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| Ⓒ Provided by The Motley Fool |
By Maurie Backman, The Motley Fool
It's hard to believe we're right on the cusp, but so it goes. And the start of a new year is a great time to focus on ramping up your savings efforts.
First of all, there's talk that a recession might hit this year. That's not guaranteed to happen, but it's a possibility. And so the best way to prepare is to have a nice, robust emergency fund.
But even if you already have a decent chunk of cash set aside for emergencies, you might still want extra money in your savings account to meet other goals. Here are a bunch of different ways you can give your savings a notable boost in this year.
Read More: 5 Ways a Financial Emergency Can Ruin You
1. Put the process on autopilot
Setting up an automatic transfer from your checking account to your savings account will help ensure that extra money gets tucked away before you have a chance to spend it.2. Set up a budget
A budget will help you better track your spending and keep it to more of a minimum.3. Reduce a large expense you spend a lot of your income on
That could mean selling your car if you technically no longer need it now that you're working remotely. It could also mean getting a roommate if your rent costs have risen a lot.4. Shop mindfully at the supermarket
Make a list of what you need and plan meals in advance before you start loading up your shopping cart. And also, pay attention to sales.5. Order less takeout
You'll spend a lot less if you replace some of those prepared meals with groceries.6. Cancel your meal delivery kit
Meal delivery kits may be a convenient way to prepare dinner, but buying your own ingredients could result in a lot more savings.7. Brew your own coffee
It may seem like blasphemy, but skipping the coffee shop trip could save you a lot of money, especially if you go every day.8. Cut the cord on cable
You probably don't watch all those channels anyway. Streaming services could be a more cost-effective option.9. Cancel streaming services you don't use
There's no sense in paying for streaming content you never access. If you have multiple services, get rid of the one you utilize the least.10. Stop paying for the gym
Walking, jogging, or biking outdoors won't cost you a dime. Neither will doing aerobics in your basement. So why spend money on a gym membership?11. Find a better bank
Savings account rates are up these days. If your bank's interest rates aren't competitive, move your money elsewhere.12. Pay off credit card debt
The sooner you pay off a credit card balance, the less it'll cost you in interest. You can take the money you're not spending on interest and put it into savings instead.Read More: How to Grow $100,000 Into $1 Million for Retirement Savings
13. Get a side hustle
You can use your earnings to boost your savings since they won't be earmarked for existing bills.14. Shop around for a new auto or homeowners insurance policy
If your rates keep going up on your car or homeowners insurance, it may be time to get a new policy. You can also look at bundling your policies for added savings, and then take the money you're not spending on premiums and put it into the bank.15. Find a new source for pet care products
If you're spending a small fortune to feed and medicate your pet, there may be a less expensive way to go about that. Shop around and see if sites like Chewy or Amazon can make it possible to spend less.16. Join Costco
If you have a larger family to feed, it could pay to get a Costco membership in 2023. You might spend a lot less on food and household essentials.17. Shop at dollar stores
Buying things like gift bags, school supplies, and even household items at your local dollar store could be a huge source of savings.18. Understand your health benefits
Knowing how your health insurance plan works could help you avoid costly mistakes that result in you spending more money.19. Be mindful of utilities
The simple act of turning off lights when you leave a room or unplugging appliances when they're not in use could save you a lot of money during 2023.20. Join a carpool
If you commute to work daily, riding with others could cut down your transportation costs. It could also mean getting to know some of your colleagues better.21. Research gas prices before filling up
If you have access to several gas stations in your area, do a little digging before fueling your car. The savings could add up in the course of a year.22. Have one no-spend weekend a month
Replacing social outings and restaurant meals with movie nights in your living room may end up being more fun than anticipated -- especially if you can get some friends on board.23. Fight for a raise
If you're really good at what you do and your pay didn't increase during 2022, ask for more money. If you're a valued employee, your company might go the extra mile to keep you.Maybe you want to save an extra $2,000 in 2023. Or maybe your goal is to see your savings account grow by $10,000. Either way, these moves could be your ticket to closing out the year in a much stronger financial place.
Read More: 10 Best Budgeting Methods to Improve Your Financial Life
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