My daughters have recently gotten into a savings kick. While out hiking with some family friends, we found out that the son was saving towards a dirt bike by socking away any gift money he received. He was also looking around for toys he had either outgrown or no longer played with to sell online. He was up to a couple hundred dollars! As soon as we got back home, old toys started flowing out of the kids' rooms and onto Facebook marketplace. The girls staged the photos, chose their price point, and we listed them. Sure enough, within the hour we had several offers on toys that hadn't seen the light of day for months.
The kids' rooms became a little cleaner. They learned a little something about the free market. And when they finally have enough saved to get that American Girl dress or that new Wellie Wisher, they will have a sense of accomplishment and see that small, disciplined actions add up over time.
As for Julie and I, we've sold old power tools, a washing machine, a dog crate, a dining room table, etc. It gives that item a longer lifespan (delaying its journey to the landfill), and we get a few extra dollars towards a replacement.
Something else that has really helped grow our savings is incremental increases to our savings rate. Both Julie and I take full advantage of our employer's 403b match. After that, each year we have increased our savings by a percentage point or two. Like the proverbial frog in the pot, we just never notice that little bit of money being siphoned out of our paycheck. People tend to expand their lifestyle to fit their income, but we circumnavigate ourselves this way. If we never see the money, we never miss it.
Another way to increase your savings is by picking up a side gig. I do math tutoring on the side and as much as possible try to stick that money in mutual funds. A friend of mine is looking into Doordashing a few hours per week and put that towards her mortgage. Another friend is using Zoom to meet with his clients to provide life insurance. With Uber, Lyft, AirBnB, teleconferencing opportunities, etc., there are ways for you to leverage your skills and time to make progress towards your financial goals.
A little extra saved over a long times becomes a lot. What ways have you found to save a little bit extra?
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