricey name-brand products you can replace with something a little more cost effective. And try store-brand options; the store brand at your local supermarket may be better -- or worse -- than the name brand at the local big-box store.

2. Download (and use) coupon apps

You can save a ton of money with just a few taps on your smartphone. First off, most stores have their own apps now. And those apps are usually full of digital coupons you can clip. Then, just put in your phone number at checkout and they automatically get applied to your bill.

If you're comfortable with sharing your receipts, there are also some good saving opportunities in third-party coupon apps. These apps give you lists of products with digital "coupons" -- they're actually more like rebates, since they apply after you shop -- that you can activate. Then, you take a photo of your receipt and submit it in the app for that sweet cash back.

3. Adjust your tax withholdings

While it can feel nice to get a tax refund each spring, it's not actually a good thing. It really means you paid too much in taxes the year before. This is essentially like giving the government an interest-free loan.

If you got a big refund this year, consider adjusting your tax withholdings for next year. This can give you more money each paycheck, which you can use to pay down debt, invest, or do whatever else you need throughout the year.

4. Prioritize paying off high-interest debt

Most of us carry at least some kind of debt, be it a mortgage or an auto loan. But if you're carrying high-interest debt, like credit card debt, it could be costing you way more than you realize. (The average credit card APR is around 20%, which is more than three times the average mortgage rate.) Once you've made all your other debt payments, put any cash you can spare into paying down that high-interest debt. The money you save on interest will add up fast.

5. Open a new bank account

There are a few ways opening a new bank account can help you save money. First off, going from an account with fees to one without fees is an easy $10 to $25 a month in savings. But that's just the tip of the iceberg.

Another big thing? New account bonuses. Many banks offer cash bonuses when you open a new checking account (and some savings accounts, though those aren't as common). You may need to hit a certain minimum deposit or transaction amount, but it's usually doable.

Last, but certainly not least, consider your savings account. If your interest rate is near average -- a measly 0.35% -- then you're losing money. Aim for a high-yield savings account with an APY in the 3% to 5% range. The extra interest will grow faster than you think.

6. Open a new credit card

This is another easy move that can save you money in multiple ways. For one thing, unless you've already optimized your card collection, a new card will probably help you maximize your rewards. Going from 1% back on grocery store purchases to 6% back, for instance, can mean hundreds in cash back over the course of a year.

And let's not forget the sign-up bonuses. Most cards come with a sign-up bonus worth at least a couple hundred bucks -- and some can get into the four figures. Just make sure you can meet the spending requirement without going over your regular budget.

7. Insulate your home

If you own your home and haven't yet addressed the insulation, you could be basically leaking money. More than half -- 55%, on average -- of your energy bill goes to heating and cooling your home. The more efficient you can make this, the less money you'll waste.

Experts recommend insulating from the top down. So, start in your attic. Address the walls, the floor, and the rafters. Once the attic is set, move on to exterior walls in the rest of the house.

8. Upgrade to reusables

Sure, there are some things that you can't reuse. (Nobody wants reusable bandages.) But many, many products that we tend to buy just to throw away can be replaced with reusable versions. Everything from sandwich bags to menstrual products now have reusable alternatives -- many of which are more enjoyable to use than their trash-destined forebears.

9. Love your local library

If your mental image of your local library is a bunch of musty old books, it's time for a wake-up call. Libraries are fantastic resources for saving money -- and they're free! Here are just a few things on offer at many libraries:

• E-books
• Audio books
• Movies
• TV shows
• Magazines
• Comic books

And that's just the beginning. Some libraries offer online classes, homework help, and even job resources. Many also offer things like tools you can borrow or free seeds for your garden!

10. Cycle your streaming services

Although the library is the best place for free content, sometimes you really want the convenience of a popular streaming service. No problem! Enjoy your streaming video while saving money by simply cycling your services.

What does that mean? Choose one service each month to subscribe to, then cancel before moving on to the next. This ensures you always have something new to watch, without spending hundreds each month for services you never have time to use.

11. Adopt Meatless Mondays

While Meatless Mondays may be considered little more than a hashtag fad, there's some sound science behind it -- and not just environmental science (though reduced meat consumption has also been shown to be good for the planet). Replacing costly meat with more affordable alternatives, like beans and lentils, can be good for your grocery budget, too.

12. Shop around your insurance

It's easy to get stuck in the habit of simply forking over the money each time your insurance renewal comes around. But if you take twenty minutes to actually shop around a bit, you could very well save hundreds on lower premiums alone. For example, one survey found that more than 90% of people who switch auto insurance providers saved money by doing so.

This trick isn't limited to auto insurance, either. Your homeowners insurance, dental insurance, even pet insurance could all be cheaper with another provider.

13. Join a parenting group

Raising kids is a major expense. But you can trim a bit of that cost by sharing it with friends as part of a parenting group. Swap new or gently used clothes and toys, or pass along sporting gear that's been outgrown. You can even swap something else important: time. Trade babysitting duties among the group to give everyone a free night that doesn't require forking over $100+ for a sitter.

Small savings add up

Don't assume you need to make big moves to save big. Trimming a little here and there can add up to huge savings throughout the year.