Please ensure Javascript is enabled for purposes of website accessibility
Search
Accessibility Menu

15 Ways to Squeeze an Extra $100 a Month Into Your IRA

By Maurie Backman - Aug 9, 2022 at 7:00AM
A person uses a laptop in front of a sunny window.

15 Ways to Squeeze an Extra $100 a Month Into Your IRA

Boost your IRA contributions one month at a time

The more money you put into your IRA, the more secure a retirement you can set yourself up for. You may be struggling to free up cash for your retirement savings. But if you follow these tips, you may find it easier than expected to boost your IRA by $100 a month.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Previous

Next

Person takes notes at dining table, surrounded by papers and laptop.

1. Get on a budget

Following a budget will give you a clearer sense of what your bills look like. And that could, in turn, help you better manage your income and expenses. You can set up a budget on your laptop using a spreadsheet. Or you can play around with different budgeting apps and find one that works for you.

ALSO READ: The Best Budgeting Apps for 2022

Previous

Next

Person stirring a pot on a stove.

2. Cook meals at home more often

Dining out can be a fun experience. But it can also be very expensive given the markups food establishments impose. If you swap some of your restaurant meals for home-cooked meals, you might easily save yourself $100 a month that can go toward building your nest egg.

Previous

Next

A person uses a ridesharing app on a phone.

3. Rely less on rideshares

Hailing a rideshare is an expensive habit that can add up. If you commonly take rideshares, try cutting that out and relying on buses or your legs instead. It could free up serious money for your IRA.

Previous

Next

A person gets into a crowded car.

4. Carpool to save on transportation costs

These days, a lot of people are back to the office instead of working remotely. If you have to report to work daily, the cost of gas and parking could really add up. But if you arrange a carpool, you can shave down your costs significantly and bank the difference.

ALSO READ: Working Remotely? You May Want to Change Credit Cards

Previous

Next

Person typing on laptop on kitchen counter.

5. Work from home more often

Working from the office may, at this point, be an option -- not a mandate. If that's the case, try to do your job from home more often. Avoiding all of that driving could free up a lot of cash for your savings.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Previous

Next

People having a picnic in the park in the city.

6. Seek out low-cost or free entertainment

It's natural to want to keep busy and enjoy the time you're not spending at work. But if you currently spend a lot of money on things like movies and concerts, try seeking out cheap or free activities instead. Hosting movie nights at home and doing potluck picnics in the park could make it easier to fund your IRA.

Previous

Next

A remote control is pointed at a big-screen television.

7. Cut the cord with cable

Cable can provide lots of entertainment. But it can also be expensive. If you're able to cut the cord and replace your service with lower-cost streaming subscriptions, you might actually free up a solid $100 a month for retirement savings purposes.

ALSO READ: These 4 Streaming Services Offer Free Trials

Previous

Next

A Costco store.

8. Spend more time at your local warehouse club store

Buying groceries and household items in bulk could result in big savings. This especially holds true if you have a larger family to feed. It pays to load up on food and essentials like paper towels and soap at your local warehouse club and bank the savings.

Previous

Next

A clothing sale 25 percent off sign.

9. Stop spending on impulse purchases

Whether you tend to do your shopping online or in stores, it can be tempting to buy things on a whim -- especially when you see they're on sale. But impulse purchases can be a huge budget-buster. And if you pledge to stop spending money on them, it could work wonders for your IRA.

ALSO READ: 3 Tricks to Avoid Impulse Purchases

Previous

Next

Person mowing lawn.

10. Do your own home maintenance

A lot of people would rather throw money at home maintenance than have to spend their weekends mowing the lawn, painting the fence, or staining the deck. But if you keep outsourcing all of that upkeep, it's apt to limit your ability to save. Instead, pledge to do at least some of that work yourself so you end up spending less.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Previous

Next

A person hanging drywall.

11. Tackle your own home repairs -- within reason

Just as outsourcing home maintenance can take away from your ability to fund your IRA, so too can hiring professionals for home repairs. Therefore, if there are fixes you can make yourself, do them. But also, know your limits. Work that's complicated or that requires skills you don't have should absolutely be left to a professional -- even if it means having to pay.

ALSO READ: Planning to Finance a Home Repair? You May Want to Rethink That

Previous

Next

Person working out at a gym.

12. Cancel subscriptions and memberships you don't get much use out of

If you can't remember the last time you watched something from the streaming service you pay for, and it's been a solid 60 days since you've set foot in the gym, then it's probably time to shed those expenses. Doing so will leave you with more money for your IRA. And besides, there's no sense in paying for services you aren't really benefiting from.

Previous

Next

Two people in suits conversing.

13. Fight for a raise at work

The more you earn at work, the more money you'll have to contribute to your IRA. These days, many companies are desperate to hire, so you may have more bargaining power than usual. Use that to your advantage to snag a boost in pay.

Previous

Next

Person walking several dogs on street.

14. Take on a side hustle

Denied a raise at work? That doesn't mean you're stuck with the same monthly paycheck. If you're willing to work a side hustle, that extra money can go into your IRA since it won't be earmarked for existing bills.

ALSO READ: 3 Side Hustles to Check Out This Fall

Previous

Next

A car parked in a driveway.

15. Rent out your driveway

If you live in an area where parking is hard to come by, you might manage to find someone who will pay to rent out a spot in your driveway. And if you live in a decent-sized city, you might easily manage to command $100 a month (or more) for that option -- especially if local parking lots charge much more. That's money you can use to boost your IRA contribution rate.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Previous

Next

Smiling person sitting at a desk and working at a laptop.

Get ready to watch your IRA grow

Putting an extra $100 a month into your IRA could make a big difference for your retirement over time. It pays to do what you can to eke out that extra savings. It may require some sacrifices, but the reward will be well worth the effort.

The Motley Fool has a disclosure policy.

Previous

Next

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.