3 Things to Do if You're Struggling to Save Money This Year

A lot of people are having a hard time building savings these days. And that's totally understandable. 

As of December, inflation was still up 3.4% on an annual basis. And a lot of expenses, from housing to groceries, are still elevated. Since these aren't expenses you can easily cut back on -- you need to eat, and you need a roof over your head -- it's easy to see why your savings account balance may be stuck in the same spot. 

Still, there may be some steps you can take to be more successful in the savings department. Here are three to consider.

1. Get on board with budgeting

Plenty of people insist they Will. Not. Budget. They say it's difficult, boring, time-consuming…you name it. And honestly, if your financial situation is solid and you're saving money regularly, then there's really no need to push yourself to follow a budget if it's not something you have the desire to do.

But if your efforts to save money aren't panning out, give budgeting a try before writing off the idea completely. You may find that seeing your expenses mapped out for you and getting a better sense of what your various bills entail helps you make savvier choices.

If you don't want to use a spreadsheet to budget, find a budgeting app you're comfortable using instead. You may find that the process is less annoying this way.

2. Join the gig economy

Committing to a side gig may not be something you're so eager to do. But the great thing about the gig economy is you don't have to make a huge commitment. You can find a side job that's flexible and easy enough to work into your schedule. And from there, you can work extra when it's doable, and stick to your main job only when life is busy. 

Some gigs that may lend to plenty of flexibility include:

• House-sitting
• Pet-sitting 
• Grocery delivery
• Rideshare driving
• Data entry
• Telemarketing (yup, it's still a thing)

Remember, any money you earn from a side gig is extra. So if you have a month when you only manage to put in a couple of hours and bring home an additional $50 -- well, it's $50 more than you had before.

3. Reassess your leisure spending

You most likely spend money regularly on things that are wants more so than needs, like streaming services, takeout meals, and non-work attire. It's perfectly OK to do this. When you work hard, you deserve to enjoy some of your earnings. But if you're having a hard time saving money, think about the things you're buying that don't count as necessities, and make sure they're actually worth it.

For example, you may be paying $15 a month for a streaming service. But have you gotten bored of it? Do you only watch it once a month? If that's the case, it may be something to consider canceling. 

Similarly, you may be in the habit of dining at a high-end restaurant once a month with friends. If you care about the company but not so much about the food, why continue to blow $75 on a single meal? Instead, suggest lower-cost ways you can spend quality time together, like hosting potluck dinners or meeting for picnic lunches. 

It's hard to save money at a time when expenses are still so high. But these tips might help give your savings the lift you're after.