Ramit’s IWillTeachYouToBeRich.com Series — Tip #16: Cancel any large purchases this month — NMBankruptcyBlog.com

This is a link to the sixteenth in an ongoing series billed as 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 #16: Cancel any large purchases this month

You can set a calendar reminder to check on it in 30 days.

A couple 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 — especially as your savings start to grow.

The point is to create a barrier for yourself — something to help stop you from doing something you might not need to do, or do right now.  You’re not denying yourself forever —  you can buy it in a month if you still want to; but  you are structuring in some time to get over what might be an impulse.

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, Tip #4: Involve your friends in your savings challenge, Tip #5: Optimize your cellphone bill, Tip #6: Use gas prices to become your own hedge fund, Tip #7: Create a “No Spending” day once a week, Tip #8: Implement the A La Carte Method, Tip #9: Only buy new things when replacing something old, Tip #10: Use the free rewards from your credit card, car insurance, and workplace, Tip #11: Never pay full retail price for clothes (or eyeglasses) again, Tip #12: How I’m saving $2,000 on eating out in 2009, Tip #13: How to negotiate your car insurance, Tip #14: Use self-persuasion to share how much you’ve saved so far, Tip #15: Forget going to a bar — ask people over for dinner

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