There’s a new challenge going on in the personal finance blog community. I learned about it from Get Rich Slowly, but it originated at I Will Teach You To Be Rich. The challenge is to save $1000 in 30 days (the 30 days of November). Each day, I Will Teach You… will post a new task/suggestion with which to save money.
This sounds intriguing. I’m not going to sign up officially, but I’m going to see how far I can get towards that goal.
I already save $500/month, not including what I put into my IRA each month. I’m not sure I can save another $1000 on top of that. So I’m going to shoot for $500, for a total of $1000 (again, not including IRA). If I do better than that, great!
The first task, for Nov. 1, was to pack lunches for the rest of the week. I already do this. I’m going to be out of town Friday, so I may have to eat out for lunch that day. Otherwise, I should have no problem packing lunch for the rest of the month. During a normal month, I probably eat lunch out once, at the school cafeteria. So packing lunches would only save me $7.00. I have an alternate idea – don’t spend any more money on making lunch for this month; only make do with what I already have in the pantry. I should be able to do this. As a matter of fact, I didn’t have to buy groceries this weekend, so I can challenge myself to eat totally out of the pantry for the rest of the month. All I should have to buy is milk, eggs, and any staples I might run out of. I spend about $150 on groceries per month, so I should be able to save about $125 of that.
The second task, for Nov. 2, was to turn the thermostat down 3 degrees. Well, my heating system is off. I don’t anticipate having to use it all month. I budget $100/month for electricity. My bill when the system is off can be as low as $30.00. Let’s say I can save $65 this month on electricity by not turning on the heat pump.
Yesterday’s task was to sell something on eBay. I’m not sure what I have left to sell; I’ve decluttered and downsized pretty thoroughly. I’ll look around, though, and see what I can find. I’ve never used eBay, so that would be a new challenge in itself.
Whatever I do save in this challenge will go towards the emergency fund.
It’ll be fun to see what each day’s task is.