Challenge: Save £1000/$1000 in 30 days
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[warning: this post could seriously improve your finances, if you're prepared to take action]
So, over the last week you’ve been looking at where your money goes. A good few of you have also got some useful savings from challenging either yourself or the provider for a reduction in the bills.
Well done!
We want to help you make your own small dent in the universe, by taking action and this month has been about giving you the money to do it!
Now that we’re more than half way through, it’s time to step things up a gear.
Here’s a challenge for you:
“Over the next 30 days can you save £1000/$1000?”
What could you do with an extra £1000/$1000 a year? For some of our readers I know this is the equivalent of a good pay rise from their employer, start your business, go travelling?
Blimey, that’s impossible!
No it’s not:
Ayo has already saved £240 from reducing his Internet/cable package.
Glyn has saved £200 from challenging his Utility provider.
I saved £192 from downgrading my TV package.
Here’s what you can do:
1. Check yesterday’s post for ideas
2. Work through the 50 ideas
3. Look at where your money went last week, what can you do about it?
Rinse and repeat.
For the next 30 days I’ll keep this as a featured post so you can come back and update your progress, then in 30 days (let’s say 21st April) we’ll revist and see how you did.
Just to be clear. The £1000 refers to the annualised savings from taking action. For instance, if you save £10/$10 on your utility bills, that’s £120/$120 towards your goal.
What other things can you add? Car Insurance? Cancelling subsscriptions you don’t need or use.
Are you up for the challenge?
Sign up and commit in the comments section below.
M6TGHCWZKT84
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My name is Matthew Needham and I'm a full time interim manager and consultant. I work with businesses large and small to help them grow their businesses, save money or improve their business processes.
I'm an entrepreneur, accountant and blogger. You can read more about me, or The Big Red Tomato Company on the 
Oooh, now there’s a challenge
Just to get this straight in my head, we look for savings and say for example we reduce our monthly gas bill by £10 every month, that counts as £120 (£10x12months) of the £1000. Is that right?
Sounds like it’s worth a go. Can I include the £30 per month less we’re now paying on Sky or is that cheating because we did that before today?
.-= Eleanor Edwards´s last blog ..1 Minute Motivator: If your ship doesn’t come in =-.
Matthew Needham Reply:
March 21st, 2010 at 10:03 am
Hi Eleanor
Your understanding is spot on.
Yes you can include your Sky savings so that’s £360 in the kitty!
Only £640 to go!
Are you up for the challenge?
Matthew
Hi Matthew,
I think that I will be able to save $1000 by spending on only the necessities this month. I’ve been looking for an excuse not to go shopping for shoes (even though I can use a new pair), plus with spring coming up quickly, I would like to buy some new spring clothes. But, for this month, I’m not going to do any retail theraphy and instead use that money to pay down some remaining debt. I think the motivation to be debt-free will be the catalyst to save my money, instead of spending it on my wants.
This is a great challenge for people because even if they are not able to save the $1000, any amount is better than $0.
Karen
.-= Karen´s last blog ..Friday’s Links =-.
Matthew Needham Reply:
March 22nd, 2010 at 1:38 pm
Hi Karen, that’s a good way of looking at it, but are there any opportunities around you TV/Internet, Utilities, Insurances etc? It’s brilliant that you have a goal to pay your debt down, I wish you every success. Certainly paying a $1000 this month on debt will make a large contribution and save a bundle in interest charges.
Good luck. Matthew
Hi Matthew,
Interesting post. I guess I’m more on the lucky side. I usually have a goal to save $1k per month. I’m not in any sort of debt or anything, so that’s nice.
The pot of savings will come in handy when I need it, and I see me needing it in the near future
.-= Moon Hussain´s last blog ..Are You Embarrassed Of Saying “Passive Income” Out Loud? =-.
Matthew Needham Reply:
March 22nd, 2010 at 6:00 pm
Hi Moon, that’s really good news that you’re managing to save each month.
This is a post not so much about saving $1000 but saving an extra $1000 over and above what you’d normally save. I’m sorry if that wasn’t clear.
You’d be very interested in tomorrow’s post about savings, and benchmark your monthly savings with millionaires (in % terms!)
Thanks for your comment!
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