How I Save An Extra $100 Every Week

Saving100everyweek

If you had asked me one year ago about saving, I probably would have told you I was nowhere near to having any savings in my bank account.

The majority of my money was going towards bills, rent, overspending on food, my credit card, and my car loan. Saving money was something that I had always want to do and it had always been in the back of my mind to save.

To be honest, I would end up wasting the money that I could have saved on things I didn’t really need.


Related Post: 7 Financial Mistakes I Have Made

It wasn’t until earlier this year, I had really thought about saving extra money. I knew I had to start saving before I ended up with no savings at all and continued living pay cheque to pay cheque.

I had set my goal to save an extra $100 each week. I was super determined to do this and decided to cut out what I do and do not need.

So here’s what I did to save an extra $100 every single week.

Create a weekly budget

I get paid one every two weeks, however, I find it easier to create a weekly budget.  I like to make sure that I pay all of my bills and rent before I go out and spend any money on anything else. I used to spend a lot of money on food, especially when it came to buying food at work. I have now set a budget of $30 each week for groceries at work. This usually consists of bread, sandwich fillings and oats for breakfast. Everything else like tea, coffee, chocolate, biscuits etc… at work are provided for free.

Track my expenses

I cannot stress how important it is to track what you’re spending. This is one lesson I have learned the hard way – which has led me to overspend and use my credit card for unnecessary purchases, such as clothes, takeaway meals and more.

You can download a copy of the exact expenses worksheet I use to help me keep track of what I am spending each week.

I also like to keep track of what I am spending on my phone. I use the my iPhone notes to keep track.

Related Post: Why You Should Track What You’re Spending

Create a separate savings account

Another helpful thing I have done is create a separate savings account. Each week I deposit $100 into it and make sure I do not touch it.

Shop for the best grocery deals

Food is becoming increasingly higher, so I like to check to see what the best food prices are between supermarkets. This means I can keep food purchases low and still make tasty meals. One website that I have fallen in love with is Budget Bytes. There are so many delicious meals on Budget Bytes and I guarantee they will not break your bank account.

What are some ways you like to save?

 

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