3 Ways to Save an Extra $1,000 Before 2023 Ends

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Want to end 2023 with $1,000 more in the bank? Read on to see how. 

It’s hard to believe that we’re almost at the end of 2023. But with Thanksgiving being right around the corner, it’s time to face that reality.

You may have the goal of closing out the year with a nice, boosted bank account balance. In fact, you might even be hoping to somehow save an extra $1,000 before 2023 wraps up. That won’t be an easy thing to do — but it may be possible if you make these moves.

1. Take the money you were saving for the holidays and bank it instead

Recent data from Deloitte finds that U.S. consumers expect to spend an average of $1,652 on the holidays this year. That’s an increase of 14% from last year’s holiday season.

Now, you may have that money sitting in the bank just waiting to be spent. But if you whittle down your list of holiday purchases, you might manage to close out the year with an extra $1,000 in your savings account.

Think about the holiday items that are most important to you. You may have a long list of people you want to shower with gifts. But can you opt for low-cost or homemade items instead of splurging on apparel or electronics? Chances are, your loved ones will appreciate the thought behind your gifts, and that way, you can end the year with more money to your name.

2. Pick up a side hustle

At this point, a lot of businesses have finished staffing up for the holidays. But you might still be able to find a seasonal gig at a local establishment. It pays to look if you’re eager to boost your savings before 2023 comes to an end.

If that doesn’t work, find gigs you can do at your own pace. Signing up to drive for a ride-hailing service like Uber or Lyft could allow you to set your own hours and make money when it’s convenient for you. That’s a good thing at a time when you may be busy with holiday prep.

3. Dump some expenses you can do without

It might take a lot of spending changes to make you $1,000 richer by the end of 2023. But that doesn’t mean it can’t be done.

Do a spending audit to see where your money typically goes. And then, find ways to cut back in a big way.

If you’ve already finished your holiday shopping, you may decide to have a no-spend month in December. This means you buy only essentials, but skip out on expenses that include restaurant meals, clothing purchases, and social outings that cost money. If you’ll be busy with holiday events you don’t have to pay to attend, like family parties, you might save a lot by not having to spend money to keep busy.

To be fair, you may not be able to carve out an extra $1,000 by the end of the year only by cutting your spending. But you might manage to save $500 going this route. That, combined with taking on some gig work, could get you to your goal.

Closing out the year with more savings could help you approach 2024 with added confidence. So take these steps to save more and end 2023 on a positive note.

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