5 ways to save $300 before the end of the year

If saving an extra $300 seems impossible to you, these suggestions may help.

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Key points

• Additional savings can help you get out of difficult financial situations in the future.
• Consider watching your food spending and reducing your online purchases to help you save $300 before 2023.

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Would an extra $300 improve your life in any way? For most people, that would make a difference. As we approach the end of 2022, you may be able to make small changes to free up some extra cash for your savings goals. Do you want to increase the balance of your savings account? Here are some ways to save $300 before the start of 2023.

1. Eliminate delivery or limit your delivery and takeout expenses

Many Americans have made it a habit to order food regularly. According to a Circuit for Teams survey, Americans place about 54 food delivery orders a year. If you’re not careful, your food delivery habits could cost you and hurt your savings goals.

If you’re looking to save some extra cash ahead of the New Year, now’s a great time to cut delivery for the rest of the year or budget for food delivery, so you can spend less money. It could help cut unnecessary expenses and encourage you to cook more at home.

2. Only buy with a grocery list

Shopping without a shopping list can be dangerous for your wallet. Without a list to guide you, it can be easy to overspend and buy items you don’t need, and it can also be easy to forget to buy everything you need.

For the rest of the year, committing to only shopping with a list in hand can be beneficial. Be sure to make your list by perusing the sales flyer. Every little bit of money you save by shopping with a plan will help boost your bank account balance.

3. Get rid of subscriptions you don’t use

You’re probably paying for a subscription that you barely use. Whether it’s a streaming subscription, a monthly product box, or a gym membership, you’re wasting money if you don’t use your investment much.

Now is a good time to suspend or cancel subscriptions and memberships that are not useful to you, otherwise you are wasting money. You are probably spending more money than you think on subscription and membership fees.

Shopping apps are a convenient solution, but sometimes they are too convenient. When we stay connected to these apps, it’s all too easy to place an order (and spend money) at any time of the day. You can successfully reduce unnecessary spending by logging out of your favorite shopping apps. By having to log in each time you need to place an order, you’ll give yourself more time to determine if the purchase you’re about to make is worth it.

5. Prepare a lunch and have lunch

When the work week is busy and you’re not planning your meals for the day, spending money on fast food and takeout can be tempting. However, if you pack a lunch and eat breakfast every day, you can stay full and save money. Even “affordable” takeaways are getting expensive.

Develop new spending habits to save more money

All of these small changes can add up to big savings. Although adapting to the above changes may take some time, developing new spending habits could help you reach your savings goals faster. If you’re looking to save an extra $300 before the end of the year, don’t be afraid to change your spending habits and develop new routines.

Are you looking for other ways to improve your money management habits? For more advice, check out our personal finance resources.