3 Ways to Save an Extra $1,000 by 2023

It really can be done.

What could an extra $1,000 do for you? If you're like many people, it could probably buy you a fair amount of financial security at a time like this.

For months on end, economists have been sounding warnings about an impending recession. The Federal Reserve has been trying to battle inflation by implementing aggressive interest rate hikes. As those drive the cost of borrowing upward, consumer spending is apt to decline to some degree.

Now if spending declines modestly, it could do the trick of cooling inflation and giving consumers some much-needed relief. But if spending declines to a drastic degree, it could be enough to lead to a recession at some point in the new year.

As such, now's a really good time to pump some extra cash into your savings account. And here are three ways to scrounge up an extra $1,000 before 2022 comes to a close.

1. Cut your spending -- a lot

You might conceivably spend $500 a month on extras -- things that make you happy but you technically don't need. Included in this category are purchases or expenses like restaurant meals, non-work-related apparel, social outings, concerts, streaming services…you get the picture.

At this point, there are two months left until 2022 wraps up. If you curb your spending in a serious way over the next eight weeks, you might come away $1,000 richer before 2023 arrives.

2. Get yourself a holiday side hustle

You may not have time in your schedule to work a side hustle on a long-term basis. So don't do that. Instead, commit to holding one down between now and the end of the year. A lot of businesses are apt to need extra help during the holiday season, so you have a prime opportunity to boost your wages -- and then bank that extra money.

3. Do a serious clean-out at home

When's the last time you looked through your basement, garage, and closets to see what items are being housed in those storage areas? You may be sitting on a host of items in good condition that you haven't used in months or years, but that someone else might be willing (and eager) to buy.

Let's say you're done having kids and your youngest child is well beyond the baby stage. You might be able to sell a host of gently used infant gear, like a stroller, crib, or baby swing, and collect a nice amount of cash in exchange.

Similarly, it may be that your fashion sense has changed through the years, and you're no longer a fan of certain handbags or accessories you own. Those are the sort of thing someone else might be willing to buy.

Coming up with an extra $1,000 in just two months' time might seem next to impossible. But if you employ these tactics, either individually or jointly, you may find yourself with a savings account balance that's $1,000 higher to kick off the new year. And at a time when so many predictions are calling for a downturn, that would be a very good thing.