If you’re seriously considering taking action and growing your savings, you’re going to want to hear this. There are actionable ways to grow your savings account. And, as little as one month from now, you can have an extra $1,000 in savings! Have I got your attention?
It’s all about lifestyle choices and these ideas will give you some inspiration to make some good choices in your life for the purpose of saving.
Here we go!
1. Trim Down Your Utility Bill
This is one of the easiest ways to save. You lower your utility bill and keep that extra money. Then, throw it in savings. Here are some ways to lower your utility usage and lessen your bill, starting today:
- Time water usage (brushing teeth, showers, etc.)
- Set a day of the week for laundry
- Turn off lights when you leave the room
- Invest in a smart thermostat
- Invest in a smart power strip
- Invest in energy efficient light bulbs and appliances
- Call your utility company to ask for a lower rate
2. Start Couponing
Couponing can save you as much as 30% (or more if you’re an extreme couponer) which means instead of spending $100 at the grocery store, you’ll spend $70 and save that extra $30.
Get coupons in your Sunday newspaper, online, from your grocery store, and other places.
You can also use money-saving apps like Ibotta where you get a heads up on the deals happening in your area and get the opportunity to get cash back on purchases.
3. Do Online Shopping Through Cashback Portals
If you haven’t heard of cashback portals, get ready to have your mind blown. This is the best kept secret in the couponing community. These portals are free to join and can save you as much as 20% (sometimes more) on your everyday online purchases.
Just join the cashback site, access your retailer through the portal, make your online purchase as normal and after you check out, you’ll get cashback applied to your account with the cashback site.
Then, you can redeem that cash back for cash, gift cards, and other rewards.
Some cashback portals to check out: TopCashback, BeFrugal, and Rakuten.
4. Cut Back on Eating Out
You’ll save money and you may even lose weight. Cook food at home and bring snacks and home-cooked lunch to work.
5. Avoid Those Daily Coffee Runs
Starbucks can be a real addiction. It was for me, for a long time. You can save so much money by eliminating Starbucks from your routine, alone.
Head to Pinterest, find your favorite Starbucks coffee recipes and make those drinks at home instead. You will save a ton.
6. Save Money on Gas
Find the best gas rates in your area with Gas Buddy. You can also use gas cards which give you money off per gallon when you fill your tank.
7. Meal Prep
This helps you get organized with your meals and you may lose weight in the process, too. Not to mention, it helps eliminate food waste and saves you money on meals.
8. Enjoy Spend-Free Weekends
Try this once a month, to start. Enjoy a weekend without spending money. Some ideas:
- Movie marathon at home
- Free music in the park
- Visit the library
- Take your pet to the dog park
9. Drink Water
Water is so good for you. Skip sugary sodas, juice, and tea and just drink water. Lower your grocery bill in the process.
10. Grow Your Income
You want to save more. Make more. This is one of the fastest ways to save more money. Take on overtime at work, a side hustle or second job and use that extra money to put into savings.
Ideas for second jobs or side hustles:
- Online proofreading
- Online transcription
You could also use your extra income to invest and trade stocks. This is a great way to make passive income, which is ideal. Though side hustles are great ways to make extra money, you do not want to wear yourself too thin. You can invest in anything from cryptocurrency to your favorite technology companies. The possibilities are endless. When you are new to investing, it pays to be careful. It can be so easy to make expensive mistakes as an investment newcomer, and you certainly do not want to wave goodbye to your hard-earned cash instead of boosting your savings. So, before you start investing your money, it is wise to carry out plenty of research. This is crucial, as what may sound like an excellent investment opportunity on the surface may not be once you have carried out some research. It is also essential to familiarize yourself with the markets and understand how they work. You may also want to read up on investment-related articles, such as this one from Robert Oates of arbtech.co.uk. Make sure that you educate yourself enough to make smart investment moves, and when in doubt, ask a professional.
There you go, 10 easy, stress-free ways to grow your savings by $1,000! Try one or more of these ideas to help you save more money every month. Did we miss any? Share your thoughts below on other ways that you save money!
P.S. Many thanks to Jenn who blogs over at Millennial Nextdoor where she teaches millennials about being money smart, saving, and crushing their goals so they can be financially free. Drop by and say hello!