This is a link to the 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 #9: Only buy new things when replacing something old
Today’s tip is to keep an “Item Budget” in your house — and before you buy something new, you must get rid of something old.
The theme of this post is to create “barriers” — small things that keep us from doing something. You will be consciously adding a roadblock to unmindful purchasing by making yourself analyze the item — do I already have one? Do I need another one? How many do I need? If you can also remember your goals — like saving $1000 in 30 days — it will help.
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