Everyone wants to save more money, right? A few small changes in your routine can make this goal so much easier to reach. Here are 10 quick ways to save $100 this week!
Let's face it, we all want to save more money. I know Dean and I surely do! In fact, 64 per cent of Canadians want to save $10,000 in the next five years. But how do we get there? How do we make that goal attainable? Without the right strategies in place it could be hard to achieve. So, to help both you (and ourselves), we've brainstormed 10 quick ways to save $100 this week.
10 Quick Ways to Save $100 This Week
It's actually easier than you'd first think to save $100 in a week. By breaking your savings goals down into smaller pieces, you don't have to feel like you're being a penny-pincher or missing out all the time. Even just saving $100 a week a few times a year can make a huge difference in reaching your savings goals.
1. Make Coffee and Eat Breakfast at Home
I know! I hear you. I love my Starbucks. But seriously if you're going there (or anywhere) a few times a week on your way to work, it can add up fast. Especially, if you're not just grabbing a plain coffee! Skip the drive-thru in the morning and make your own coffee and breakfast at home instead. Try simple hard-boiled eggs and toast, or our gluten free English muffin breakfast sandwiches with your own pour over or French press coffee.
2. Meal Plan for the Food You Already Have in the House
If you're like us, you probably have more than a week's worth of some foods in your home because you've stocked-up. To save more at the grocery store, make a meal plan that uses up some of those foods. By using up the food you've already spent money on, your grocery list should be a lot smaller this week. See our post on meal planning for beginners, if you're not sure how to start, see below.
3. Make a Grocery List and Stick to It
In conjunction with meal planning, a grocery list is huge for saving money on food. Make a grocery list, take it with you to the store and stick to it! Be thorough in your list-making before you leave the house so you don't forget anything. Then, don't waver from that list, no matter what. This is not the week for stocking up either, so pass right by those sales (stock up on another week, so you can do step two again later in the year).
4. Go Veggie
Meat is one of the most expensive things in our grocery budget, even when we shop around. So, try skipping it for the week. Or even just a few days or meals this week. Add in legumes or beans, eggs or just more veggies. But make sure you don't sub in prepared foods or ‘veggie’ meats instead, or you may spend more than you bargained for! Try some of our vegan recipes like Eggnog French Toast, Vegan Vegetable Fried Rice or Chocolate Avocado Pudding.
5. Invite Friends Over Instead of Going Out
Rather than heading out with friends on Friday night, invite everyone over for dinner… potluck style! Assign courses to each person/family, or pick a theme and let everyone choose a dish to bring for even more fun. Who knows? You may just enjoy this one so much, you keep doing it. Alternately, just cook at home with your family, instead of eating out. Get everyone involved. You'll be spending quality time together and passing on life lessons (how to cook, set the table, etc.) while you save money!
6. Cancel Unused Memberships & Subscriptions
Got a gym membership that you haven't used for months? What about specialty cable channels you only watch once or twice a year? Magazine subscriptions you don't have time to read and keep meaning to cancel? Cancel them this week! You'll save yourself a boat load of money and you'll feel good for finally checking something off your to-do list! Plus, you can work out at home, stream Netflix inexpensively and catch up with your fav magazines online.
7. Remove Your Credit Card Numbers from Online Accounts
Impulse shopping happens to the best of us. Truthfully, this is one of my money downfalls. And with all that Google can remember for us (like our credit card info), it's even easier to buy something online at the spur of the moment. Nip this habit in the bud by removing all your credit card numbers from your online accounts. That way, you'll have a moment to pause before hitting that “checkout” button…and potentially save yourself loads of money!
8. Skip the Movies
For just this week, avoid going to the movies. Instead, borrow a movie from the library or even rent one from iTunes or Cineplex. Better yet, find an old one you love on Netflix. For our family, by the time you figure in snacks, a trip to the movies is close to $100 (even more if it's a 3D movie!). You could also skip other costly entertainment too and play board games at home or even sports on the Wii.
9. Drink More Water
If you regularly grab beer or wine to enjoy during the week (or on the weekend), consciously decide to skip it this week. Or, if you're a pop/soda/juice family, choose to go without and just drink water for seven days. You'll be amazed at how much you save – and how happy your body is too without all that sugar!
10. Have a Garage Sale
Gather old clothes, records, toys, etc. and have a garage sale on the weekend. It's a wee bit of work, but a quick way to make at least $100 (who knows, you may make more!). Plus, you'll have the bonus of cleaning out the excess in your house and having all that extra space.
Now What Do You Do With That $100?
So, saving $100 is an awesome start! But what exactly do we DO with it now? A recent survey showed that 27 per cent of people prefer to leave that $100 as extra cash. Unfortunately, we all know what happens to ‘extra cash’. At least I sure know what happens to it here! It gets spent. Of course, the best thing to do is to invest that $100. But how do you easily do that?
Well, just recently Dean and I were told about EQ Bank's new GIC product, which is unlike the GICs I heard my friends talking about years ago. For as low as $100, Canadians can save their money in a GIC that can generate a guaranteed return from 2.76 percent (on a 1-year term) to 3.50 percent (on a 5-year term)* regardless of how the market behaves. And the investment can be locked in for 1 year to 5 years, depending on your own personal savings goals.
Can you imagine what a few weeks of saving $100 and investing it in an EQ Bank GIC could do for your savings each year?
HOW ARE YOUR SAVINGS GOALS? HAVE YOU BROKEN THEM DOWN INTO ACHIEVABLE BABY STEPS? WANT TO JOIN US IN SAVING $100 THIS WEEK?
* For GIC terms of less than one-year, simple interest is calculated on a per diem basis and paid at maturity. For GIC terms equal to one year, simply interest is calculated on a per annum basis and paid at maturity. For GIC terms of over one year, not including 15 and 27-month terms, interest is calculated on a per annum basis and, depending on the selection made at the time of purchase, paid either annually (simple interest) or at maturity (compounded annually). For GIC terms of 15 and 27 months, interest is calculated on a per annum basis, compounded annually and paid solely at maturity. In all cases, interest is accrued for the entire GIC term.
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