7 Small Ways to (Potentially) Save $737 in a Week

published Apr 1, 2019
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(Image credit: Kim Lucian)

If you’re anything like the average American, the Bureau of Labor Statistics estimates you spend just over $164 per day, with the bulk of that money going towards housing, transportation, and food. But in 2016, the median income per capita was estimated at just $33,205—that’s $26,855 less than the average American is spending each year.

Yikes, that math just doesn’t add up. There’s a common principle called the 50/30/20 rule of thumb: No more than 50 percent of your income should go towards necessities, 30 towards discretionary spending, and 20 percent towards savings.

To help you get on track with your budget, we came up with a few small (read: totally doable) things you could do this week to save some dough—around $737, by our back-of-the-napkin math. Now this won’t be a typical week, every week (unless you have 52 significant others or your faucet springs a leak each Sunday) but these concepts can set you on the right path to a more frugal lifestyle, whenever you need them.

Have a “Chopped”-style pantry cleanout

A moderate-cost food plan for four people runs approximately $239 per week, or just over $34 per day. Rather than do a big grocery haul on Sunday, challenge yourself to create a meal made solely out of ingredients you have left in the refrigerator and the pantry. You’ll pocket some extra money and save yourself the trouble of navigating an overrun supermarket. Check out this list of smart pantry-friendly recipes for inspiration.

Total savings: $34

Make one gift you would have bought

During the holiday season, Americans spend approximately $885 on gifts. Add weddings, birthdays, and other gifting occasions to that, and you’re looking at a lofty chunk of change. You know what they say: The best gifts come from the heart. And what greater expression of love is there than taking the time to make something special for a loved one? Check out this list of DIY gifts that look luxe for some inspiration. Figure the supplies for a homemade gift will cost approximately $20. Considering couples in long-term relationships spend about $200 on each other, this move could save you big time.

Total savings: $180

Take a social media fast

You probably already know that social media can lead to lower self-esteem and even depression, but did you know that your favorite social network could also be putting a major dent in your wallet? Studies show that avid Facebook users with especially strong online social networks were more likely to have lower credit scores and more credit card debt than those who used it less and had weaker networks. Another study found that Pinterest users spend an average of $170 per session—about 70 percent more than Facebook and Twitter users. Make a conscious effort to log off this week. The benefits go way beyond money—a social media fast can also boost your mood, help you sleep better, and improve your relationships IRL.

Total savings: $170

Watch YouTube and learn how to repair something yourself

So your toilet is clogged? Before you turn to Google to help you find a professional who can help, pay a visit to YouTube. It may surprise you to learn that the top how-to home improvement video search on YouTube is, in fact, “How to unclog a toilet.” What’s more? According to a survey of millennials, 67 percent say they can find a YouTube video on anything they want to learn. When a plumber conservatively costs $175 for a typical job, it’s well worth the effort. Plus, your newfound skill will certainly earn you bragging rights.

Total savings: $175

Make a call to negotiate a bill or rate down

Though it may cost you a few hours, you can save up to $50 per month by negotiating any recurring bill, including cable, wireless, newspaper, or magazine subscriptions, car insurance, home security, gym memberships, credit card interest, and more. To maximize your efforts, first research your provider and the competition. When you call to negotiate, be persistent and firm. If time isn’t on your side, consider using a service like BillCutterz—they do the negotiating for you, then split the savings with you.

Total savings: $12.50

Commit to an “only water” week

A recent study reveals Americans spend about $3 per day on coffee. While that might not sound like that much, the cost adds up to approximately $1,100 per year. And consider this: The average vacation cost per person in the U.S. is just $1,145. What would you rather? A barista-brewed coffee every morning or a relaxing retreat? Thought so. The good news: You don’t have to go without your cuppa. Buy a six-ounce bag of coffee for as little as $3, then learn how to brew a better cup of coffee. To maximize your savings, cut out other beverages like alcohol, too. The average person spends $11 per week on alcohol.

Total savings: $29 or more

Use cash, not credit cards

According to one study, people spend 12-18 percent more when they use credit cards than they do when they use cash. Why? Cash is more tangible, leaving you much less likely to make impulse buys. Considering the average American spends approximately $164 per day, leaving your credit card at home for a week could save you at least $20 each day—that’s enough to buy lunch for two days! At the start of the week, take out just enough cash to cover necessities.

Total savings: $137