Personal finance: How to save $100 this week
These thoughtful ideas may help you save $$$ right now
The McLemore Boys join ‘Varney & Co’ with details on the cost of a cookout and tips for saving money ahead of Labor Day.
The "all-items" Consumer Price Index, a measure of economy-wide inflation, rose by 0.2% from June 2023 to July 2023 and was up 3.2% from July 2022, according to the Bureau of Labor Statistics.
Rising prices for household goods and services means most Americans are struggling to make ends meet.
There are some quick changes you can make to save money.
Money experts shared their tips, hacks and strategies with FOX Business to help each of us save $100 this week.
Check out these thoughtful ideas.
1. Change where you shop
Your "go-to" stores may be convenient to home or work — and you may be comfortable there but perhaps not be getting the best prices.
"Be sure to consider discount retailers and wholesale clubs to stock up on necessities," said one money expert. (iStock / iStock)
"Changing where you shop doesn't only have to apply to groceries," said Kia McCallister-Young, director of America Saves, an initiative of Consumer Federation of America in Washington, D.C.
"It can also work for clothing, gas and home essentials, too."
Be sure to consider discount retailers and wholesale clubs to stock up on necessities.
2. Reconsider your activities for the week
Think about what plans you have in the week ahead — then reconsider the commitments that can save you on gas and money.
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"For example, if you have a commute to work, could you take public transportation to save money or could you ask your manager to work from home this week?" McCallister-Young suggested.
"The goal is to curb discretionary spending and balance what you want with your needs."
For arrangements with friends and family, rather than going out, get creative and spend time together at home making a nice meal together or even going potluck-style instead of going out, suggested McCallister-Young.
Rather than dining out, consider taking a nature stroll at a nearby park.
Relaxed friends at a beach party at sunset. There are some quick changes you can make to save money — and they include rethinking such things as dining out and spending money on conveniences. (iStock / iStock)
"The goal here is to curb discretionary spending and to balance what you want, such as spending time with your loved ones, with your needs — in this case, saving money," she added.
3. Rethink your subscription services
Netflix, Hulu, Spotify and Peloton are monthly services that debit each month.
"Think about what subscription services you're paying for monthly that you may not actually use often," McCallister-Young said.
"Consider pausing or canceling the services for one month to see if you miss them. If you find that you don't, that can easily save you money this week, and possibly every single month."
Consider services that you schedule regularly and see if you can use them less.
Unsubscribe from those you don’t use or need anymore.
4. Prioritize your outsourced services
Consider services that you schedule regularly and see if you can use them less.
Perhaps you can handle these services yourself and eliminate them from your budget, recommended Michael Liersch, head of advice and planning for Wells Fargo, based in New York City.
Rear view of woman in markethttp://www.twodozendesign.info/i/1.png (iStock / iStock)
"For example, you can save money by DIY car washing, manicures-pedicures, clothes ironing or getting your own groceries versus delivery."
5. Mind your utilities
For many people, electric bills are extremely high right now.
"You may be able to reduce your bills by turning off lights in rooms you’re not in, using fans, minimizing hot water usage and using household appliances like washers, dryers and dishwashers later in the evenings," Liersch said.
6. Curb your conveniences
One of the first places to focus on when you’re trying to save money is your food budget.
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It's one of the most variable items each month, noted Kimberly Palmer, a personal finance expert at NerdWallet, who is based in the Washington, D.C. area.
"Taking time to plan out your meals for the week and grocery shop instead can potentially save $100 or more each week," said one personal finance expert. (FREDERIC J. BROWN/AFP via Getty Images / Getty Images)
"If you're currently ordering take-out or eating at a restaurant regularly, then trimming that expense is a quick way of saving a significant chunk of money," said Palmer.
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"Taking time to plan out your meals for the week and grocery shop instead can potentially save $100 or more each week."