8 Creative and Powerful Ways to Boost Your Savings
Saving money can be hard, especially when you’re living paycheck to paycheck. I mean, where do you even start?! For most, not knowing where to start is the reason why they never get the hang of it and have difficulties breaking the cycle of living paycheck to paycheck.
However, the fact that you’re here reading this article is evidence that you’re ready to take action. Breaking the paycheck-to-paycheck cycle and helping you find ways to save money — that’s what I want to help you with today. But, while most advice you read on saving money is pretty general, I want to make it as actionable as possible. How? By giving you 8 creative ways to boost your savings you can start as soon as today!
The first six ways I’m going to list below are focused on saving money, while the last two are actually ways to help boost your income. (And, of course, this income you can then use to boost your savings.) These tips can be very helpful in your journey to improving your financial situation, especially when you’re currently living paycheck to paycheck. Ready to get creative?
A big part of your budget probably goes to groceries. In fact, the average American household spends as much as 13% of its monthly budget on food! That’s why saving money on food could be a great way to boost your savings account. One powerful way to do so is by prepping your meals, in which you cook once and eat (at least) twice. And no, there is no need to be all fancy with it — even a simple home-cooked meal could last you for days!
A great resource you can use to start your meal-prep journey is this blog, where I explain why meal prepping is great for your wallet and how you can make it work for you. And not only is prepping your meals a great exercise for your financial well-being, but it could also boost your overall physical health as well! Almost a no-brainer, right?
Now that summer is coming to an end, most clothing stores are giving big discounts on summer wear. You probably know already if you need new clothes for next summer, right? You do? Then this is the best time to buy them! And this is just one example of a so-called end-of-season deal.
At the end of every season, you can find huge discounts on everything associated with that specific season. Think of discounts on winter clothes at the end of winter as well, or great deals on Christmas decorations at the end of the Holiday season.
But mind you, don’t use this as an excuse to go on an all-out shopping spree at the end of every season. Please be mindful of where you spend your money, and only buy things you know you will definitely need when the next season comes around.
Now back to food. In the US, a large percentage of food gets wasted. It may be a shocking number to you, but the average American household wastes 32% (that’s almost one-third!) of their grocery cart, according to a study conducted by researchers from Penn State University. That’s a whole lot of food, and a whole lot of money, too.
That’s why another powerful way to boost your savings is to reduce food waste as much as possible. To do this, first and foremost, try to be mindful when you’re doing your grocery shopping. Going on vacation soon? Then don’t stock up on fruits and veggies that can go bad while you’re away. And only buy items you know you will need.
Unfortunately, what also happens a lot is that people throw away food items that are actually still perfectly fine to eat. Brown bananas on the counter? Bake banana bread! That’s a great snack for a couple of days. Or bread that’s going old? Perfectly fine to use for French toast. Yes, it requires you to be creative, but that’s the fun of it. And not only will it help you reduce food waste (which is great in and of itself), but it could also save you money on your food bill, which you can use to give your savings account a boost.
Enough about food. Let’s move on to ways to enjoy your free time in a financially sensible way. Yes, going out for dinner or to the movies can be fun once in a while, but it can become costly quickly. There are a lot of fun things you can do that don’t require a big financial investment. Invite your friends and family to join you on a hike, have a picnic with homemade foods in the park, or host a potluck-style dinner. Enjoying time together doesn’t have to cost you a lot of money. In the end, it’s about time spent together, and not about money spent together, right?
Thrift stores can be a great place to get your hands on affordable clothing, furniture, and electronics when you’re in need of something new. But, before you go to the thrift shop, you can even try to fix what’s broken yourself! There are plenty of YouTube tutorials out there that explain step-by-step how to fix anything. From chairs to washing machines to lawnmowers, you can probably find a tutorial online on how to fix it. And next to saving you money on a handyman, it’s fulfilling, too. I mean, have you ever sat on a chair that you’ve fixed yourself?
Here’s a fun challenge for you: Commit to having a ‘no-spend’ day every week. Pick a day of the week, let’s say Tuesday, and spend absolutely zero money on Tuesdays for at least a month. (Not even a coffee!) Then see what it does to your bank account — you may be surprised. It may seem daunting at first, but doing such a challenge is a great exercise to become mindful of your spending habits and save a significant amount of money in the long run. And the money you’re saving during those ‘no-spend’ days could give your savings account a nice boost!
Let’s move on from saving money to actually making some additional income. One way to do so is by decluttering your home and selling anything that you’re not using anymore. Here’s how you can do this: Block next Sunday to clean up your garage, go through that old shelf in the attic, and look around the rest of the house for any items you’re not using anymore.
And then the fun part: Selling those items! Craigslist, eBay, or even a good old garage sale are great ways to sell second-hand items you may find lying around the house. But be mindful here, don’t see this money as profit and free-to-spend, but instead, use it to boost your savings account. It may come in handy later. And aside from allowing you to boost your savings, it could also leave you with a clean and decluttered home, too. That’s a win-win if you ask me!
And now on to the eighth and last way to boost your savings: Offer your skills locally or online for money. Think about it: What do you like to do, apart from your job? Maybe you’re great with kids and like to babysit. Or you just love to assemble IKEA furniture. Or maybe you like to get your hands dirty in the garden. There is a good chance that there are people in your neighborhood, city, or online who are more than willing to pay for your services. Platforms like Fiverr and TaskRabbit are great for finding jobs like this! It’s fun to do, and it could give your income a nice boost, which you can use to further build out your savings account.
Which of these 8 ways are you going to give a try? There’s plenty of inspiration for ways to give your savings a nice boost, right? Reducing food waste, challenging yourself to have ‘no-spend’ days, or hosting a garage sale — all 8 of the tips I gave you above are great in their own right. They could all leave you with more money at the end of the month and help you break the cycle of living paycheck to paycheck.
Just remember that whatever you’re going to do, try to make it work for you. As long as it’s helping you save some money, you’re doing great. Enjoy trying out these creative ways to boost your savings — I hope it’s going to help you improve your financial situation. Let’s get saving!
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