Each day of the week offers an opportunity to save money or improve our finances. They key is to be aware of what steps to take on which day. Here are some tips.
We often associate certain days of the week with particular activities. For example, Monday is generally considered the start of the workweek. Perhaps Wednesday is the night your favorite show airs on TV, while Friday — well, thank goodness it’s Friday.
When it comes to our personal finances, we should consider following the same trend of associating days with various activities. Each day of the week offers an opportunity to save money or improve our finances. They key is to be aware of how to save money by knowing what steps to take on which day. Here are some tips to save money each day of the week.
Monday: Set the tone
On Monday, you can set the tone for the week, helping to determine if you stick to your spending plan for the remaining days, said Tom Corley, author of “Rich Habits: The Daily Success Habits of Wealthy Individuals.” For example, if you promised yourself that you would drink coffee from home and pack lunches to save money, you need to make it a habit starting on the first day of the week.
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Tuesday: Get a deal on a flight
This is the best day because U.S. airlines typically release flight sales, said Jeff Klee, founder and CEO of CheapAir.com. Browse fares early to mid-Tuesday to find the best deals.
“The caveat is that there are limited seats available at the sale price, so you have to be super quick to book when a sale is launched,” he said, adding that Tuesdays and Wednesdays are also the cheapest days to fly.
Tuesday is also a good day to get deals on dining and entertainment because establishments tend to do less business then.
Wednesday: Save money on groceries
“To save money on groceries, shop on a Wednesday,” said Kyle Taylor, founder of personal-finance blog ThePennyHoarder.com. “That’s when most stores release their weekly discounts, but they’re also likely to honor the previous week’s coupons (on this day).”
Check supermarket’s local sales ad, which you can generally find online or at the store’s entrance.
Thursday: Sell stocks
People often make the mistake of treating their retirement funds like day-trading accounts, buying and selling shares based on how the stock market is trending. However, if you hold individual stocks in a brokerage account, Thursday is a good day to sell stocks to lock in gains.
From March 2009 through April 2015, Thursday has been the most consistently positive day for the Standard & Poor’s 500 index.
Friday: Build your savings
If you typically get paid on Friday, then it’s a good day to boost your savings. Rather than give in to the temptation to indulge yourself by spending your entire paycheck, Corley recommends having a percentage of your pay automatically deposited into a separate savings account — ideally one without a debit card linked to it.
Saturday: Get deals on apparel
Wait until the weekend to buy clothing, as that’s when you can typically get the deepest discounts. Retailers such as Kohl’s and Macy’s often have sales on Saturdays that feature better markdowns than customers would find during the week, said FatWallet.com’s online shopping expert Brent Shelton.
Download retailers’ apps to get exclusive deals and take advantage of all the best ways to save money.
Finally, weekend shoppers can take advantage of coupon codes, which are released from apparel merchants in the highest volume on Fridays, said Slickdeals.net shopping pro Regina Conway.
• Sunday: Review your spending
“Although Sunday is usually a day to relax, it’s also the perfect time to make sure you’re on track with your weekly and monthly spending plan,” said Holly Johnson, a credit expert and creator of ClubThrifty.com.
Reconcile your spending on Sunday to start the week off on the right financing footing come Monday.