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Save $1000 in 30 days challenge

Who couldn’t use an extra $1000? Especially now that the Payroll tax holiday has expired, all of us could use more money. I can think of 100s of ways that I would use $1000, but to kick start my New Year goals, I need this money for (1) Bringing my emergency fund back up to a level I find comfortable (2) Start saving for our move to a cheaper place. During the next 30 days, I will be going through all my bills, negotiating any recurring bills, brainstorming ideas to earn more money and setting up a system to automatically save me money.

Each day in January, I will post a tip to save money or earn money. Each tip could take anywhere between 5 minutes to 2 hours (mostly less than an hour). If it all works out I can easily end up with >$1000 in the next 30 days. Even if some of my tips take more time to pan out (like the earning money part) I will have >$500 that I don’t have now. So let’s dive in.

I have separated the tips into 4 categories – Negotiate, Save, Earn more and Optimize. I believe all 4 of these are very important part of a balanced personal finance system.

Save $1000 in 30 days

Negotiate

I will be starting with the negotiate category because

  1. It is easy and won’t take much of my time
  2. It is one time and I can reap recurring benefits until the terms expire.
  3. It doesn’t require any sacrifices from me. I would like to start off easy.

Save money

I am not an extreme frugality expert and I don’t intend to become one. So there won’t be any frugality tips on skipping lattes or cutting coupons (though you can do them, if you see fit to do so). I am mainly aiming for higher savings, which means there won’t be any tips that save me $1. I am going for big, recurring savings.

Earning more

I can optimize my spending and save money but I can only work with what my husband makes. To really start filling the pot, I need to earn more. I am hoping to earn at least $500 in January and by the end of the year I want to increase it to $1000/month consistently.

  • Tip #16: What are the barriers to earning more money?
  • Tip #17: Sell your clutter
  • Tip #18: Sell your skills
  • Tip #19: Sell your time
  • Tip #20: Teach your skills
  • Tip #21: Bartering to earn more
  • Tip #22: How to find the right freelancing idea to make money?

Optimize

I believe in systems and automation.  Saving money became much easier for us when we automated our finances and optimized our area of weakness. January will be the first month after I quit my job that we won’t have any huge expenses. It is the first normal month, so I have to go through our finances to set up a spending plan to match the reduced income.

  • Tip #23: Automate your finances
  • Tip #24: Learn the art of decision making vs mindless spending
  • Tip #25: Check your credit card/bank statements for the last 6 months to see any zombie bills
  • Tip #26: Get into the habit of buying stuff for less
  • Tip #27: Set up passive barriers to save money
  • Tip #28: Spend some money to save money
  • Tip #29: How I plan to keep saving $1000 every month

Will you join the challenge with me? If you spend 1 hour every day, just for the next 30 days in this “Save $1000 in 30 day challenge”, you can save hundreds of dollars even if you don’t save the entire $1000. I will share my successes and failures in this challenge as I go along. So are you in?

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