We all have to make money somehow, and that’s not easy. Sure, you could sit at home and do nothing, but then you’ll find yourself stuck in a job that doesn’t fit you, making rent or mortgage payments you can’t afford, and having a mountain of debt, all because you’ve given up on the dream of doing what you love to do.
To start saving money, you need to spend less than you earn. But while you can’t save money if you don’t make any, you can start saving money right away. And with a little ingenuity and a little time, you can start saving $50 a week, or even more, in no time at all.
Saving $50 a week may seem difficult, but it is possible if you read this article. Discover the many ways you can save an extra $50 every week starting today. Let’s break that down and see how much $50 a week you can save?
How much is $50 a week for a year?
2600 – that’s how much you can save by setting aside $50 a week. You may think it’s not much, but it’s better than nothing. Moreover, the money saved can be invested for growth! According to CBS News, about four in 10 Americans say they have enough savings to cover an unexpected $500 expense. Let it go, and with pandemics and the economic downturn in 2020, many people have suffered financially. So collecting $2600 in a year should be a goal for you. Look how many Americans don’t even have $500 to spare in case of emergency.
How hard is it to work $50 a week?
To be honest, this can be difficult for many. If you z. B. spending habits and have never created a budget before, it may seem easy the first week you do it, but after the first week it may seem difficult. There are reasons why this can be difficult, and you will discover them in this article. It can be said: Saving $50 a week without spending $50 may seem like a good idea, but let’s break it down for a moment.
- If you’re not saved. One day.
- If you’ve never budgeted your income before
- If you don’t have a plan and have never done any financial planning before
I wanted to buy a $250,000 car, but I didn’t, so I saved $250,000. Well, first of all, I never had $250,000. Second, it didn’t affect my finances because it wasn’t even a reality.
How do you save $50 a week?
You set aside $50 a week by making a plan, allocating that amount and putting it aside. Yes, the real amount.
How to save $50 per week
Here are three tips to save $50 a week that can change your life:
Start with plan
You may be wondering why I need a plan if I’m not eating or drinking coffee. Everything goes better when you have a plan. How are you going to keep track of your money? Where do these savings go? Yes, the goal is to save $50 every week, but for how long? Do you do this during the year? Without a plan, you’ll be bored and not looking to save money. Make a budget, review it, and make a plan on how you will save your $50 this week.
Learn one week at a time.
Just like budgeting, you need to start with one week to reach our goal of saving $50 per week. Challenge yourself for a week and make a plan for that week. If you fail, move on. Don’t give up! Review your spending over the past few weeks and make a plan based on that.
Look at the big picture.
If you want to save an extra $50 a week, you already know what your plan is for that week and how to reach your goal. But what if we look at the big picture? How many weeks have you been doing this? Can we focus on canceling subscriptions, lowering our electric bill, and switching our wireless provider to Tello or Republic Wireless? This way, you can save $2,600 a year if you’re looking for more than just a quick way to make $50. Yes, by not eating lunch or drinking coffee, you can save an extra $50 this week. Are you ready to stop drinking or eating coffee? Here are some ideas to help you save $50 a week. Again: If you focus on planning, do it one week at a time and look at the big picture, it will benefit you and create a habit of saving.
Making coffee at home.
A $6+ coffee every morning (or at lunch and on the way home) can be even more expensive. They also contain a lot more sugar and calories than if you were to make and bring your own coffee. You save a lot of money and have complete control over your taste.
Cooking at home instead of eating out.
Cook at home instead of eating out. This also applies to taking lunch to work. It sounds simple, but when you realize that you can spend $10 or more per person on a meal, eating out during the week takes off.
Always use cash for purchases.
When buying small items at the store, or groceries or other household items, always use cash and take only the amount you need. With plastic you tend to spend more, and with a cash flow plan you can keep all your change. This also increases the cost. I win!
Freeze the costs.
Reducing your spending one week can be helpful if you track your spending and compare it to the previous week. The challenge is to take advantage of this freeze and continue it in the following weeks. Disadvantages: When your food runs out, do you spend an extra $50 the next few weeks because you didn’t pay the $50 from the week before? Conclusion Saving $50 a week is possible, but in different ways. Can you spare a week this week? Absolutely, but the problem will be keeping the extra week after this one. Not eating out, not buying coffee and not using cash may work one week, but will it work the next? It’s about planning, week by week, and looking at the big picture.
What other tips do you have for saving $50 in a week?
The next two tabs modify the content below. Latina, mother of four, married to a kindly Greek gentleman. I live in southeastern Pennsylvania and try to balance family and home while making money at home. Follow my journey as a stay-at-home mom and learn how to earn and save money so you can continue living debt-free.