Ramit at I Will Teach You to Be Rich has announced his Save $1,000 in 30 Days Challenge. During the month of November, he’s urging people to get off the couch and actually take steps to reduce their spending. Here’s what he writes:
Right now, people don’t care about proper asset allocation or understanding average stock market returns. The people I’ve talked to want to know how to save money right now. [...]
Each day in November, I’ll post one suggestion to cut your spending. If you spend time each day working on the day’s post, the vast majority of you will save over $1,000 each month. Even if you don’t, saving $700 is sure better than nothing. I’ll post tips for the first 15 days. For the last 15 days, I’ll turn to I Will Teach You To Be Rich readers to submit your best frugality tips.
Check out this video introducing the Challenge.
This is an unusual move for Ramit. I Will Teach You to Be Rich — which is a great site — isn’t a frugality blog. In fact, Ramit’s an outspoken opponent of what he calls “stupid frugality tips” (e.g. use two tablespoons of cocoa powder instead of three). His site usually focuses more on boosting earning potential than cutting costs.
But in this sort of economy, every little bit helps. The “Save $1,000 in 30 Days Challenge” is a great way to stop thinking about frugality and to begin practicing it.
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