It's Not Too Late to Boost Your Savings in 2021. Here's How
by Maurie Backman | Published on Nov. 2, 2021
Try these strategies to ramp up your savings before the year comes to an end.
You may have started off 2021 with high hopes on the savings front. Maybe you decided that this is the year you'll reach $10,000 in your savings account, or that you'll finally complete your emergency fund.
But as we know, life has a way of thwarting our savings plans. And if you're behind at this stage of the year, you may be resigned to not meeting your goal.
But it's actually not too late to grow your savings account balance before 2021 comes to a close. Here are a few ways to pull that off, even with the year being almost over.
1. Get a side hustle
The right side hustle could make you considerably richer before 2021 ends. At this time of the year, many local businesses need more hands on deck to handle holiday orders and returns. You may be able to pick up enough evening and weekend shifts to boost your savings balance nicely.
You can also do quite well for yourself with a gig you work on your own schedule. A lot of people travel for the holidays and need to be shuttled to and from the airport, for example. If you sign up to drive for a ride-hailing company, you could potentially make a few thousand dollars over the next couple of months, especially if you're willing to devote much of your free time to your side job.
2. Do a major inventory sell-off
Chances are, you have plenty of items at home you no longer need or can afford to part with. Your kitchen may be loaded with tools and gadgets you use once a year, you may have video games in your collection that you haven't played in ages, or your closet may be filled with clothes or accessories that are no longer your taste. Selling off those items could score you a nice pile of cash -- enough to meet your savings goal by year-end.
3. Bank your bonus cash
If you're a parent, you may be in line for two more windfalls this year thanks to the recently expanded Child Tax Credit. This year, the credit is worth up to $3,600 for children under 6 and up to $3,000 for those 6 to 17. Half of the credit is being paid in monthly installments this year. If you've been getting those payments so far, you can look forward to a mid-November and mid-December payment, both of which you can potentially put right into your savings.
Meanwhile, you may also be eligible for a bonus through your employer as a thank you for your great performance on the job. That year-end payday could make it possible to meet your savings goals at the last minute.
Though 2021 may be almost over, it's not too late to add to your savings in a meaningful way. Use these tips to pad your savings over the next couple of months. Doing so will put you in a great position to start off 2022 on a financially sound note.
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