5. Get creative about making more money
Ways to earn more money include getting a part-time job and selling things you no longer need.
Working longer hours might seem burdensome, but an extra job with a deadline and a specific short-term savings goal can be a smart strategy. In fact, U.S. workers with a side hustle earned an average of $1,122 a month from it, according to a Bank rate survey.
You can start a side hustle by identifying a skill you have and the tools and resources needed to turn it into a money-making business.
Another way to generate cash for savings is selling items you don’t need, such as an extra car, used designer clothing, collectibles, musical instruments or jewelry. Consider a website such as eBay, Craigslist, Postmark or Facebook Marketplace to connect with potential buyers.
6. Take baby steps toward saving
If you find saving to be a challenge, start by trying to save just $100 or $500 for a specific purchase or expense. When you’ve saved and spent that sum, continue to save that amount or more so you can pay for what you need with cash instead of credit.
If you’re unable to save any money for major purchases and long-term investments, you may be living above your means. Some small budgetary changes can help, or larger ones might be in order, such as finding less expensive housing or means of transportation.