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The Federal Reserve reports that 37% of Americans could not cover a $400 unplanned expense in cash. Rather, they'd have to borrow the money or sell something to come up with that sum on the spot.
If your savings account is in similar shape, then it's important to try to make changes that allow your balance to grow. With that in mind, here are a few steps you can take to eke out some savings this month.
1. Go easy on fall decor
There's something about the warm, cozy colors of fall that make us want to take it all in. For you, that might typically mean adorning your driveway with plants, putting decorations up on your porch, and splurging on candles, throw pillows, and other accessories that make your interior more inviting.
It's nice to embrace the fall season, but you don't have to spend a lot of money to do so. So instead of racking up a giant credit card bill, take a minimalist approach to fall decor.
Buy a few potted mums for your porch, and see if a local farm has inexpensive pumpkins you can buy to put out on display. You may also want to see if you can find low-cost lawn signs (think "It's Fall, Y'all, or something along those lines) that you can reuse each year.
2. Plan out meals to save on groceries and avoid food waste
Whether you're a parent of picky eaters or a busy working professional with limited time to shop and cook, planning out meals ahead of time is a great way to avoid wasting money on thrown-out food. Being organized can also help you avoid giving in to expensive takeout when time gets away from you.
Not only should you plan out your meals each week, but you should also schedule time to do your grocery shopping and cooking. Plus, you'll want to create a system for storing and, if applicable, freezing leftovers to ensure you're all set with meals.
Now that school is largely back in session, your kids may be spending their afternoons running from dance class to soccer practice to band sessions. It's nice to have your kids get involved with different activities, but it can get very expensive. So before you get in too deep, have a talk with your kids and decide if their after-school schedule is starting to look overly packed.
It may be that your kids don't love all of their activities equally, and there are a couple they'd actually like to dump. Doing so could free up a lot of your time -- and money.
There can also be a lot of pressure to stick with an activity they've done for years. Let your kids know that it's okay to quit if they're just not feeling it. There's no need to strain your financial resources and make your kids unhappy at the same time.
A little extra savings this September could help you get to a better place by the end of the year. Make these moves to shore up your finances and boost your cash reserves.
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