There are steps you can take to give your savings a big boost this month.
- A little boost to your savings could go a long way right now.
- Reducing a few key expenses could leave you with a higher balance.
- Try cooking more at home, making your own coffee, and canceling streaming services you don’t watch.
At this point, many people are worried about a recession in 2023. As such, they are taking steps to pump more money into their savings accounts.
But that’s not an easy thing to do when inflation is still rampant. And you may unfortunately be in a position where you are still spending a lot more money than usual on everything from gas to utility bills.
The good news, however, is that even a small increase in your savings could prove useful if economic conditions deteriorate in the new year. And if you follow these tips, you might be able to end November with an extra $100.
1. Skip those takeout orders
Takeout can be tasty and convenient, but it’s also a lot more expensive than buying groceries and cooking your meals at home. If you’re willing to avoid takeout for a few weeks, you can cash in the difference — and maybe discover some creative new recipes you love to cook and eat.
2. Replace meal delivery kits with groceries
Meal delivery kits tend to be cheaper than takeout. But they can still be more expensive than buying food from the supermarket. And so, if you’re looking to save some money this month, you might want to pause an ongoing meal service and stick to store-bought ingredients.
3. Make your own coffee
Is store-bought coffee superior to the cup you could brew at home? It could be – especially if you’re the type who likes vanilla mocha lattes or other such concoctions. But if you’re willing to stick to regular coffee at home, you can bank a nice chunk of cash over the course of a month and use that to boost your savings.
4. Dump cable and streaming services you don’t really watch
It’s nice to have access to different content so you can escape the grim reality that life sometimes is. But if you currently pay for cable and rarely watch it, or have a streaming service you don’t use often, dumping those expenses could do a lot for your savings. Plus, once you get rid of it, you may be more motivated to explore other types of entertainment, like borrowing books from your local library and reading more.
5. Stick to free entertainment outside your home
Unless you are a homebody, you probably enjoy socializing outside the home and participating in different activities. But you don’t necessarily need to spend money to be entertained. You can gather friends for weekend hikes this month instead of whipping out your credit card to charge for movie tickets. The savings there could really add up.
Will increasing your savings by $100 change your life? Chances are, no. But it never hurts to give your savings a boost at a time when recession warnings seem to be repeating themselves. And if you’re willing to make any or all of these moves, you could find yourself $100 richer by the end of November.
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