3 Ways to Save $200 in March 2024

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Want to bank an extra $200 this month? Here’s your game plan. [[{“value”:”

These are strange times, economically speaking. Unemployment is low and the stock market has had a strong run to start 2024.

Despite that, a lot of people are continuing to struggle with their personal finances. Many are still grappling with credit card debt they incurred during the holidays, while others are carrying balances they racked up in 2022, when inflation seemed out of control.

If your financial situation is precarious, an extra $200 in the bank could work wonders for your outlook. And these steps could leave you $200 richer by the end of March.

1. Clean out for spring — and sell items you don’t need

Some people opt to save their spring cleaning for April. But if you’re willing to get a jump start now, you might discover a host of items you really no longer have a need for. And if you’re willing to make the effort to get those items sold, you could close out the month with an extra $200 in your pocket.

If most of the items you have for sale are bulky in nature, like furniture and kids’ toys, then holding a yard sale may be your best bet for swapping them for cash. For smaller items like electronics, though, consider eBay or Facebook Marketplace.

2. Hit the supermarket instead of dining out

In January, the cost of groceries was up 1.2% on an annual basis, according to that month’s Consumer Price Index. By contrast, the cost of food away from home, such as at restaurants, was up 5.1%.

Generally speaking, it’s almost always more expensive to dine out or order takeout than to cook a meal in your own kitchen. But given how much restaurant prices were up in January, now’s an especially good time to commit to doing more of your cooking at home.

If the idea of cooking the bulk of your meals is overwhelming, start with a plan that involves accessible recipes with basic ingredients. Even if you’re a complete newbie, you’re probably capable of boiling pasta, mixing in a jar of sauce, and throwing in some fresh vegetables you buy at the supermarket. That’s a hearty dish that could result in ample leftovers, as one example.

There are numerous blogs that are loaded with recipes for beginner cooks. Spend a little time making lists of meals and ingredients so you’re better equipped to tackle food prep yourself.

3. Switch auto insurers

Moving your coverage from your current auto insurance company isn’t guaranteed to save you $200. But it might.

Some insurers are more generous than others when it comes to discounts for a good driving record and low mileage. In fact, if you’re someone who mostly works from home and doesn’t drive a lot, it could make sense to look into a pay-per-mile plan, as that might shrink your premium costs substantially.

Even if you’re not changing the type of insurance you have, it never hurts to research your options. Also, don’t discount the possibility of negotiating your premium rate down with your current insurer.

An extra $200 could do your savings account a world of good. Use these tips to close out March with more money in the bank than you started with.

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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.Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Maurie Backman has no position in any of the stocks mentioned. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

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