10 Easy Ways to Save an Extra $50 a Week

If you’re struggling to save money, you’re certainly not alone. Given the current economic climate, many families are contending with little to no extra cash reserves.

Even before the pandemic, a study by Bankrate determined that more than 20% of U.S. workers weren’t saving any money from their earnings to put toward a nest egg. And in the age of digitization where compelling ads are constantly vying for your wallet, it’s also easy to make unnecessary purchases that put a serious dent in your savings.

By saving even a mere $50 extra a week, you can add a few thousand dollars to your personal nest egg in just one year. Here are 10 easy ways to meet that savings goal.

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Whether your office is a few steps away from your bedroom or across town, it’s often easier to go out to your favorite local spot or simply order out rather than planning and cooking dinner after a long day of work. But the costs of eating out or having food delivered add up quickly. By staying home and cooking dinner one or two extra nights a week, you can easily save $50 (or more) that you would be spending on delivery fees and other expenses from eating out.

And if you’re really trying to slash your spending, consider making eating out or ordering food a special occasion rather than the norm. Make your weekly grocery list and meal prep over the weekend. That way, you'll have a clear idea of how much you’ll be spending on food over the next seven days and what you’ll be eating when, which can save you both time and money.

ALSO READ: 7 Simple Tricks for Saving More Money

If you’re trying to score some extra savings each week, rewards credit cards can be your best friend. Credit cards with cash back reward programs are a great option to reduce your overall card balance or use for future expenditures. Some cards even allow you to withdraw your cash rewards to deposit to your bank account. With certain credit cards offering as much as 5% cash back on qualifying purchases, you can make your money work for you each time you spend.

With so many streaming services available, it’s easy for your audio and/or viewing subscriptions to pile up. Take stock of your current subscriptions and consider paring them down to the ones you utilize the most. Certain platforms also offer you the option to bundle your subscriptions so you can access your favorite content without breaking the bank.

It’s those small, seemingly insignificant expenses that really accumulate over time and put a dent in your budget. By taking a close look at your nonessential expenses, and seeing which you’re willing to cut, you can easily save $50 or more each week.

For instance, if you’re someone who goes out and buys your morning coffee every day, consider making your coffee at home a few days a week instead. Examine your shopping habits and consider where it might be wise to hold off on a purchase or simply forgo the item in question.

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Coupons can be a great way to score deals when you buy your groceries and even get some free items in the process. And in the digital age, you don’t need to go cut coupons out of a catalog before you grocery shop.

Many grocery retailers offer digital coupons that customers can scan on their mobile device at checkout to save on purchases, while most popular grocery delivery apps offer special coupons and deals that can be applied to online orders.

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We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by the Motley Fool. I’d be sitting on a gold mine!” And it’s true. And while Amazon and Netflix have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Simply click here to learn how to get your copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

One of the easiest ways to save an extra $50 each week without overcomplicating your budget is to simply deduct the amount from each paycheck you receive. So if you get paid on a biweekly basis, deduct $100 from each paycheck to save. To avoid the temptation of dipping into the funds as they accumulate over time, considering setting the money aside in a separate account from the one you use for regular expenditures.

In a perfect world, you’ll be able to pay down your credit card balance each month. But unexpected events occur, and with the economic downturn of the past year, you’re not alone if you’re working on slashing credit card debt and aren’t in a position to pay down your balance each month. If this is the situation you find yourself in, always be sure to satisfy at least the minimum payment that the card issuer requires each month.

Preferably, your monthly payments should always be above the minimum requirement if you’re unable to pay off the full amount each month. In doing so, you’ll not only reduce your debt load quicker but could also save hundreds of dollars worth of interest payments that will accumulate the longer you hold the debt and if you neglect to pay at least the minimum balance.

ALSO READ: Should You Save More to Reach Financial Independence Sooner?

Depending on the gym you go to, you could be spending thousands of dollars a year on fitness alone. If you’re trying to cut down on your expenses and save at least $50 or more extra each week, consider turning to an at-home fitness regimen. With tons of free resources on the web, it’s easy to do your favorite workout at home without breaking the bank.

Rather than piecemealing your insurance policies, most carriers offer multipolicy discounts so you can bundle and save. For example, if you own a home and one or multiple vehicles, you could save hundreds of dollars a year by bundling your policies through the same carrier rather than purchasing them separately.

You know that feeling when you’re scrolling the web and you find a new item or gadget you just have to have? The impulse to click buy might be because you actually need the item. On the other hand, you might have some extra cash on hand and feel the urge to do some online shopping.

If the latter is the case, consider closing your laptop, walking away, and sleeping on it before you make the purchase. Often, a good night’s sleep can make for a clearer head and better decision-making powers, and help you to avoid unnecessary impulse buys that you’ll regret later.

5 Winning Stocks Under $49
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by the Motley Fool. I’d be sitting on a gold mine!” And it’s true. And while Amazon and Netflix have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Simply click here to learn how to get your copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

Formulating a budget for yourself is a highly personal task. It’s important to take stock of your overall expenses. Examine your essential as well as your discretionary purchases each week, and consider where adjustments can be made. You should also determine roughly how much you want to save each week or month, while making sure to leave some wiggle room in your budget in case unexpected costs arise.

Setting a budget for yourself and sticking to it doesn’t have to be complicated. It’s 100% possible to cover your bills, leave room for some fun extras, and boost your savings all at the same time.

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