This is a link to the twenty-fourth 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.
Today’s tip is to cut your commute expenses by 40% using two techniques: Carpooling and working from home.
Part of why I like this series is Ramit’s recognition that we humans operate with psychological habits that are very hard to change. Most people’s efforts to change in radical ways fail. His suggestion here is not to sell your car and ride a bike, or carpool 100% of the time. Rather, it’s to try carpooling one day a week. That can save a lot over the course of a year. Further, once the initial obstacle to carpooling at all is overcome, it will be easier to do it more.
Similarly, his suggests trying to work at home one day a week.
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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, Tip #16: Cancel any large purchases this month, Tip #17: Buy generic for the stuff you don’t care about, Tip #18: No Christmas gifts this year, Tip #19: Save Money, Eat Well, and Look Hot in Less Than an Hour, Tip #20: Change the date of Christmas, Tip #21: Save thousands by pre-paying your debt, Tip #22: Analyze your progress in the 30 Day Challenge, Tip #23: Go cash-only for 15-30 days