3 Little-Known Ways to Boost Your Savings This January

Believe it or not, they can make a huge difference in your finances.

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Main points:

• A higher savings account balance can give you more peace of mind.
• Here are some steps you can take over the next few weeks to increase your savings.
• You can cut down on your moving expenses, bring in more money by selling unwanted gifts, and save even more by taking care of some home maintenance issues yourself instead of paying someone else.

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Even if you’re relatively happy with your finances, you may want to give your savings account a boost in early 2023. There are rumors that a recession could hit the US economy at some point this year. And it certainly doesn’t hurt to have some extra cash in case your job ends up being cut. With that in mind, here are some lesser-known ways to increase your savings and give you more peace of mind.

1. Skip meals

You might assume that ordering tanks isn’t too much of a strain on your budget. After all, you don’t have a three-course meal at a restaurant that requires you to leave a huge tip. Rather, you grab pizza on the way home from work, or stop at a burger joint when you’re too tired or overwhelmed to cook.

But while the occasional meal may seem like an innocent enough meal, it can actually run up a higher credit card tab than you’d like. If you want to increase your savings this month, cut out eating out completely and make all your meals from store-bought foods, even if it means you have to make changes to your schedule to allow for it.

2. Sell unwanted holiday gifts

Chances are, the gifts you received during the December holidays are a mix of things you wanted to get and things that are now just taking up valuable space in your closets. It’s these last items that you can turn into a source of cash and use that money to top up your savings.

Now, the way you sell unwanted gifts will depend on what those gifts are. If it’s a bulky item, you’ll probably want to try to find a local buyer so you don’t have to incur expensive shipping costs. But if it’s something like a wallet or electronic device, you can turn to sites like eBay to offload it.

3. Become a housekeeper

Homeowners typically spend hundreds or thousands of dollars each year because they have to hire people to help with maintenance. If you want that money deposited into your savings account, become a home maintenance guru. Read online guides, download some podcasts, and find out what it takes to start doing more technical work yourself.

Now there is one caveat here. You should not engage in home maintenance for which you do not feel you have the skills or training, as this may result in property damage or injury. For example, cleaning your own gutters can save you $150 each time you do it. But if that work takes you to the hospital, then it is not worth saving in any way. However, for low-risk endeavors, learning the right techniques can save you a bundle.

Saving money often leads to wise choices. Follow these tips and you may be pleasantly surprised to see how much your savings account balance will grow.