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August: Radical Saving Experiment

2 August 2010 8 Comments

Frustrated with my lack of discipline and spending habits, I’ve launched a month-long experiment in my life to see if I can achieve a significant level of saving in a single month by putting the screwed to my spending.  Why a month?  Well, a month is long enough to where it is a meaningful period of time and a decent accomplishment, and a month is short enough to where such a goal is attainable.

For this experiment, I’ve done the following:

  • Gone strictly cash on all expenses except areas such as gas where I would rather pay at the pump with a credit card
  • Will go without any major purchases during this month in an effort to put money away
  • Allocated set amounts of cash for basic expense areas such as food, entertainment, household items, etc. I didn’t go crazy and get real specific here – trying to go for simplicity.

Have you ever done a similar experiment?  Budgeting is definitely an incremental process – each level of effort I think results in a small incremental improvement in how you spend money.  These incremental improvements add up over time and make a large difference over time.  I’m hoping August will be another incremental improvement.

8 Comments »

  • amberto said:

    I need to do this! Maybe I'll do the same thing this month. We just went on a vacation & everything always seems so scattered afterwards. We need something to kick start our budgeting/saving – this sounds like just the thing!

  • Lisa said:

    I've been radical with saving – going on 2 years now. Cash only households work. Period. I'd rather make extreme sacrifices in a short period of time, rather than budget here and there and drag the savings out over a long period of time.

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  • Breand Ross said:

    Having a saving discipline is very must if you want to save anything for your future or even for your children. I think saving is not easy thing for sure but we must adapt some best practices to regular savings.

  • Judy said:

    I also want to try this experiment and I am sure this is going to be so perfect for me. I have never done something like this before but this time is awesome. Los Angeles Electrician

  • injury lawyer Austin said:

    What was the result of this experiment. I am so curious about it.