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Want a nice savings boost this month? Read on to see how to get it.
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The start of a new year is often a good time to establish different goals. And one of yours might be to grow your savings account balance in 2024. That’s not necessarily going to be the easiest thing to do. But here are three personal finance tactics you can employ to make it happen this month to the tune of $200.
1. Ditch your weekly takeout meals
When life is busy, it can be tempting to fall back on takeout to avoid having to spend time in the kitchen. Plus, with grocery costs still up 1.7% on an annual basis, as per the most recent Consumer Price Index (CPI) report, it can be easy to justify ordering takeout if you’re only cooking for yourself.
But with very few exceptions, cooking at home is still less expensive, even with elevated grocery prices. A $20 takeout order might cost just $7 or $8 if you prepare a comparable meal yourself. And in the latter scenario, you may be more likely to end up with leftovers.
Plus, if you’re using grocery-related inflation as a way to justify your takeout habit, you should know that restaurant food/food outside the home is up 5.3% on an annual basis, per the last CPI report. So if you’re willing to put in the time, you may find that steering clear of takeout this month leaves you $200 richer.
2. Get a side hustle
Many people start looking for new jobs at the start of a new year. Getting a new job could result in higher pay. But if you like your current job, you may want to stay put.
If that’s the case, picking up a side hustle this month could easily put an extra $200 in your pocket. And there are plenty of gigs out there that allow you to work at your own pace.
You could create a profile on Rover and sign up to care for pets as your schedule allows. Or, become a driver for a service like Uber or Lyft and pick up passengers when you can. You could also dedicate a night or two per week to delivering groceries for a service like Instacart or becoming a driver for DoorDash.
To be clear, you’re not guaranteed to earn an extra $200 a month from a gig like one of these. Your earnings will depend on factors such as how many hours you work and how generous people are with tips.
And remember, your side hustle earnings will be subject to taxes, so bringing home an extra $200 doesn’t mean getting to keep $200. But still, a side gig could be your ticket to meeting this month’s savings goal.
3. Arrange an office carpool
At this point, many people are back to a five-day office schedule after an extended period of remote work. That could mean paying a small fortune to commute. If that’s the case, setting up a carpool could help you bank some serious cash.
Let’s imagine you’re currently spending $400 a month to commute between gas, tolls, and a hefty daily parking fee (a not-so-uncommon expense for people who work in a big city where paid parking is almost a must). If you can find even one colleague to drive to work with and share your expenses, you might cut your costs in half.
Saving $200 this month would certainly be a great way to start off the year. And if you employ these tips, you might even manage to exceed that goal.
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