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Start Here: “The Ultimate Guide to Personal Finance”

How to save money on your worst problem areas

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Need to cut down on eating out? Going out?

Here’s how I do it (this is from an upcoming lifehacking movie):

I cover this in more detail in tip #1 of The Scrooge Strategy, where I show you exactly how to implement what I call “The Two-Headed Savings Approach.” Here’s a preview of the 1,095-word tip:

two-headed-savings-approach-preview

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studenomics
7 years 7 months ago

I was skeptical at first but I have since given this new service a chance. Thus far it has been pretty impressive with detailed tips arriving in my email inbox every week. My favorite tip was the one about just running the numbers where you discussed how people too often find themselves using their gut to make decisios instead of making the simple calculations. If I could nitpick I would just say that I am still waiting for a tip that directly helps students save money.

Green Panda
7 years 7 months ago

I signed up to see what tips can help us reduce our expenses and build some extra income. I decided to use some of the money I saved with the 1k challenge.

Brian
Brian
7 years 7 months ago

Great tips

Quick question:
How do I know if you’ve filtered me on email? Once I asked a stupid question asking where I could get a credit card in a week, and in hindsight it was an inappropriate question. Thanks, Brian

Younas Saleem
7 years 7 months ago

Great Post, Great Post, I am defiantly tried out your strategy in month on February and March and share the results with you. Your process is the slow but steady and I like it. Great work

Michael
Michael
7 years 7 months ago

I’m curious to know what you do with all of those labels in gmail. 🙂

Bob Crooks
Bob Crooks
7 years 7 months ago
Hello Ramit, I am not bashful about saying this, but I am an expert at saving money. I am the most frugal person that I know. But I will say this vehemently: I am NOT a cheapskate. The reason that I know this is that I have problem areas such as you mention with ‘eating out’ and I spend money on myself and my girlfriend. The other day I just bought a Dell netbook. Not cheap. That being said, I am an expert at being able to tell good spending from bad spending. For example, going out and spending $100… Read more »
Xac
Xac
7 years 7 months ago

I love this site, and I love reader-submitted tips, like Bob here 🙂

andy
7 years 7 months ago
Excellent post Bob, I use mvelopes for budgetting. It allowed me to see exactly what i was spending daily on different thing all funds that are spent are downloaded from my checking account and need to be allocated to some mvelope, you can’t ignore it. I’m not certain but it sounds like you wrote a very similar program and if anyone else has any experiences with this concept I would be interesting in hearing about it. The other great thing about this program is that if I “overspend” I get an email from the administrator (my wife) within a few… Read more »
Josh Dubois
Josh Dubois
7 years 7 months ago

Seriously, you have $600 a month to spend on eating out? Even $400 is insane! I just can’t take this website seriously when you have insane expenses like that, if you really want to be rich and change…spend $100 on groceries a month and $100 on eating out, bank $400 a month; or $4,800 a year! Seriously..it makes no sense to waste like this.

Dan pARHAR
Dan pARHAR
7 years 7 months ago

how are you possibly living on just 100 worth of groceries a month???

Sri
Sri
7 years 7 months ago

Nice video but the dollar amount special effects were a little distracting.

Cathy
7 years 7 months ago

Uhhh yeah…$100/month for groceries? I am a decent cook and prepare a lot of my own means, but even when I was single I couldn’t do $100/month. And I’m a bargain shopper.

But still. $600/month for one person eating out?? o.O Ramit, I can’t believe your mom isn’t chewing you out for this!

jeffkuo
7 years 7 months ago

Hey. I think I spend about $100 a month on groceries as well. At least under $150.

90% of what I eat is:

-Some grain (pasta, rice or bread)
-Milk, cereal
-Eggs
-Canned Tuna
-Frozen meat and vegetables
-Beans
-Peanut butter
-Junk

As I’m reading that now, I understand that it sounds pretty ridiculous. But I don’t feel like I’m suffering for it.

I do eat out every so often, but I find that $25 a week on groceries is very do-able. I eat a lot too.

Dan Parhar
Dan Parhar
7 years 7 months ago

i could imagine spending a 100 dollars a month on groceries if i were eating out tonnes, but to only spend 100 on groceries and only 100 on going out? I dont know how i could handle that.

mcara
mcara
7 years 7 months ago

Ramit

You often talk about spending money to save money. You could always take some of that eating out money and take a cooking class. The rewards?
1. you would be able to cook
2. you would save money on eating out
3. you would impress a date with a romantic dinner at home just for her
4. you would not have to spend a lot of money on a romantic dinner out.

Pev
7 years 7 months ago

I tried doing that approach but I think it takes more discipline. spend about a thousand every month eating out because I don’t have the time to really cook. 🙁

Kevin K
7 years 7 months ago

Ramit,

You are definitely correct about focusing on certain areas.
Recent studies have shown that males spend 54% of their income on food (in their 20s) and females ~48% on clothing. If you cut 1/3 of food costs in a particular month, as a male, you can save about 18% of your income. Even with a conservative estimate, 10%-15% in the long run is not bad!

lol @ mcara’s post.

Melissa
Melissa
7 years 7 months ago

Bob –
You bought a dell? Your frugal ass should have saved some more money about bought a REAL computer. -Mel

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