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Want an extra $600 in 2024? Read on to see how to trim your costs by $50 a month.
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It’s important to have money in the bank for emergencies at all times, since you never know when your car might stop running or you might have to call a plumber on the spot to fix a leaking pipe at home. But recent data from SecureSave finds that 63% of Americans do not have the cash reserves to cover an unplanned $500 expense.
However, if you were to save $50 a month in 2024, you’d end up $600 richer by the end of the year, which could potentially put you in a better position to cope with an unplanned expense. So if you’re eager to boost your cash reserves by $50 a month, here are some moves worth trying.
1. Cut the cord with cable
If you have cable, you may be paying for hundreds of TV channels…only to actually watch one or two. The average price of a TV-only cable plan is $83.35 a month, reports CableTV.com. Meanwhile, a premium Netflix membership costs $22.99 a month. And a Hulu plan with ads is $7.99 a month. So swapping cable for a couple of popular streaming services could result in an extra $50 a month in your savings account.
2. Dump your gym membership
There’s a definitive benefit to going to the gym. Working out can keep you in good shape and even have a positive effect on your mood and outlook. But if you can’t remember the last time you went to the gym, then dumping your membership could be a really easy means of saving money. GoodRX says that the typical cost of a gym membership is $40 to $70 a month, so by canceling yours, you might end up being able to bank $50 on a monthly basis easily.
3. Do more food shopping and stop falling back on meal kits
When you maintain a busy schedule, meal kits can seem like a lifeline. But they can also, in some cases, be notably more expensive than buying groceries. According to an analysis by The Kitchn conducted a few years ago, swapping a classic Hello Fresh box for the equivalent amount of groceries results in a little more than $24 of savings. So if you cancel two boxes a month and go to the grocery store for ingredients instead, you might end up $50 richer.
These are only a few of the many steps you can take to lower your spending in 2024 and free up $50 a month. Take a deep dive into your personal spending and see where there’s room to trim unnecessary expenses. Maybe you have a habit of ordering takeout three times a week and the cost is really adding up. Or maybe you have a tendency to summon an Uber every time you’re too tired to deal with taking the subway home from work.
You don’t necessarily have to give up every single luxury you enjoy to add modestly to your savings. But it definitely pays to consider cutting back in some regards if your savings account could use a serious boost.
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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 positions in Netflix. The Motley Fool has positions in and recommends Netflix and Uber Technologies. The Motley Fool has a disclosure policy.
