4 Ways You Can Stop Wasting Money in 2023

It's possible to save money without depriving yourself.

I don't know about you, but it's pretty easy to make me feel guilty. That's why I dislike being told that I should stop "wasting money" on things like smartphone apps, cable television, and even doggy poop bags. Seriously, people. I'm not picking up after my two dogs with a paper bag I dug out of the trash.

Oh, and add lattes to that list. There was a 10-year period when every financial guru on the airwaves made me feel like a financial simpleton for occasionally stopping for a cup of hot coffee. You know that calm feeling you get when you take your first sip of coffee in the morning, that sense of absolute peace? Why give that up?

In the name of hot coffee, useful smartphone apps, and doggy poop bags, I would like to suggest other -- more practical -- things we all might want to stop wasting money on in 2023.

1. Cancel unused subscriptions

A study conducted by C+R Research set out to find how much Americans spend on monthly subscriptions. When it asked respondents how much they believe they spend on things like streaming apps, clothing, beauty products, and food subscriptions, the average answer was $86.

The truth is, on average, Americans spend $219 per month on subscriptions. That surely includes some they've forgotten about.

Go through your bank or credit card statement to find any subscriptions you can easily live without but are still paying for. Even if you cancel only half of them, that could represent hefty savings each month.

2. Take control of credit card interest

If you've ever wondered why a single credit card company would offer so many different types of cards, we may have the answer. According to the Consumer Financial Protection Bureau, Americans pay roughly $120 billion per year in credit card interest and fees.

Credit cards are useful, but can drain your bank account. 2023 is the year to focus on paying down your existing balance. That will likely mean putting your cards on ice for a while and working to pay down the principal. The more you whittle away your balance, the less you'll pay in interest.

Although it's not the only way, one way to pay the debt down faster is to employ the snowball method. You may also consider taking on a side hustle you enjoy, like teaching a class or turning a hobby into a part-time business. Those extra funds can then be directed toward existing debt.

3. Cut food waste

An estimated 20% of the food we purchase ends up being thrown away. Let's say you spend $4,000 on food each year. That's like flushing $800 away. Here are a few things that may help you be more mindful of using the food you bring into the house.

• Check your refrigerator and pantry before heading out to the store. It's easier to throw something away when we have too much of it.
• If you're suddenly leaving town or realize you won't be using the food in your fridge, see if a friend or neighbor wants it.
• Shop with a list. Picking up only what you'll be using to prepare meals is another good way to make sure the house isn't overstocked.

4. Don't overpay for insurance

As a rule, we should all be reviewing our insurance policies once a year. We're looking for two things:

1. The coverage we carry is still sufficient for our needs.
2. We're not overpaying.

If you've been with the same insurance company for years, chances are, there are better rates to be found for the same level of coverage. And if you're not already doing it, bundling home and auto insurance can save you hundreds of dollars a year.

It's ideal when you can save money without feeling deprived. And frankly, for some of us, that means changing insurance companies but hanging on to the occasional coffee run.