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With a modest amount of effort, you could close out the month $100 richer.
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Let’s face it — saving money is not such an easy thing to do. If it were, we’d all have many thousands of dollars in our savings accounts. But while you may not manage to boost your cash reserves by thousands of dollars in a single month, saving $100 is a far more reasonable and attainable goal.
Now you may be thinking, “What’s the point of saving an extra $100? How much will it really do for me?” But actually, it could do more than you think.
There’s been talk of a recession striking the economy in 2023. And while that’s not guaranteed to happen, if it does, it could result in a major uptick in unemployment. And if you lose your job, you’ll be really grateful for every dollar in your savings account at that point. With that in mind, here are a few relatively easy ways to boost your savings by $100 this month.
1. Cook all of your own meals
Cooking every meal you consume at home this month instead of dining out or ordering takeout could save you $100 or a lot more, depending on your habits. But if you commonly dine out or order in once a week, replacing those meals with home-cooked ones could leave you $100 richer at the end of January.
Furthermore, cooking more could give you an opportunity to experiment with new recipes and discover foods you love. And if you made a New Year’s resolution to eat healthier, skipping restaurant meals and takeout could lend to that goal.
2. Have a series of hibernation weekends
Unless you live in a part of the country where winters are mild, January is a pretty good month to hunker down, lay low, and avoid the cold. And if you decide you’ll spend your weekends at home rather than going out, you could easily end up with an extra $100 by the time the month is up.
That doesn’t mean you have to resign yourself to being bored or isolated, though. Get hooked on a new TV series or podcast, and load up on great reads from your local library. Also, invite friends over for potluck dinners, movie nights, or board game tournaments so you have a steady stream of company.
3. Return or sell unwanted holidays gifts
If you’re sitting on gifts you received in December that really aren’t your taste, you may have the option to swap them for cash. Now in some cases, if you take an item back to the store, the most you’ll get is store credit. And you can’t put store credit in the bank. But if you’re willing to make the effort to sell items you don’t want or need, you can pocket the cash and add to your savings.
An extra $100 in savings may not seem like such a big deal. But if you save $100 every month this year, you’ll be $1,200 richer by the time 2023 wraps up. And so it pays to take these steps to get into a nice savings pattern in January.
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