3 Little-Known Ways to Boost Your Savings This January

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Believe it or not, these could make a huge difference in your finances. 

Even if you’re relatively happy with the state of your finances, you may want to give your savings account a boost during the early part of 2023. There’s been talk that a recession could hit the U.S. economy at some point this year. And it certainly wouldn’t hurt to have extra cash reserves on hand in case your job ends up on the chopping block. With that in mind, here are a few lesser-known ways to grow your savings — and give yourself more peace of mind.

1. Skip the takeout meals

You might assume that ordering takeout isn’t such a big strain on your budget. After all, you’re not having a three-course meal at a restaurant that requires you to leave a giant tip. Rather, you’re picking up a pizza on your way home from work, or stopping in for burgers to go when you’re too tired or swamped to cook.

But while the occasional takeout meal might seem like an innocent enough splurge, in reality, it can lend to a higher credit card tab than you’d like. If you’re eager to boost your savings this month, cut out takeout entirely and make all of your meals from store-bought groceries — even if it means having to make changes to your schedule to allow for that.

2. Sell unwanted holiday gifts

Chances are, the gifts you received during the holidays in December were a mix of things you were stoked to get and items that are now simply taking up valuable space in your closets. It’s the latter items you can turn into a source of cash — and use the money to pad your savings.

Now the way you go about selling unwanted gifts will depend on what those gifts are. If it’s something bulky, you’ll probably want to try to find a local buyer so you don’t have to bear the cost of expensive shipping. But if it’s something like a purse or electronic device, you could turn to sites like eBay to unload it.

3. Become a home maintenance maven

Homeowners commonly shell out hundreds or thousands of dollars each year by virtue of having to hire people for help with upkeep. If you want that money to go into your savings account instead, become a home maintenance guru. Read through online guides, download some podcasts, and figure out what it takes to start doing more maintenance work yourself.

Now there’s one caveat here. You shouldn’t engage in home maintenance you don’t feel you have the skills or training for, because that could result in property damage or injury. For example, cleaning out your own gutters might save you $150 each time you do it. But if that work lands you in the hospital, it’s not worth the savings by any means. However, for low-risk endeavors, learning the right techniques could save you a bundle.

Saving money often boils down to making savvy choices. Follow these tips, and you may be pleasantly surprised to see just how much your savings account balance will grow.

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