Last November, Ramit over at I Will Teach You To Be Rich challenged his readers to save $1,000. I may be a little late to the party, but now I’m ready to rock. Are you?

It’s been less than two weeks since my last post and I have not put in any work toward creating a budget for myself. Remember, I want to aggressively save for a down payment on a home. This weekend I spent about $60 on eating and drinking out, and an additional $25 or so on ingredients to make these cupcakes. Not good.

My first order of business is to re-read Ramit Sethi’s Save $1,000 in 30 Days Challenge. If you are not familiar with his blog, I highly recommend it as a personal finance resource. Last November, Ramit posted a daily suggestion on how to cut spending. Topics ranged from optimizing cell phone bills to lowering commuting costs.

For an entire month, he wrote thoughtful posts aimed at helping people increase their savings. That makes my head hurt! At first glance, some of the suggestions seem obvious or simplistic, but Ramit does an excellent job of giving specific examples to illustrate how much money can be saved. I’m not sure that I’ll be able to implement every single tip, but I’m going to try to use the ones I can.

Tip #1 is Pack Lunches for the Rest of the Week. This is something I already do, but I can modify it to better fit my situation. For example, I can concentrate on making my packed lunches less expensive. One easy way to do this is by eating leftovers. Looks like I have some cooking to do.

Let me know in the comment section if you decide to take the challenge. I’d love to hear your experiences and I’ll be sure to update mine here.

Terrell

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2 Responses

  1. Vicky says:

    In December I read an article in “O” Magazine written by Suze Orman. She challenged people to save $100 a month for one year. At the end of the year, Ameritrade will add $100 to your account. I found a website called Smartypig.com. This is a site where you can save for something special. I’m saving for a humpback whale research trip to Nicagagua in 2010. Its a great way to set goals and see your savings grow. At the end of 2009 I should have $3,300.00 plus interest.

    • Terrell says:

      You know, I recently found out about Smartypig myself. I’ll have to look into it a little more. Good luck with your savings goal. That sounds like an awesome trip!

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