I did a 7-day savings challenge and managed to pocket $500, but I had to sacrifice a lot (2024)

In June, for the first time all year, I spent more than I had budgeted for, which meant I wasn't able to meet my other financial goals for that month. So, to save some extra cash fast, I did a seven-day savings challenge in July that helped me pocket an extra $500.

Here's how I was able to make this happen and what I had to compromise along the way.

I implemented no-spending days

There's typically not a day that goes by that I don't spend money on something. During the week, I usually buy meals, coffee, and tickets to events (museums, concerts, sporting events). On weekends, my money goes to all the dining and activities that keep me out of my house for the day.

To help cut back on spending, I implemented two $0 days during my seven-day challenge. I picked Thursday and Sunday, two days where my spending can get out of control more than I'd like.

I put my wallet in my closet and left the house without any money on me, which helped me not give into temptation to pick up lunch or head to a local store to do some casual shopping.

This helped me save around $75 that week.

I limited my takeout orders

When it comes to overspending, one of my biggest pain points is how much I spend on takeout or dining at restaurants.

During this challenge, I only allowed myself to dine out twice and get takeout once for the week. The rest of my meals had to be cooked at home.

Since I can spend anywhere from $225 to $250 a week on food purchases (not including groceries), this helped me save $150 in that seven-day period.

I also set a limit with my grocery bills. In order to buy a substantial amount of food at a decent price, I shopped with coupons, bought frozen produce so it lasted longer, and even split groceries with friends that week (paying for half a loaf of bread, a shared pack of chicken breasts, and half a box of packaged brown rice), and meal-planned ahead of time so I knew exactly what ingredients I needed for the week ahead.

Grocery shopping with a more frugal mindset helped me save an additional $50 during the challenge.

I went cash-only

In an effort to be extra mindful of my spending, I kept my credit cards in my closet and only paid for items with cash. Before leaving the house, I'd give myself a spending limit for the day ahead. If it was a day I allowed myself to dine out, I'd take a set amount of cash to make sure what I ordered fell into that price range.

If it was a day I had to run to a convenience store to grab something for the house, I only took the exact amount of money I needed for that item, and not a dollar more. This helped me curb any temptation to buy one more thing here or there.

While it's hard to quantify how much I saved going cash-only for a week, I know that I would have probably spent an extra $50 on miscellaneous items if my credit cards were handy.

I hid any temptation to shop online

One habit I picked up during the pandemic was an increase in my online shopping. Between crossing items off of my to-do list, I'd browse some of my favorite online stores and casually add things to my cart — and then usually press the "Buy" button. I'd spend more than I even realized in the moment because I was shopping out of boredom.

In an effort to cut back on this during my seven-day challenge, I did two things. First, I deleted my credit card information off the main websites I shop on. Then, to prevent casual browsing and any temptations, I used a website-blocking app that temporarily disabled my ability to view the online shopping websites I frequent the most.

This forced me to pause all online shopping for a week and instead spend that downtime reading the news or scrolling social media instead. I estimate that it saved me at least $75, which is what I can spend, on average, during a week of boredom shopping.

I tapped into freebies

On summer weekends, I tend to spend the most money on events or activities. I want to spend as much time as I can outdoors during this season, so sometimes I'll stack two or more paid activities in just one day.

During the challenge, I limited my weekend to include just one paid activity that had to cost under $50 and made sure the rest of the activities I did were free.

I spent time researching on local guides, websites, and Facebook groups to find things happening that didn't cost any money to attend. I found a free comedy show in the park and a free concert on a rooftop that gave out free drinks and food. Attending these two $0 activities saved me at least $100.