3 Ways to Save $100 in May

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Looking to boost your savings this month? Read on to see how your cash reserves could get a $100 bump. 

A recent SecureSave survey found that 67% of Americans don’t have enough savings to cover a $400 emergency expense. Now the reality is that it’s wise to have enough money in your savings account to cover a minimum of three months of expenses. But if you’re nowhere close to that mark, it might take time to get there.

Rather than let yourself get overwhelmed, a good bet is to set small, attainable savings goals that you aim to achieve each month. And if you’re just starting out in May, it’s perfectly fair to set your goal at $100. Here are a few steps you can take to bank $100 and set yourself on a solid path to building a strong financial cushion.

1. Do more cooking

Some people hate to cook. Others don’t have time for it. No matter which boat you fall into, try to make an effort to prepare meals in your own kitchen more often and dine out less frequently. If you can replace even one restaurant meal a week with a home-cooked alternative, you might manage to bank an extra $100 in the course of a month.

That said, if you’re going to do more cooking at home to save money, don’t fall back on those meal kits many people get delivered to their homes and expect to save much. They may be less expensive than restaurants, but they’re generally pricier than going to the supermarket.

2. Don’t go all out on Mother’s Day

If you love your mom, you may be tempted to shower her with flowers and gifts, and splurge for a nice meal. But if you’re really trying to boost your cash reserves, skip the fanfare this year and instead come up with a less expensive gift from the heart, like a framed photo of the family.

Now if you’re not someone who does a lot of cooking, the idea of having to host a Mother’s Day brunch rather than go out for one might seem daunting. In that case, consider a potluck brunch where other family members bring dishes of their own. Or, keep things really low-key and make it a Mother’s Day picnic at a scenic spot. You might rack up a minimal credit card tab compared to what you’d spend at a restaurant.

3. Start a book club

Maybe you don’t consider yourself a reader. Or maybe you like to read, but it’s something you tend to do on your own when you have time, and it’s not a primary source of entertainment for you.

A big source of spending for a lot of people tends to be entertainment and socializing. The beauty of starting a book club is that you can access books for free thanks to your local library, and then turn reading into a social activity by taking turns hosting book club gatherings with friends.

As a host, all you really need to do is clear some space in your home, put out light refreshments, and get ready to discuss the book you and your friends have all agreed upon. And if you’d rather spend 10 minutes talking about the book and the rest of your book club session catching up on life, that’s totally acceptable.

Saving $100 this month is doable if you’re willing to change a few habits and traditions. Push yourself to bank that $100, especially if you’re pretty much starting out with no money in savings to tap in a pinch.

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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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