This is a link to the twenty-ninth 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 #29: Stop being a loser and pay money to save money
Today’s tip is to spend money on things that will save you money in the long term.
The emphasis is on recognizing and making choices knowing the difference between value and cost, and between being frugal and cheap. Put another way, be careful about being “penny wise, and pound foolish,” the old observation that saving on small things when not being wise about big things isn’t, well, wise. Sometimes you have to”pay to play” — you have to spend money to make money…
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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, Tip #24: Cut your commute expenses by 40%, Tip #25: Earn more money using your God-given skills, Tip #26: Gardener? Cleaning lady? DIY instead, Tip #27: Use barriers to prevent yourself from spending money, Tip #28: Use price-protection guarantees to always get the lowest price