A surprisingly large number of Americans don’t have enough money saved to cover an unexpected $500 emergency. So, what happens when the fridge stops working or the car needs urgent repairs? Most turn to credit, and for some, that credit comes in the form of high-interest payday loans. You can’t avoid unexpected financial emergencies. But you can avoid the added stress of not having enough money in the bank to cover the expense. So, whether you’re starting from scratch or you spent all your savings last month on the holidays, here’s 10 different ways to save money ($1,000!!!) in January!
1. Skip the Gym
After spending December eating and drinking our way through holiday parties and dinners, January marks the start of the gym rush. More people than at any other time of the year sign up for new gym memberships or start using the ones they already had.
Gym memberships can be costly. So, rather than the joining the crowd and rushing to the gym on January 2, make a different (and less expensive) health and fitness plan. Trying working out at home instead. There’re lots of great workouts you can find for free on YouTube and around the internet.
Average Savings: $58
2. Cancel Your Cable
We know how important Game of Thrones and Walking Dead are to you, but you can save over $1,000 a year by ditching your expensive cable bill. And thanks to all of the amazing online streaming options, you can get rid of cable without missing all of your favorite shows.
Average Savings: $100.00
3. Sell Your Gift Cards
You know the stack of gift cards you got last month that you’re never going to use? Cash them in. There’s a variety of ways to cash in your gift cards. So, do your research and find out where you can get the most bang for your buck.
Even if the gift cards are to places where you’d love to go spend some money on non-essentials, sell them anyways. If you’re serious about saving $1,000 this month, that may mean foregoing some of those things you really want, but don’t need.
Average Savings: $100
4. Find a Side Hustle
A side hustle is a job you do in addition to your main career focus to help make some extra money. Side hustles are great options for earning extra income temporarily or long-term. They often have a lot of flexibility that allows you to do them in your extra hours – before work in the morning or after work at night.
Check out this list of 68 side hustle ideas to get started.
Average Savings: Several hundred dollars – $1,000+
5. Sell stuff
While you’re decluttering and organizing after the holidays, spend time finding things around your house to get rid of. Chances are, your closets, attic, garage, and rooms are full of old furniture, clothes, and electronics that you don’t use or need anymore. Sell them!
When you spend time finding things to get rid of, you’ll be surprised at just how much money you can make with things that are lying around your house. There’s a variety of ways to sell this stuff: a yard/garage sale, at a consignment shop, on eBay, on Craigslist.
Average Savings: several hundred dollars (or more, depending on what you have to sell)
6. Call Your Cell Phone & Car Insurance Company
It’s time to renegotiate your monthly plans. It’s surprising how easy it is to get a discount when you’re willing to ask for it. And saving $20-$50 a month on your car insurance or cell phone plan can save you several hundred dollars a year.
Check out this article for tips on how to cut your cell phone bill.
Check out this article for ways to negotiate your car insurance fees and premium.
Average Savings: $100
7. Do a Spending Freeze
After the spending frenzy of the holidays, January is the perfect time to try a spending freeze. A spending freeze is when you spend nothing on anything but the essentials (think rent, groceries, electricity, gas). Here are some great tips on how to plan for a spending freeze.
The most important thing to keep in mind is that your goal is to spend as little money as possible. So, you want to cut out every non-essential expense. Those include eating out, new clothes, expensive salon visits, etc.
Imagine how much money you can save by freezing your spending for just one month!
Average Savings: several hundred dollars
8. Increase Your Income
If you try all of these options, there’s no reason why you cannot increase your income this month. When you talk about increasing your income, a lot of people find the thought of doing that next to impossible. But here’s several options for how you can do just that:
- Ask for a raise in your current job
- Find a newer, higher paying job
- Start a side hustle (see #4 and #10)
- Find a second, part-time job
Increasing your income can not only help you achieve your goal of saving $1,000 this month, but can help you achieve your long-term goals, as well.
Average Savings: several hundred – several thousand dollars
9. Cut Your Grocery Bill in Half
Going into the grocery store without a plan is a recipe for a budget disaster. With a little planning ahead of time, though, you can drastically reduce your grocery spending, and even cut it in half. Check out this list for some helpful tips and creative ideas on how you can cut your grocery bill in half with a little extra work.
Average Savings: $150
10. Put Your Organizational Skills to Good Use
It’s January and everyone is trying to get organized and ready for another new year. Everyone dreads the task of taking down, organizing, and putting away all of the Christmas and holiday decoration. So, it’s the perfect time to put your organizational skills to good use and make some extra money.
Share your skills with friends and neighbors and offer to help them get organized. “Professional Organizer” is a real career title. Google it!
People are busy. They don’t have a lot of time. And they’re looking for help wherever they can get it. So, share a post on Facebook, send a few texts, and find out who needs some extra help this month.
Average Savings: a few extra hundred dollars (or more, depending on how much work you find!)
