3 Surprising Ways to Increase Your Savings this Month

3 Surprising Ways to Increase Your Savings this Month
Ⓒ Provided by The Motley Fool

By Maurie Backman, The Motley Fool

A lot of people are starting off 2023 feeling as if they're in catch-up mode. That's because inflation wreaked havoc on a lot of budgets in 2022 and caused many people to deplete their savings accounts to cope with higher living costs.

If you're eager to grow your savings in 2023, it helps to approach that goal on a month-by-month basis. And while cutting your spending is an obvious way to boost your savings, you might only have so many expenses in your budget you can slash.

But that doesn't mean saving money this month is out of the question. Here are a few lesser-known ways to give your savings a boost in February.

1. Start shopping at dollar stores

Some people avoid dollar stores because they're convinced the items sold there are too low in quality to be worth buying. In reality, there are plenty of solid items you can buy at your local dollar store, from school supplies to seasonal treats for upcoming holidays, like Valentine's Day.

In fact, dollar stores commonly stock recognized brands in categories such as snacks, soaps, and cleaning products. So it's worth taking a look around and seeing how much you stand to save.

Read More: 23 Ways to Increase Your Savings This Year

2. Buy groceries in bulk strategically

Buying the right groceries in bulk could result in a lower credit card tab for food-related spending. But to be clear, you'll need to be strategic when loading up on bulk items. For the most part, this means making sure any item you buy is something you eat regularly, have room to store, and are likely to finish before its expiration date.

You should also know that you don't necessarily need to have a Sam's Club or Costco membership to take advantage of bulk purchases. Your regular supermarket might stock certain items in bulk, so it's worth looking around.

And also, don't forget big-box stores like Target and even good old Amazon for nonperishable items like snacks, grains, and cereal. And if you're buying bulk food items on Amazon, there's a good chance you'll meet the $25 order minimum to score free shipping even without a Prime membership.

3. Do more shopping at discount supermarkets

There are certain grocery store items that tend to be expensive that you also don't necessarily want to buy in bulk, like produce. Because produce has a limited shelf life, you need to be careful not to purchase too much of it at once. But you can still save money on produce and other supermarket staples by buying them at discount supermarkets like Aldi rather than your regular go-to supermarket.

Now keep in mind that stores like Aldi may not have the most consistent selection of products -- produce-related or otherwise. But if you're willing to make the extra trip here and there, you may find that you're able to save quite a bundle on the various items on your shopping list.

Saving money isn't easy at a time when inflation is still soaring. But these tips could help you carve out more savings in February -- and in the future.

Read More: 25 Ways to Improve Your Financial Situation in 1 Hour

See more at The Motley Fool

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Finance Magazine: 3 Surprising Ways to Increase Your Savings this Month
3 Surprising Ways to Increase Your Savings this Month
Do you want to increase your savings this month? Continue reading for some less obvious hints on how to get there.
Finance Magazine
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