3 Little-Known Ways to Save Money in January 2024

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Saving money often means getting creative. Read on for some interesting ways to grow your savings this month. 

The start of a new year is a time when people tend to be pretty focused on saving money. Recent research from The Ascent found that 16% of Americans resolved to save for a significant milestone in 2024, like buying a home or getting married. And 12% resolved to save up for a large purchase, like new electronics or furniture.

There’s also the 8% of Americans who are resolving to build an emergency fund this year. That’s an important thing, because without emergency savings, you might end up stuck with costly debt when unexpected expenses arise.

But saving money isn’t exactly an easy thing to do — especially at a time when inflation is still an issue. In the aforementioned survey, 85% of respondents with a financial New Year’s resolution said inflation will make it harder to keep.

As such, you may need to get a bit creative if you’re intent on saving money and improving your personal finances this month. But here are a few things you can do to make that happen.

1. Sell unwanted holiday gifts

The purse your sister got you for Christmas may have been a gift from the heart. But if it retails for $120 and it’s just not your taste, why hang onto it?

Instead, see if you can sell it for cash and put that money into your bank account. You can do the same with smaller items you don’t have a need for, too.

Plus, there are several sites that allow you to swap unwanted gift cards for cash, like CardCash.com. You shouldn’t expect to get the full face value of your gift cards if you go this route. But if you were given $50 to Starbucks and you’re not a coffee drinker, you might as well see if you can get $40 cash for that card.

2. Sell unwanted items you’ve had a while

It’s not just holiday gifts you can sell this month to drum up more cash for your savings. If you take the time to do an in-depth inventory, you may find that there are a host of items sitting around your living space you no longer need.

The approach you take to selling unwanted items should depend on the items in question. For electronics or designer clothing and handbags, a site like eBay may be your best option. Or, you can try selling through Facebook Marketplace to find local buyers.

For less expensive items that won’t make sense to ship, host a yard sale. Better yet, round up your neighbors to do the same so you’re not stuck sitting out on your lawn alone on a chilly Sunday afternoon.

3. Have a series of no-spend Saturdays

Saturday is, for many people, a big spending day. It’s a day when many people don’t work and don’t have to get up for work the following morning. So that means you may be tempted to spend your Saturdays dining out and staying out, all the while spending money.

If you’re eager to save money this month, consider a series of no-spend Saturdays. This means limiting your spending to essentials only, like groceries.

This isn’t a practice you have to uphold all year. But doing it for a month might result in a nice boost to your savings to start off the year on a positive note.

And remember, not spending extra money on Saturdays doesn’t have to mean being bored senseless every Saturday. Round up some friends to take a hike, or host a movie night where everyone chips in by bringing a snack that’s already sitting in their pantry.

Saving some amount of money in January could work wonders for your morale. Employ these tips to kick off 2024 on the right track.

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