3 little-known ways to boost your savings this January

A young couple fixes a light bulb as they move into their new home.

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

the main points

  • A higher savings account balance can give you more peace of mind.
  • Here are some steps you can take in the next few weeks to increase your savings.
  • You can lower your spending on takeaway, bring in more money by selling unwanted gifts, and save even more by handling some home maintenance tasks yourself instead of paying someone else.

Even if you are relatively happy with the state of your money, you may want to give saving account batch during the first part of 2023. There was talk of a Recession can hit The US economy at some point this year. And it certainly wouldn’t hurt to have extra cash reserves on hand in case your business ends up on the chopping block. With that in mind, here are some lesser-known ways to grow your savings — and give yourself a little more peace of mind.

1. Skip the takeaway

You might assume that ordering fast food doesn’t put a huge strain on your budget. After all, you’re not eating a three-course meal at a restaurant that requires you to leave a huge tip. Instead, you’re picking up pizza on the way home from work, or stopping by to grab a burger when you’re too tired or overwhelmed to cook.

But while the occasional fast food meal may sound like an innocent enough ostentation, it can actually lend a higher percentage of Credit card tab what you want. If you’re eager to boost your savings this month, stop eating out altogether and make all your meals from store-bought groceries — even if it means having to make changes to your schedule to allow for it.

2. Selling unwanted holiday gifts

It’s likely that the gifts you received during the holidays in December were a mix of things you were excited to get and items that are now taking up precious space in your closets. They’re the last items you can turn into a cash source — and use the money to top up your savings.

Now how you sell your unwanted gifts will depend on what those gifts are. If it’s something bulky, you’ll probably want to try to find a local buyer so you don’t have to put up with the exorbitant shipping cost. But if it’s something like a handbag or an electronic device, you can turn to sites like eBay to offload it.

3. Become a home maintenance expert

Homeowners often pay hundreds or thousands of dollars each year by having to hire people to help with maintenance. If you want that money to go into your savings account instead, become a home maintenance expert. Read online how-tos, download some podcasts, and find out what it takes to start doing more maintenance yourself.

Now there is one caveat here. You should not be involved in home maintenance that you do not feel you have the skills or training for, as this can lead to property damage or injury. For example, cleaning your gutters could save you $150 each time you do it. But if that work lands you in the hospital, it’s by no means worth the savings. However, for low-risk endeavors, learning the right techniques can save you a lot.

Saving money often comes down to making smart choices. Follow these tips, and you might be pleasantly surprised to see how much your savings account balance will grow.

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