3 Little-Known Ways to Boost Your Savings by the End of the Year

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  • It's a good idea to have a healthy savings balance going into 2023.
  • While there are obvious steps you can take to get there, here are some other options to look at.
  • Consider going through your belongings to find unused items to sell, asking for a bonus at work, and being upfront with friends and family about preferring cash gifts this year. 

Here's how to give your savings a serious lift.

Maybe you have enough money in your savings account to cover three months' worth of bills. Or maybe you have enough to cover six months' worth, but you'd rather boost your emergency savings ahead of the new year.

Doing so is definitely a wise idea, since many financial experts feel we're in for a recession in 2023. The Federal Reserve has been aggressively hiking up interest rates in an attempt to slow inflation down. Its goal is to make borrowing more expensive so consumers are inspired to cut back on spending. But if spending drops to a drastic degree, it could spur an economic downturn -- and lead to widespread unemployment.

As such, now's really a good time to give your savings a boost. And there are certain obvious ways you can go about that.

If you cut back on spending, you might manage to pad your savings nicely. But let's be real -- if anything, a lot of us are gearing up to spend more in the coming weeks due to the holidays, not less. 

You could also boost your savings by taking on a side hustle. But if you feel you work hard enough at your main job, then it's understandable you may not want to have to deal with a second one.

The good news is that you can grow your savings before 2022 wraps up without having to slash your spending or take on another job. Here's how.

1. Do a cleanout at home and sell items you no longer need

If you really take the time to do a thorough cleanout at home, you may be surprised at the number of things you still have but don't want or use. If you sell those items, you can use the cash you collect to boost your savings. 

2. Fight for a bonus at work

If your company doesn't give out year-end bonuses as a matter of course, you might assume a lump sum of cash just won't be coming your way. But just because that's not your company's practice doesn't mean your employer won't make an exception. If you're a solid employee who's gone above and beyond all year, then there's no reason you can't ask for a bonus -- and use that money to grow your cash reserves.

3. Be honest about your desire for cash gifts

The cozy sweaters your family members tend to give you for the holidays may be a nice addition to your wardrobe. But if you're worried about a recession in 2023 and would rather have cash, speak up about it. Your loved ones may be more than willing to change their gifting style this year to accommodate your request.

The more you're able to add to your savings, the more confident you can feel going into 2023 -- even if a recession does become increasingly likely. And the best part? You don't have to cut your spending drastically or toil away at a side hustle to give your savings a solid lift by the time 2022 comes to a close.

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