The tail end of the year is a good time to assess your finances and push yourself to meet goals you may have set back in January.
If your savings account isn’t quite where it needs to be, the good news is that you still have almost two months to build it up. Here’s how you can set yourself up to close out 2024 with an extra $1,000.
1. Cut your spending and bank the difference
Chances are, you can cut back on a few expenses between now and the end of the year. It may be possible to dine out a bit less, make your own coffee, or cancel cable if you’ll be too busy with holiday travel and year-end work deadlines to take advantage of it anyway.
Now, this doesn’t necessarily mean you’ll be able to save $1,000 just by slashing some spending. But if you can save a few hundred dollars over the next seven weeks or so, it’ll help. Take a look at your spending, and if need be, put yourself on a budget to limit your spending in areas where there’s room to make cuts.
Also, make sure you’re earning a nice amount of interest on the money you move into your savings, as that, too, could get you closer to your goal. Click here for a list of the best high-yield savings accounts with competitive APYs.
2. Pick up a side hustle
November and December are a great time of the year to work a side hustle. It’s common for retailers to need more hands on deck during the holiday shopping rush. And if you’re willing to offer some pet care services, you may find that clients are eager to enlist your help during the holidays, when they may be going out of town to celebrate with family and leaving their animals behind out of necessity.
If you’re able to earn $100 a week from a side hustle between now and the end of the year, that, coupled with a modest reduction in spending, could help you bank an extra $1,000 before 2025. And you may be able to earn even more money on a weekly basis, depending on the type of work you take on.
3. Get a boost from your 401(k) match
It’s common for companies that sponsor 401(k) plans to match worker contributions to some degree. If your employer offers that benefit and you haven’t contributed enough to your 401(k) to claim your match in full, sneaking extra money into that account could get you to your $1,000 goal.
Let’s say your employer will match up to $2,000 in 401(k) contributions per year, but you’re only on track to contribute $1,500 based on the amount you’ve told your payroll department to deduct from your earnings. If you increase your $1,500 contribution to $2,000, you’re putting in an extra $500 — but you’re also getting $500 for free. That’s a pretty easy way to get to $1,000 without having to do all the work yourself.
However, it can take time to process a change to your 401(k) contribution rate. Tell your payroll department you want to increase your contribution as soon as possible to avoid missing the year-end cutoff.
Closing out the year with an extra $1,000 could do your finances a world of good. Use these tips to meet that goal — and start the new year off on stronger footing.
