Seven things that will save you money in 2023

For many, unfortunately it is no longer about how much we enjoy ourselves.

The electric bill destroys comfort.

Food prices have increased by 12.7 percent in the past year alone, and a new price increase was announced on February 1.

Prices for fuel, mortgages, and all other goods and services have risen sharply. We call it expensive time.

Researchers from the Norwegian Institute for Consumer Research (Sifo) found that the proportion of Norwegian households who believe they have a safe economy fell from 65 percent during the pandemic to 49 percent in August 2022.

It is serious and requires work. Political actions – yes, of course. But also actions for which each of us can take responsibility for ourselves.

Decrease in consumption or increase in income. Preferably both at the same time. No matter what you have done so far in life, or whether you have a plus or a minus on your account now: you have a lot of experience to draw from.

I know from my own experience that there is great power in good savings advice.

When we cut expenses and increase income, we create room to spend our money on completely different things.

We can look up thousands of pounds by taking many small financial steps. Here are seven:

1. Ask the bank for a lower interest rate. If you have a mortgage, you are an attractive customer in Norwegian banks. Banks compete for us, and you don’t have to be particularly loyal to your bank. Check out the Consumer Council website www.finansportalen.no To see the performance of your bank. From this page, which compares rates in all banks in the country, you can request a lower interest rate on your loan. You can also switch banks directly if the bank declines.

2. Take care of the small change. For many, purchases under a hundred are “small purchases”, disappearing into everyday life. If you have enough knitting projects, gum packs, snuff boxes, energy drinks, or game subscriptions, you’ll make a lot of money in the long run. Create a savings account and track the money you don’t spend on the daily habits you break. Call it “drop savings”. Save the money you stop spending.

3. Plan your shopping and cooking. Unfortunately, food waste is still very high in Norway. We buy food that is never eaten. Take an inventory of all the foods you have at home, look in the dry food drawers, in the fridge and in the freezer. Plan meals for the week and write a shopping list that complements what you already have. Freeze leftovers or eat them for lunch the next day.

4. Take care of what you have. Mend clothes, read washing instructions, air wool garments, remove stains before they set, and shine your shoes.

5. Buy used. numbers from finn.no It shows that 70 percent of us were positive about getting a used Christmas gift in 2022. Find clothes and equipment in second-hand stores and online. Set up a search for what you need.

6. Sell ​​or rent what you don’t need. If you have sporting equipment, garden equipment, or tools that you haven’t used yourself for a while, there is a large second-hand market. Sell ​​them or put them on the Hyglo app or in finn.no To make money from rents. If you’re tough and have somewhere else to be in the meantime, rent out your home on AirBnb. You can also rent a room in your house while you are at home.

7. Control your energy consumption. Lower the indoor temperature by 1-2 degrees. For every degree you lower the temperature, you cut your heating costs by five percent. Wash for a shorter time, skip the bathtub, make sure you have an electronic bill on your bills to avoid bill charges, and don’t wash dishes by hand, it requires more hot water than running a dishwasher. If you have old sealing strips, you can easily replace them yourself.

There is a limit to how low you can ultimately consume, but in principle there is no upper limit to the amount of money you can earn.

If you have health and the opportunity to take on an additional job or shift, this may be the year you focus on increasing your income.

Not making any moves in your money now will make your income less valuable anyway.

Whether it’s a salary, social security, pension, or student loan.

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