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:
1. Read the post 50 ideas to save £/$50
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?
Car Insurance?
Cancelling subscriptions or memberships you don’t need or use.
Are you up for the challenge?
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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