Last year, SecureSave released data showing that 63% of Americans couldn’t cover an unplanned $500 expense by tapping their savings. So if you were to manage to sock away an extra $2,000 by the end of the year, you’d be in a much better position than most people.
Since we’re about halfway through the year, saving $2,000 by the end of 2024 requires you to save $333 a month, assuming you want to work toward that goal evenly every month. That might seem daunting at first. But with these three moves combined, it may be more doable than you’d think.
1. Work a side hustle
A booming gig economy means you have plenty of opportunities to work a side hustle and scrounge up extra money. But what if you only have a few hours each week to dedicate to a side hustle? That may not be a problem if you’re able to find a lucrative enough gig.
As just one example, New York gig workers who sign up to pet sit through Rover (an app that connects pet carers and owners) earn an average of $23 per hour, according to ZipRecruiter. This doesn’t mean you’ll earn that much, or that you even want to care for pets on the side.
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The point, however, is that if you find a side hustle that pays enough, you can make progress on your monthly $333 goal via that gig alone. Even if you’re only able to earn $15 per hour, working three hours a week, or 12 hours per month, gets you to $180. That means you’re more than halfway there. And chances are, you can spare three hours per week if you arrange your schedule carefully.
2. Practice more mindful spending
Many of us have expenses in our budgets that are wants instead of needs. These might include things like streaming services, store-bought coffees, and takeout meals.
It’s OK to spend money on these things because, well, we all need some simple joys in our lives. But it could pay to examine your spending and ensure the things you’re buying really bring you happiness.
If the store-bought coffee you pick up every morning is more of a habit than anything else, you may be able to save $3 per workday, or a good $60 per month, simply by making coffee at home or grabbing a free cup of joe from the office Keurig. Add that to the $180 a side hustle might give you, and you’re at $240.
If you can also unload one streaming service you don’t need, even better. Say you hardly watch HBO Max these days. You can save $17 a month if you have the ad-free version and dump it. That brings you up to $257. Now, you only need $76 more per month.
3. Rent out your car for cash
You could use your vehicle to drive for a ride-hailing service and make money that way. Or, you could try renting it out a few times a month and making money more passively.
Sites like Turo match car owners with people in need of rentals. It’s sort of like Airbnb, only for cars.
The average Turo car owner makes $545 per month, according to Millennial Money Man. Even if you only make one-sixth that amount, it still brings you to $90 — which gets you just beyond your monthly savings goal of $333.
Ending 2024 with an extra $2,000 could do a lot of great things for your finances. Take these steps to close out the year with a larger financial cushion — and the feeling of pride that comes with meeting a big savings goal.
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