3 Little-Known Ways to Boost Your Savings This May

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Want to grow your savings this month? Read on to see how. 

At this point, a lot of people are still in the process of recovering financially from the pandemic and coping with inflation. If your savings account could use work at this stage of the game, you’re no doubt aware that doing things like slashing expenses and getting a side job will probably help you boost your cash reserves. But those aren’t easy things to do.

Cutting expenses drastically could impact your quality of life. And working a side hustle could mean sacrificing many hours of downtime and sleep on a weekly basis. Rather than go with those options, you might instead want to fall back on these tactics for giving your savings a nice lift.

1. Do a subscription audit

Are you paying for services or subscriptions you don’t really need or use? If so, you’re throwing money away at a time when you can no doubt use more of it.

A report published by C&R Research last year found that 42% of consumers had forgotten about a recurring monthly subscription they were still paying for. And so if you want to save money this month, conduct your own subscription audit.

Comb through your credit card statements and examine every line item to see what exactly you’re paying for. If you spot services you can do without or haven’t utilized in months, cancel them immediately.

2. Take advantage of spring weather

It costs money to stay entertained. But now that the weather is getting nicer, you have a prime opportunity to seek out free entertainment rather than spend a lot of money keeping busy.

You can go hiking on a Saturday afternoon rather than pay for movie theater tickets. Or, you can encourage friends to join you for potluck picnics in the park instead of brunch at an expensive restaurant.

Also, if you live in a walkable area, it pays to get to more places on foot and drive less frequently — which is more feasible when you don’t have to bundle up in a winter coat. The less often you get in your car, the less you’ll spend on gas.

3. Do your own spring maintenance

May is a popular time to engage in exterior home maintenance, whether it’s repainting a deck or fence, trimming shrubs, or planting flowers. But if you pay to outsource every single springtime task that needs to get done, you might end up spending a lot of money to get your home into shape.

If you’re eager to boost your savings, make a list of the home maintenance items on your list and see which ones are reasonable to tackle yourself from a time and safety perspective. It may be worth it, for example, to pay someone to clean your gutters since that particular task can be dangerous. But if you’re capable of painting your own fence, doing so could make that job cost less, giving you the option to bank the difference.

Boosting your savings could give you more peace of mind. Use these tips to increase your savings this month so you can feel better about your finances.

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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 no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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