Ramit’s IWillTeachYouToBeRich.com Series — Tip #4: Involve your friends in your savings challenge — NMBankruptcyBlog.com

This is a link to the fourth in an ongoing series billed as the 30 Day Challenge to save $1,000 by Ramit Sethi at IWillTeachYouToBeRich.com, his blog on personal finance (banking, saving, budgeting, and investing) and personal entrepreneurship. His series outlines the various ways we can keep money in our pockets.

Tip #4: Involve your friends in your savings challenge

For more people, the reason they fail to save money is not a lack of money-saving ideas — it’s themselves and their lack of discipline.

Ramit reminds us that our spending is based on context — if your friends are spending money, odds are you are, too.  If you involve  your friends in your efforts, you will get some accountability (telling  others, making public commitments, is highly persuasive), and even if they do not change their habits (that’s not what you’re asking them to do, unless you make it a group challenge), you might get their support in your efforts to change your own.

For the rest of the post click here.

For previous tips: Tip #1: Pack lunches for the rest of the week, Tip #2: Turn your thermostat down 3 degrees, Tip #3: Sell something on eBay today

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