Who wouldn’t welcome an additional $100? In these uncertain times, many people are striving to save in any way they can. Our traditional views of smart money management may sometimes falter when unprecedented events such as a worldwide pandemic occur. So let’s consider how you might stash away an extra $100 this month.
Saving 10% or 15% of your income might feel off-limits in the event of shrunk work hours or other financial strains. Instead of setting daunting financial goals, why not start with an achievable target, like saving up $100 monthly? It may not be a large sum, but an extra $100 could cover an unforeseen expense or support you in the event of an unexpected day off work. Moreover, consistently saving $100 could also set a foundation for a more substantial savings habit. Let’s explore five simple ways to squirrel away $100 this month.
1. UTILIZE A MONEY JAR
This strategy is something I often use, and I’m constantly surprised at how much I manage to save almost without realizing it. A coin jar is not a new concept. The idea is to dump all your loose change into the jar and cash it in once it’s full. It’s a stress-free method of saving, and a great way to keep track of all your coins.
But if you want to boost the savings without feeling the pinch, consider adding your $1 bills to the jar along with the change. Anything can go into the jar! Just tell yourself, “This one-dollar bill doesn’t get spent”. In my case, I was able to save up $200 in merely three months using this method.
2. DEDUCT FROM THE TOP
Think saving $100 this month is unachievable? Another strategy is to take $100 directly into savings as soon as your paycheck arrives. Continue to budget and live normally for the rest of the month. You’ll likely find that you’ve managed to get by just fine.
3. SELL UNUSED ITEMS
How much unused stuff do you have lying around your home? List these items for sale online, using platforms like OfferUp, Craigslist, and Facebook Marketplace. Clear, well-lit photos, and honest descriptions can go a long way in helping you successfully sell your items. It’s another great alternative for putting aside $100 this month.
4. TRY A VEGETARIAN DIET FOR A MONTH
Even if you’re a meat-lover, consider going vegetarian for a month. You’ll likely save at least $100 during this period. Focus on in-season produce and frozen veggies to keep costs down, and don’t forget about cheap protein sources like beans and lentils.
5. REPLACE TWO DINNERS OUT WITH A SLOW COOKER MEAL
Eating out is a treat but can weigh on the budget. To save, substitute a couple of meals out a month with a home-cooked dish. Preparing food with your slow cooker can help you save money, and you might even have leftovers.
Saving $100 per month might seem daunting, especially when money is tight. But focusing on these achievable steps can help. After all, all savings start with the first dollar put aside.
What are your favored ways to save money? How do you manage to save at least $100 per month?
