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The holiday season often brings joy, but it can also lead to lingering debt that follows into the new year. Fortunately, by making a few strategic money moves, you can save up to $1,000 by year’s end, which can significantly help reduce your debt burden.
1. Audit Your Subscriptions
Potential Savings: $20 or more
Conduct a subscription audit and discontinue services you don’t actively use. Take a closer look at streaming platforms and subscription boxes; you might find you’ve signed up for services that no longer interest you.
2. Utilize Your Pantry and Freezer
Potential Savings: $200 per week for a family of four
To cut down grocery expenses, assess what’s available in your pantry and freezer. By using existing items for your meals, you could save $400 in just two weeks. There are numerous recipes online that can help you creatively use what you have.
3. Embrace a No-Spend Weekend
Potential Savings: $100 or more
By committing to one or two no-spend weekends, you can save at least $100 each time. Plan activities that don’t require spending, such as game nights or movie marathons using rewards points for snacks.
4. Reflect on Recent Purchases
Potential Savings: $100 or more
Evaluate recent purchases and consider returning items that you don’t need. This could free up cash quickly, especially if you’ve succumbed to impulse buying. Be aware of return deadlines to maximize your refunds.
5. Cancel Upcoming Auto-Renewals
Potential Savings: $25 to $100
Look for any scheduled auto-renewals in your email or bank statements. If you find any subscriptions you can live without, cancel them to avoid unnecessary charges.
6. Consider Carpooling
Potential Savings: Varies
Reducing your commuting costs can be as simple as organizing a carpool with colleagues who live nearby. For instance, if you typically spend $200 a month on gas, you could halve that expense, leading to significant savings by year-end.
7. Sell Unused Items
Potential Earnings: $300 or more
Declutter your home and earn extra cash by selling items you no longer use. Items like furniture and exercise equipment can bring in substantial amounts, turning clutter into cash. Consider hosting a garage sale or using online marketplaces.
