Challenge: Save £1000/$1000 in 30 days
[warning: this post could seriously improve your finances, if you're prepared to take action]
At the start of a New Year many people start to think seriously about where their money goes. With Christmas a distant memory and the hangover from New Year’s Eve wearing off, it’s time to focus on seriously looking at where your money goes and do something about it. Before the credit card bills arrive at the end of the month.
Whether it’s to reduce debt, save up for something special, invest in your business or simply bolster your finances - there’s no better time to do it than NOW.
For some people/businesses this could be a lifeline – plus taking action today means the more money you save over the long term.
Is there something that you’ve been meaning to do but haven’t had the money to do it?
So, 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, investment in new equipment or advertisting, or even go on the family holiday.
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.
And the truth is you could save much more than £1000/$1000, especially over the long term.
Here’s what you can do:
2. Work through the 50 ideas and implement as many as you can
3. Track your savings in a spreadsheet, notebook or back of an envelope
4. Keep a diary of everything you spend your money on for the next week
Rinse and repeat.
Then in 30 days (let’s say a month’s time) 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?
Cancelling subscriptions or memberships you don’t need or use.
Are you up for the challenge?