Ramit Sethi, blogger of personal finance and entrepreneurship blog, I Will Teach You To Be Rich, has made a challenge to his readers; save $1,000 in one month. Yes, that’s right folks, follow Ramit’s challenge and by December 1st, he’s betting most of you will have an extra thousand dollars in your pocket.
Ramit has never been a fan of promoting frugality tips like, “start a garden” or “just eat soup”, because he doesn’t believe most Americans are good at deferring their immediate wants. However, he was recently inspired by both a CNN article which cited that “As many as 80 percent of Americans are stressed about their personal finances and the economy”, and his readers many requests for advice on how to save money and decided to launch the Save $1,000 in 30 Days Challenge.
Here’s how it works: Each day in November, Ramit will post one suggestion to cut your spending. If you spend time each day working on the day’s post, Ramit is betting that the most of you will save over $1,000 each month. And even if you don’t get all the way there, saving $700 is sure better than nothing. For the first 15 days he will post tips of his own. For the last 15 days, he’ll turn to his readers and those following the challenge who have submitted their best frugality tips.
We think the 30 Day Challenge is a great idea and fits quite well with another great idea from Wesabe member CymbidiumKelly, the “No Spend Month”. The tips on how to save from Ramit’s challenge and those that have been shared in the Group’s discussion about the No Spend Month, should help anyone who is looking for ways to save meaningful amounts of money.
Many Wesabe members are following Ramit’s challenge and the No Spend Month, and some are planning to write about their experience, which we’re planning on posting here. We’ll also have a new 30 Day Challenge Wesabe Group where members can post their thoughts, ideas and experiences. If you’d like to join the challenge or the No Spend Month and want to share your experience, we’d love to publish them on our blog! Shoot over a few paragraphs about how one or a few of Ramit’s tips are working out for you to firstname.lastname@example.org.
Join the “Save A Thousand Dollars in 30 Days” Challenge here.