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

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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.

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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 servicesyou get the picture.