Who wouldn’t enjoy having an extra $100? Especially in these unpredictable times, many people are looking for ways to save. Our usual money-saving tactics might not work as well during a global pandemic, so it’s worth considering how to save an extra $100 this month.
Putting away 10% or 15% of your income might seem impossible if your work hours have been reduced or you’re dealing with other financial pressures. Instead of aiming for large savings goals, why not start with something more manageable, like saving $100 each month? It might not seem like much, but an extra $100 could help cover an unexpected expense or cushion you if you miss a day’s work. Plus, regularly saving $100 can help you build a better savings habit over time. Here are five easy ways to save $100 this month.
1. USE A MONEY JAR
I often use this method and am always amazed at how much I save without even thinking about it. The concept of a coin jar isn’t new. Just throw all your loose change into the jar and cash it out when it’s full. It’s a no-stress way to save and a great way to keep track of your coins. To save even more, consider adding $1 bills to the jar along with the change. Anything can go into the jar – just decide that a particular bill won’t be spent. I managed to save $200 in just three months this way.
2. PAY YOURSELF FIRST
Think saving $100 this month sounds impossible? Try transferring $100 to your savings account as soon as your paycheck arrives. Then, budget and live as you normally would for the rest of the month. You might be surprised to find that you can manage just fine.
3. SELL UNUSED ITEMS
Look around your home for items you no longer use. List these items for sale online on platforms like OfferUp, Craigslist, and Facebook Marketplace. Good, clear photos and honest descriptions will help you sell your stuff quickly. It’s a great way to set aside an extra $100 this month.
4. GO VEGETARIAN FOR A MONTH
Even if you love meat, try going vegetarian for a month. You’ll probably save at least $100. Focus on seasonal produce and frozen vegetables to keep costs low, and use inexpensive protein sources like beans and lentils.
5. COOK AT HOME INSTEAD OF EATING OUT
Eating out is fun but can be expensive. To save money, replace two restaurant meals with homemade dishes. Using a slow cooker can make meal prep easy and inexpensive, and you’ll likely have leftovers for another meal.
Saving $100 each month might seem tough, especially when money is tight. But by focusing on these practical steps, you can make it happen. Every bit of savings starts with the first dollar you set aside. How do you like to save money? What strategies do you use to save at least $100 each month?