Image source: Getty Images
It’s hard to believe that we’re already in February. At this point, you may or may not be behind on your personal financial resolutions for 2024.
One of those may be to give your savings account a nice boost. And if you make these smart moves in the coming weeks, you might end up $200 richer by the time February ends.
1. Have a casual Valentine’s Day
Data from the National Retail Federation finds that the typical consumer expects to spend about $186 on Valentine’s Day this year. If your goal is to bank an additional $200 this month, having a low-key Valentine’s Day might almost get you to your goal.
Instead of making reservations at a fancy restaurant, cook a nice meal at home instead. And rather than spring for flowers, chocolate, and a gift, come up with a low-cost activity you and your partner can do together. You might save a bundle and enjoy an even more meaningful night together.
Remember, too, that on Valentine’s Day, restaurants tend to be crowded, and you’ll often be stuck with a fixed-price menu that limits your choices. You and your partner might have a lot more fun cooking one of your favorite dishes together.
2. Keep your gathering small for the big game
If your home tends to overflow with guests during the big game, you may want to limit the number of invites you send out this month if you’re trying to save money. Hosting a crowd can get expensive. So instead of having 30 guests, pare things down. Invite a few close friends over, and whip up a large pot of chili instead of paying for multiple pizzas and wings.
Don’t hesitate to make your gathering a BYOB affair. Not having to spring for beer for everyone could lower your costs substantially.
3. Stay local for the holiday weekend
Many people have the day off on Presidents’ Day, so you may be tempted to take advantage of the long weekend by booking some travel. But even if you’re taking a road trip with friends and splitting the cost of lodging, you might easily end up spending $200 on gas and lodging alone.
If you’re eager to boost your savings this month, have a staycation instead. Use the extra day off to explore a part of your city you’ve never really spent time in. Or get in the car and explore another area that doesn’t require you to pay for an overnight stay.
If you want to keep things really budget-friendly, look up some different hiking trails and spend your weekend getting some fresh air. Granted, in some parts of the country, hiking in February may not be so appealing. But if you’ve never taken a cold-weather hike, try it. You may find that it’s a refreshing experience.
Adding $200 to your savings this month could do a world of good for your finances. These tweaks to your plans could leave you in a much better place by the end of February.
Where to invest $1,000 right now
When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has nearly tripled the market.*
They just revealed what they believe are the 10 best stocks for investors to buy right now…
*Stock Advisor returns as of February 6, 2024
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool recommends Flow. The Motley Fool has a disclosure policy.
