An article in The Fresno Bee was brought to my attention the other day as a good topic of discussion. The title of the article "Blog has tips to save $1k in 30 days" automatically grabbed my attention. I mean, who wouldn't want to save $1,000 in 30 days?
The article was a brief Q & A with blogger Ramit Sethi who came up with the 30 day challenge and presented it to individuals via his blog. Ramit is a 26 year old Stanford graduate who has a popular blog, write-ups in the Wall Street Journal and other high-profile business pubs as well as a New York Times best-seller: "I Will Teach You to be Rich."
The challenge used the C.E.O. Model which is:
C= Cut costs
- Cut one habit cold-turkey
- Reduce eating out
- Stop drinking 4 nights/wk
E= Earn More
- Sell at least one thing
- Babysitting
- Freelancing
O= Optimize spending
- Negotiate insurance rates
- Optimize cell phone and cable bill
A tip was provided each day. The first 15 days, the tips were provided by Ramit. The last 15 days, the tips were from the iwillteachyoutoberich.com community that had really worked to save people money.
Though the challenge was completed in the November 2008, the tips are still available. Below is a list of the tips, if you click on the tip you can get a more detailed description.
Tip #1: Pack lunches for the rest of the week
Tip #2: Turn your thermostat down 3 degrees
Tip #3: Sell something on eBay today
Tip #4: Involve your friends in your savings challenge
Tip #5: Optimize your cellphone bill
Tip #6: Use gas prices to become your own hedge fund
Tip #7: Create a “No Spending” day once a week
Tip #8: Implement the A La Carte Method
Tip #9: Only buy new things when replacing something old
Tip #10: Use the free rewards from your credit card, car insurance, and workplace
Tip #11: Never pay full retail price for clothes or eyeglasses again
Tip #12: How I’m saving $2,000+ on eating out in 2009
Tip #13: How to negotiate your car insurance
Tip #14: Use self-persuasion to share how much you’ve saved so far
Tip #15: Forget going to a bar — ask people over for dinner
Tip #16: Cancel any large purchase this month
Tip #17: Buy generic for the stuff you don’t care about
Tip #18: No Christmas gifts this year
Tip #19: Save Money, Eat Well and Look Hot in Less Than an Hour
Tip #20: Change the date of Christmas
Tip #21: Save thousands by pre-paying your debt
Tip #22: Analyze your progress in the 30 Day Challenge (plus, see how I’m doing)
Tip #23: Go cash only for 15 to 30 days
Tip #24: Cut your commute expenses by 40%
Tip #25: Earn more money using your God-given skills
Tip #26: Gardender? Cleaning lady? DIY instead
Tip #27: Use barriers to prevent yourself from spending money
Tip #28: Use price-protection guarantees to always get the lowest price (travel, retail)
Tip #29: Stop being a loser and spend money to save money
Tip #30: How I’m saving $25,000+ in 2009
I have yet implemented the challenge, but I am thinking about doing it next month. I will let you all know my results at the end of the month. If anyone decides to apply any of the tips, I would like to hear about your results as well.
If you would like to read more articles by Ramit, check out his blog iwillteachyoutoberich.com.
