It can seem as though the moment you get paid, all your money is somehow gone. Lets face it – life is expensive. After the housing, car, food and personal expenses, it can seem like you have nothing to show for your hard work. It can feel nearly impossible to save money.
The truth is, there are probably many ways all of us can cut down expenses if we’d be willing to sacrifice some of our luxuries. In this article, we’re going to highlight some simple, yet effective ways to try and keep $100 in your bank by the end of the week.
1. Don’t go out to eat or to coffee shops for a week.
I know, this seems like a tough one. But at the end of the day, eating out and buying $5 coffee is a luxury. If you’re looking or a quick way to keep $100 in your bank account, this is a good one.
Suppose you go out every day of the week and spend at least $10 on food or coffee. 10×7= $70 that you have spent in only consumables for the week. Make your coffee at home for a week and eat all your meals homemade. You’d be surprised how much you can save.
2. Sell some of your old things.
We all have stuff that’s been sitting in the attic for far too long. Give it to someone who will put it to use – Facebook Marketplace is a great resource for selling personal items. If you don’t have Facebook, check out apps like Let It Go or Ebay. Old furniture, clothes or appliances can add up – which means extra cash for you.
3. Don’t spend money on entertainment for a week.
Get outside, go to a free concert, invite friends over for a game night. There’s so many things you go do for free. Activities like seeing a movie in theater is nice every once in a while – but ultimately adds up. Even “going out for a drink” can cost anywhere from $5-$50 depending on where you go and how many drinks you have. For a week, focus on only doing activies that are free and you’ll be surprised on how much money you can save.
4. Carry only cash.
At the beginning of the week, take out $20-$50 and allow that to be your spending allowance – don’t even bring your card with you. It’s easy to swipe the credit card only to realize when the statement rolls around how much you actually spent. Spending only cash restrict you from overspending on frivolous stuff, without you feeling like your keeping yourself from everything. Pro tip: keep the change.
5. Save on transportation.
If you live in an urban area where you can take trains, busses or ride your bike – do it. Gas prices are rising and filling up your tank can cost you anywhere from $25-$60 depending on your vehicle and what gas you use. If you’re not in an area safe for biking or walking, try carpooling with people. And if that’s still not realistic for you, apps like GasBuddy will show you the cheapest gas prices around and will help you save up to 10 cent to the gallon.
You can do it!
There are multiple ways to cut back on spending – and it’s not easy. It will take restraint and saying “no” to some of your favorite things. But, try it for just a week and see how much you can save. You might even be surprised to see where your money goes, which could lead to positive changes in your spending habits. Need an extra $100 this week? Check out these money-saving tips.