3 Little-Known Ways to Boost Your Savings This June

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Want to see your savings grow this month? Read on to see what you can do to give your savings a lift. 

If you’re concerned about the state of your finances, you may be in good company. Many people are worried about money these days, especially with all of the recession warnings that keep sounding. If you’re looking for a way to grow your savings account balance this month, here are some options worth looking at.

1. Get outdoors

Now that the weather has finally warmed up, you have a prime opportunity to do more things outside, whether it’s hiking with friends or picnicking in the park. These are all fun, free activities that could help you grow your savings by the amount you would have spent on indoor entertainment.

Similarly, warmer weather means it may be more feasible to cook more outside. That may be more appealing to you than being trapped in your kitchen. And the more motivated you are to cook, the less you might spend on food.

2. Consider a warehouse club membership

Shopping at warehouse club stores could save you money on not just groceries and household essentials, but also, apparel, electronics, travel, and events. So if your goal is to boost your savings this month, consider signing up for a Costco or Sam’s Club membership.

The cost of a basic Costco member is $60 a year, while an upgraded executive membership costs $120. That upgraded membership, however, gives you 2% back on all Costco purchases you make, similar to how your credit card might give you 2% back on different purchases.

Meanwhile, a basic Sam’s Club membership costs $50 a year, while an upgraded plus membership costs $110. With the latter, you get 2% back on Sam’s Club purchases and other perks that include free curbside pickup and pharmacy savings.

Now if you’re not sure which warehouse club to join, spend some time looking at each one’s features. And also, consider location. If you have a Sam’s Club that’s 10 minutes away and your closest Costco is a 20-minute drive, that’s reason enough to opt for Sam’s Club (though keep in mind that both warehouse club chains maintain an extensive inventory of online items you can buy without having to leave your home).

3. Ask for hand-me-downs for your kids

Many parents spend lots of money on swimwear, sports equipment, and other gear needed for their children to enjoy a fun, busy summer. Rather than go that route, ask around for hand-me-downs. If you’re part of a town social media group, make it known that you’re looking for items other families no longer need, and offer to pass on items to others once your kids have outgrown them.

Let’s say you’ve signed your child up for a week-long tennis camp this summer. The cost of a kid’s racket could be $25 to $50 or more, depending on the model you choose. If someone is able to pass along a gently used racket their child is done with, that’s money you won’t have to spend.

Given all of the economic uncertainty out there, now’s certainly a good time to boost your savings. Make these moves, and your bank account balance might end up growing nicely this June.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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