Tired of reading the standard frugality tips, author of "I Will Teach You To Be Rich" Ramit Sethi decided to launch a challenge to help people save $1,000 in a week.

He accompanied the challenge with a wealth of tips on his blog from how to negotiate your car insurance to saving money while eating out  to help people achieve their savings goals.

We sifted through Sethi's advice and chose 13 of our favorites.

If you aren't up for an intense week, you can use these tips over the course of a month to similar effect.

1. Optimize your cell phone bill.

"Many of us (including me) pick a cell phone plan, then never check to see if it's the right one for us based on our usage," writes Sethi. "Because the average cell phone bill is about $50, that's $600 per year of money you can optimize."

When buying a new cell phone, Sethi likes to pay a little bit more upfront by choosing the unlimited data and text messaging plan. He then sets a three-month check-in on his calendar, and analyzes his spending patterns after a few months to see where he can cut back.

You can use this method for any usage-based services, he says.  

Estimated savings: $20 to $600.



2. Create a 'no spending' day once a week.

Choose one day each week and challenge yourself to not spend a single dollar.

"Technically, even if you don't open your wallet, you're still spending money on things like rent, car insurance, and subscriptions," writes Sethi. "You just didn't count them. But that's even more of a reason to create a 'no spending' day on the money in your wallet: because you can actively control it."

The key to this tip is putting it in your calendar so it becomes a consistent system.

Estimated savings: $5 to $75.



3. Postpone a single large purchase until next month.

"It's very simple," writes Sethi. "New lawn mower — wait. New TV — wait. New dishwasher — wait. You can set a calendar reminder to check on it in 30 days. A couple of things will probably happen when you do this: First, prices will probably drop. Second, chances are you'll realize you didn't really need it." 

Estimated savings: $50 to $3,000.



4. Go cash-only.

Take out a limited amount of money from your checking account that will be enough to last for a few weeks, and then set aside the credit card. This forces you to be a conscious spender. 

"Rather than blindly using your credit card and deferring whether it's worth it or not until your bill comes — by that time, it's too late — using cash forces you to make that decision when you pay," writes Sethi. "You withdraw a limited amount and watch it dwindle. It's very primal: Since we're more motivated by loss than by gain, each dollar you physically spend will cause you pain: the good kind of pain."

Estimated savings: $50 to $300.




See the rest of the story at Business Insider

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