How to Save $50 a Week
Updated: Jul 24, 2023
Achieving your financial goals can be easier than you think. In this article, we share 10 incredible strategies to save $50 a week, focusing on smart ways to save money, frugal spending, and money management. Let's dive into the tips and techniques that will transform your financial life.
Saving money is one of the first steps you can take to get your personal finances into a healthy state. If you are able to save $50 per week and invest that money over a 40 year career, then you will have nearly $350,000 (based upon an assumed 6% return). Over 50 years that’s $650,000! I don’t know about you, but that’s a lot of money in my opinion!
Finding ways to save $7.15 per day (that’s $50 divided by 7 days in a week) can be tough but I’ve outlined some easy ways to make that happen below. And just think "What if I save $50 a week for a year"!
Also, give yourself some grace! Saving money is hard and you won’t hit your goal every time you try. Just remember to put the bad days behind you and focus on the next one. Each day is a new opportunity to try and save where you can.
What would happen if you saved $50 per week
As with all our articles at The Saving Dude we like to give you examples to show the power of simple savings tips. To keep in line with history we have calculated the impact of saving $50 a week for a variety of scenarios. But before we dive into those scenarios, let's take a quick look at what happens if I save $50 a week for a year.
$50 x 52 weeks = $2,600
In each of these scenarios, we are assuming you would invest the $50 and earn a 6% rate of return (that is fairly conservative over a long period of time). We also used SmartAsset's Investment Return & Growth Calculator to get our figures and images. We have talked before about SmartAsset and the amazing calculators they have for literally any personal finance scenario.
Example 1: You save $50 a week, invest it, and you do that for 30 years
In the end, you have $219,151
You invested a total of $78,000
You earned $141,051 (and you did nothing but focus on saving/investing $50 a week)
Example 2: You save $50 a week, invest it, and you do that for 20 years
In the end, you have $100,771
You invested a total of $52,000
You earned $48,671 (and you did nothing but focus on saving/investing $50 a week)
Example 3: You save $50 a week, invest it and get a slightly higher 8% return (over the past 30 years the annual return is closer to 10%), and you do that for 30 years
In the end, you have $326,193
You invested a total of $78,000
You earned $248,093 (and you did nothing but focus on saving/investing $50 a week)
1. Master the Art of Meal Planning and Prepping: Save Money on Food
Cutting down your food expenses is one of the most effective ways to save money. Here are some smart ways to save money on food:
Create a meal plan for the week and stick to it. This helps you avoid impulse purchases and reduce food waste.
Cook at home instead of eating out or ordering takeout. Home-cooked meals are usually healthier and more cost-effective.
Buy in bulk when it makes sense, and store food properly to extend its shelf life.
2. Embrace Extreme Saving with DIY Projects
Extreme saving involves finding creative ways to cut costs in every aspect of your life. Here are some ideas:
Make your own cleaning supplies using simple ingredients like vinegar, baking soda, and lemon.
Learn basic home maintenance skills to save on repair costs.
Repurpose or upcycle items to give them new life and avoid buying new.
3. Adopt Frugal Spending Habits
Frugal spending is all about making mindful decisions with your money. Keep these principles in mind:
Prioritize needs over wants to avoid unnecessary purchases.
Compare prices before buying to ensure you're getting the best deal.
Take advantage of sales, discounts, and coupons to save even more.
4. The Envelope System: A Fun Way to Save Money
One fun way to save money with envelopes is by using the envelope system. Here's how it works:
Create envelopes for each of your budget categories (e.g., groceries, entertainment, savings).
Allocate a specific amount of cash to each envelope.
Spend only what's in the envelope for each category, and once it's gone, it's gone until the next month.
This method helps you visualize and control your spending, making it easier to save.
5. Automate Your Savings: Easy Saving at Its Best
Set up automatic transfers from your checking account to your savings account. This "out of sight, out of mind" approach makes saving effortless.
6. Improve Your Money Management Skills
Money management is the process of organizing, planning, and controlling your financial resources. Some essential skills include:
Budgeting: Create a monthly budget to track income, expenses, and savings.
Debt management: Develop a plan to pay off debts, starting with high-interest loans.
Investing: Learn about different investment options to grow your wealth over time.
7. Reduce Energy Costs: Save Me Money on Utilities
Simple changes can lead to significant savings on your utility bills:
Switch to energy-efficient appliances and light bulbs.
Unplug devices when not in use or use a smart power strip.
Weatherproof your home to reduce heating and cooling costs.
8. Save on Transportation: Smart Ways to Save Money
Consider these tips to reduce transportation expenses:
Carpool or use public transportation.
Maintain your vehicle to improve gas mileage and avoid costly repairs.
Shop around for the best insurance rates and consider bundling policies.
9. Focus on Experiences
Investing in experiences rather than material items can lead to long-term happiness and savings:
Enjoy free or low-cost local events like community concerts, workshops, and art exhibits.
Host a potluck or game night with friends instead of going out to expensive venues.
Travel on a budget by choosing off-peak times and exploring affordable destinations.
10. Educate Yourself on Personal Finance
Continuously learning about personal finance is key to mastering smart ways to save money and money management:
Read books and articles on topics like budgeting, investing, and debt management.
Follow personal finance blogs and podcasts for tips and inspiration.
Take advantage of free online courses to expand your knowledge.
By incorporating these strategies into your daily life, you can effectively save $50 a week and achieve your financial goals. Remember, frugal spending and effective money management are the keys to long-lasting financial success.
As you can see, investing a little bit can go a long way! If you invest $50 a week, that is $2,600 which is well under the 401(k) limit the government has in place.
Some quick tips to save $50 a week
If I were to sum up the list below, this all really comes down to making a plan. Each of the quick tips requires you to sit down, evaluate your finances, and figure out where it makes sense to lean into saving. For many, it will probably be hard to hit $50 savings per week, but as you can see above, the impact could be HUGE over the long term. I know you can do it!
Make a budget: The first step to saving money is to understand where your money is going. Make a budget and track your expenses to see where you can cut back. If you need a little assistance check out our monthly budget tracker.
Cut back on unnecessary expenses: This should be easy to identify once you have made your budget
Find ways to make extra cash: The more you make, the less you have to cut in order to save $50 a week. Finding a side hustle is a great place to start.
Use cash instead of credit: Using cash instead of credit can help you stick to your budget and avoid overspending.
Summary
By implementing these tips, you can save $50 a week and reach your financial goals. Remember, saving money is all about making small changes that add up over time.
It's also important to note that saving money isn't only about cutting back on expenses, but also about increasing your income. Many side hustles can be a great way to make extra cash and reach your saving goals. From freelance writing to dog walking, there are endless opportunities to earn money on the side.
In summary, saving $50 a week is achievable with some simple changes to your spending habits and lifestyle. By making a budget, cutting back on unnecessary expenses, using cash instead of credit, shopping around for the best deals, and finding ways to make extra cash, you can reach your financial goals. Additionally, side hustles can be a great way to increase your income and reach your savings goals even faster.
