3 Ways to Save $200 in April 2024

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Looking to grow your savings this month? Read on to see how. [[{“value”:”

In 2023, the average American saved $6,138.06, according to data from New York Life. That’s about $512 a month.

But let’s face it. If you only earn a moderate wage, or you’re juggling a lot of bills and perhaps some debt payments, too, then saving upward of $500 on a monthly basis may not be reasonable.

But what if you could manage to start saving $200 a month? That might do the trick in boosting your emergency fund and giving you more breathing room to tackle unanticipated bills. With that in mind, here are a few steps you can take to put $200 into your savings account this month.

1. Make some sales while you’re doing your spring cleaning

April is a popular time to tackle the task of spring cleaning. So if you’re going to push yourself to clear out your closets, basement, and garage, seize the opportunity to make some money in the process.

As you’re doing your cleaning, take inventory and set aside items of value that you may be able to sell. And then, start selling.

Post electronics on sites like eBay, or announce a yard sale on your town’s social media page so you can sell gently used toys, clothing, and housewares. You might easily end up with $200 to bank.

2. Have a no-takeout month

If you’re someone who relies pretty heavily on takeout due to either your busy schedule or lack of desire to cook, then you’re probably well aware that you’re spending way more to put food on the table than you would by purchasing groceries. If you’re looking to save $200 this month, pull the plug on takeout for a few weeks.

Instead, research easy recipes online, plan out your meals in advance, and cook in batches so you have leftovers to eat during the week. And to make it more fun, find a partner.

If you live with someone, get them involved. Otherwise, team up with a friend to go on a cooking spree this month and share recipes (and leftovers, if you’re so inclined). You may even decide to cut back on takeout in general once you get into the swing of cooking and meal-planning — especially after seeing how much good it does for your budget.

3. Bank your tax refund

As of this writing, the average tax refund issued by the IRS this year is $3,081. If you have a similar payday coming your way, then you might easily manage to save $200 in April — and then some.

However, a lot of people have their tax refunds earmarked for specific expenses — costs like home improvements, electronics, and so forth. So take a close look at your cash reserves. You should, ideally, have enough money in emergency savings to cover at least three full months of essential expenses. If you don’t, then you may want to reconsider spending your refund and bank it instead.

The sooner you get into the habit of saving more, the more secure you might feel in your personal finances. So use these tips to close out the month of April with a higher savings account balance than you started with.

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