Saturday, October 10, 2009

Save $1000 in 30 days, Is It Sustainable?

I don't know about you guys but this is a tough challenge even if I consider myself a frugal guy.

We may be able to save $1000 for one month but to do it consistently is nearly impossible. Also, you need to have lots of disposable income and hence, expenses to whittle down in the first place. If your total expenditure is less than $1000, you cannot achieve the target

I believe the biggest expense item for most people is mortgage payments or rental but if you skip it consistently, you may soon end up in the streets or depend on free lodging from friends and relatives.

Overall, the idea is good, even if you cannot save the entire $1000, saving $500 is better than nothing. But realistically speaking, we should think of saving money in terms of percentage of our income rather than the absolute amount.