If you’ve been struggling to save money this year, you’re not alone. Higher than average inflation continues to make it difficult for a lot of people to have spare money at the end of the month.
But now’s actually a great time to save money and capitalize on today’s higher interest rates for savings accounts and CDs. So if you’re eager to free up some cash in May, here are some tricks to try.
1. Have a low-key Mother’s Day celebration
Mother’s Day spending is expected to reach a whopping $33.5 billion this year, according to the National Retail Federation, with the average spending per person celebrating the holiday coming in at about $254. But if you’re able to cut your Mother’s Day budget to, say, $54, you’ll potentially have an extra $200 to bank.
To that end, instead of buying expensive gifts for your mom this year, do something simple. Pick out a novel you think she’ll enjoy, or frame a nice family photo for her to put on display.
Or, give a gift that doesn’t cost anything. Offer to clean her house so she doesn’t have to, or to do her cooking for a week so she gets a break.
As for your Mother’s Day celebration, there’s no reason to spring for an overpriced brunch. Pick up delicious bagels from your local shop and a few nice spreads, or bust out your cookbook and whip up a nice frittata, quiche, or casserole. As is the case with celebrating any milestone, if money is tight, it’s really the thought that counts.
2. Stay local rather than travel over Memorial Day weekend
Many people tend to jump at the chance to travel over a long weekend. But you can pretty much count on airfare and lodging being more expensive when there’s a holiday involved. And while you might spend less on a road trip, that’ll largely depend on where gas prices are sitting.
Instead of escaping town this Memorial Day weekend, consider staying local and doing activities you’ve never tried before. Explore a new hiking trail, or check out the new exhibit at a museum nearby. You might even really appreciate the opportunity to catch up with friends in the area you haven’t seen in a while over a backyard barbecue.
3. Give up restaurants and takeout for one month
Dining out and ordering in can be delicious and convenient. But these habits can also be costly.
Giving up restaurant meals forever may not be feasible. And frankly, you shouldn’t commit to permanently forgoing an indulgence you love.
But if you’re eager to boost your savings in May, try committing to a single month where you do all of your own cooking. You may find that following that, you’re able to scale back on ordering food and enjoy a continued financial benefit.
Remember, May is a great time to open a CD if you have the cash — or at least put money into savings while interest rates are higher. So banking even a few hundred dollars this month could go a long way. And employing these tactics could help your cash reserves grow quite nicely.
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