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, this could make a big difference in your finances.

Key points

  • A higher savings account balance may give you more peace of mind.
  • Here are some steps you can take in the coming weeks to increase your savings.
  • You can reduce your takeout expenses, make more money selling unwanted gifts, and save even more by doing some home maintenance yourself instead of paying someone else.

Even if you are relatively satisfied with the state of your finances, you may want to boost your savings account during the first part of 2023. There has been talk that a recession could hit the US economy sometime this year . And it certainly wouldn’t hurt to have extra cash reserves on hand in case your job ends up on the chopping block. With that in mind, here are some lesser-known ways to increase your savings and give yourself more peace of mind.

1. Skip the takeout

You may assume that ordering takeout is not a huge strain on your budget. After all, you won’t have a three-course meal at a restaurant that requires you to leave a giant tip. Rather, you’re picking up a pizza on your way home from work, or stopping for burgers when you’re too tired or overwhelmed to cook.

But while the occasional takeout may seem like a fairly innocent splurge, in reality, it can lead to a higher credit card bill than you’d like. If you’re eager to add to your savings this month, cut out takeout altogether and prepare all of your meals with store-bought foods, even if it means having to make changes to your schedule to allow for it.

2. Selling unwanted holiday gifts

Chances are, the gifts you received during the December holidays were a mix of things you were excited to receive and items that are now simply taking up valuable space in your closets. It is these latter items that she can turn into a source of cash and use the money to increase her savings.

Now how you sell unwanted freebies will depend on what those freebies are. If it’s something bulky, you’ll probably want to try to find a local buyer so you don’t have to pay the cost of expensive shipping. But if it’s something like a wallet or an electronic device, you can go to sites like eBay to download it.

3. Become a home maintenance expert

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

Now there is a caveat here. You should not engage in home maintenance that you do not believe you have the skills or training for, because that could result in property damage or injury. For example, cleaning your own gutters could save you $150 each time. But if that job lands you in the hospital, it’s not worth the savings by any means. However, for low-risk endeavors, learning the right techniques could save you a lot of money.

Saving money often comes down to making smart decisions. Follow these tips and you’ll be pleasantly surprised by how much your savings account balance will grow.

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