How can I save $50 a week

[questions]

Thank you for taking the time to read this. I have made a resolution that next year I will create a $2500 emergency fund for myself. I have long neglected this and I have finally reached the point that I no longer want to live paycheck to paycheck. In order to accomplish this, I will need to save about $50 a week.

I'm new to this whole savings thing. I have read a little about it and I have some ideas where I might be able to save money here and there, but I want as many ideas as I can get. So, if you had to save $50 each week, what would you do to make that happen? What part of your budget would you look to tackle to make this a reality? Where are the easiest ways to save this kind of money on a weekly basis? I thank you in advance for taking the time to help me come up with good ideas so I can reach my goal and have a $2500 emergency fund this time next year.

[gogirlanime]

#1. Figure out what you buy on a monthly basis
#2. Ask yourself if you can cut anywhere in those costs, gas, rent, food, phone, entertainment, etc etc
#3. Cook from scratch and don't eat out
#4. Buy food from the cheapest place in town.
#5. Read an article for tips on how to save on gas, there are literally hundreds of ways to cut your gas by at least 15%
#6. Only buy a want when it is on a major sale, and try to live without it instead.
#7. Buy stuff from your local dollar store, 90% of it is just as good as the stuff you can find in other stores.
#8. Make a budget sheet, figure out your income and figure out your bills, make a budget for each area, and budget your entertainment to enable you to save $50 a week
#9. Focus on how you can save yes, but also, maybe somehow you can make more money too.

[adviceseeker]

I have been doing this since the year started and will have a total savings of $2,200 as the year ends.

What I did was I scratched out all unnecessary costs like cutting out food deliveries on a weekend basis, instead of riding a cab I walk and commute, stopped from buying stuff that I really don't need, lessen my shopping cravings, save electric cost by unplugging them from electrical sockets when not in use, make sure tap has no leak, drank water instead of sodas/fruit juices and such.

I also set a weekly budget for food and other stuff and what was left from my salary, I keep it and surprisingly, I saved a lot!

Will be doing this again once 2014 comes in!

[Petunia 100]

The way to save $50 per week is to open a savings account and set up an automatic transfer from your checking of $50 per week. Then, you do not transfer the money back and you figure out how to live on what is left.

[JoeP]

Congratulations on wanting to take action to change your financial situation.

If you will post your budget on here, there are many that will be able to analyze it and offer good suggestions as to where you can make cuts.

Agreed on both.

[Rogerthat11]

Thank you for taking the time to read this. I have made a resolution that next year I will create a $2500 emergency fund for myself. I have long neglected this and I have finally reached the point that I no longer want to live paycheck to paycheck. In order to accomplish this, I will need to save about $50 a week.

I'm new to this whole savings thing. I have read a little about it and I have some ideas where I might be able to save money here and there, but I want as many ideas as I can get. So, if you had to save $50 each week, what would you do to make that happen? What part of your budget would you look to tackle to make this a reality? Where are the easiest ways to save this kind of money on a weekly basis? I thank you in advance for taking the time to help me come up with good ideas so I can reach my goal and have a $2500 emergency fund this time next year.

I would say the most important thing that you can do is find out where you are "leaking" money. Where do you spend your money most of the time, and is it really necessary?

A lot of the time it is natural for people to get used to a habit of spending money on things that give them momentary pleasure. The key is to figure out what you don't really need and how you can either replace it with a more inexpensive alternative or completely get rid of it especially if its detrimental to your health.

You will find that most of the time it is spent on dining out or higher packages in any of the subscriptions you might have like your cellphone, tv, internet, or other monthly reoccurring bills.

[snafu]

It's often called "Pay Yourself First." Petunia's instruction is easy to follow. I'm confident you can do it and find the challenge fun!

If coming up with $ 50. a week is the challenge...your choices are to make more money or reduce or even eliminate expenses you control. Get a budget down on paper, any free system you like written, spread sheet, Excel, Mint.com etc. A budget is just a road map, you need to know where you are going and how best to get there.

Cut non essentials like your current cable package, Cancel your land line and reduce family cell phone pkg. to basic service. Don't go over time/minutes, no roaming, limited text. Make a menu plan based on foods in fridge/pantry, loss leaders at the grocery store; avoid convenience foods, take-out, fast food and eating out. Take lunch from home. Reduce driving and costs associated with operating your vehicles. Plan errands around trips to/from work.


Save significant money on cleaning products by making your own [watch How To videos on You Tube]. Put yourself, DH & DKs [if applicable] on an allowance, when the money is gone...the spending stops. Have a look at Frugal Q&A to see how many you can implement.

[JackieWard]

Priorities

Think about the rocks, sand, and water in the jar story. Make saving one of your rocks. Take care of your team first by tithing, saving, and paying your taxes. Build your walls second with food, shelter, utilities and transportation. Then sort your time line last by prioritizing insurances for your tomorrows ahead of paying your debts from yesterday and finish up with entertainment for today.

If savings really is your goal, it will be your priority.

[cardtrick]

I prefer to tackle the revenue part of the equation because I've never had anything to cut. Maybe, you're in a similar spot? Can you get a part-time gig? Do you have any skills that have good monetary value to the world? You have to really weigh the pros and cons here. Do you have the time? You certainly don't want to work yourself into depression.

I disagree with the poster above.

Food, shelter, utilities come FIRST! Those are basic necessities. "Take care of the team" sounds very noble and would be a great line for a movie. Not so much in real life.

Paying off debt vs saving has to be evaluated on a case-by-case basis, depending on the interest rates charged/earned.

[HalfDozenDaily]

The way to save $50 per week is to open a savings account and set up an automatic transfer from your checking of $50 per week. Then, you do not transfer the money back and you figure out how to live on what is left.

Exactly! We did this last year... we have our EF built up to $5K now... I hope to up that by $1K this year. It's going to be a tight year, so i'll be happy with $1K to my EF and more to our TFSA!