3 Ways to Save $100 in August

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Want to see your savings grow $100 this month? Read on for ways to make that happen. 

You’ll often hear that having a solid emergency fund should trump all other financial goals. And ideally, that emergency fund should have enough money to cover three months of essential bills at a minimum.

You may not be at that point, though. And if so, you’re not alone.

It’s been especially hard to save money these past few years given the way inflation has surged. In fact, many people have been forced to dip into their cash reserves over the past couple of years instead of building them up.

But don’t worry if you’re not in a position to sock away hundreds of dollars every month. If you’re looking to build up your emergency fund, every little bit helps. And if you make these moves, you might end up $100 richer by the time August ends.

1. Be careful with back-to-school spending

If you have kids, then you may have your fair share of back-to-school shopping to do. Your children might need new backpacks, clothing, and a host of supplies that have the potential to result in a hefty credit card bill. Data from TransUnion finds that 35% of parents plan to spend more on back-to-school shopping this year than they did in 2022.

But if you’re eager to grow your savings, you’ll want to spend less money this year, not more. And choosing your purchases carefully could result in a much lower tab.

Rather than assume that your kids need all new clothing this year, take inventory. Perhaps they’ve outgrown fewer items than you thought.

Similarly, if your kids’ backpacks are in good condition despite having been used for the past school year, keep them. If anything, you can look out for sales later on in the year, after the back-to-school rush is over, to try to snag a better deal on replacements.

Also, check in with neighbors, friends, and even colleagues to see if anyone has hand-me-downs in good condition. You may be able to avoid purchasing some items you need altogether by getting them gently used for free.

2. Dump services you may not need once your kids are busy with school

You may have subscribed to extra streaming services or taken on similar expenses during the summer to prevent your kids from getting bored. But now that the school year is starting up again, you may not need those services any longer.

Do an audit to see if there’s anything you can unload. That could, for example, mean canceling the weekly art class you’ve been paying $25 for, because your kids won’t need it once they’re busy with school.

3. Outsource less of your home maintenance

Home maintenance can be a pain. And in the summer, when it’s sweltering, outdoor maintenance can be especially grueling. But if you’re willing to work up a sweat and put in the time, you might save yourself a fair amount of money.

HomeGuide puts the average cost of hiring a landscaper at $50 to $100 per hour for a two-person crew. Canceling your lawn mowing service this month alone might put more than $100 back in your pocket if you have a two-person crew coming to your home weekly at $50 per session.

Saving money isn’t easy at a time when inflation is still persistent. And it’s especially difficult when a new school year is on the horizon. But if you make these moves, you may be pleasantly surprised to see your savings balance go up by the time the month is over.

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