I’m finally updating on Ramit’s 30 Days to Save $1,000 challenge.  It’s been busy for me, but I really want to keep my goal and updating on the site keeps me focused.

The tip on hedging fuel expenses is something I wasn’t crazy about. l’ll explain why later. I did appreciate tip #7 on having a no spend day. I’m happy with how the challenge is coming along. I even managed to make some money (Tip # 3: Sell on Ebay).

Gasoline Hedging

Ramit’s breaks down how he creates and uses the gas hedge funds. It’s a clever way to prevent yourself from spending money carelessly. He explains how you can be smart with your ‘found money’:

When gas prices were at their highest in San Francisco, I was paying about $4.60/gallon, which was costing me about $60/week. But now, with a combination of lower gas prices and working at home once a week, I’m saving about $15/week off the peak.

Now, you can create an automatic transfer of the money you’re saving and put it in a “fuel hedge” account to protect you when prices go higher.

1. Set up a high-interest ING savings account
2. Open a sub-account
3. Automate deposits into sub account
4. Check every couple of months to see how it is working for you.

I use sub-accounts with ING Direct and I think they’re a wonderful tool. I just prefer to put my little snowflakes (savings) away into either one of three sub-accounts:

• Savings
• Debt Reduction
• VW Repair Fund

When gasoline prices increase I adjust the budget accordingly. I also become a bit more aggressive with my conservation skills. I realize it’s simply an issue of reallocating funds if I just save it, whatever the account name may be.

If I use it for debt reduction, I see that as a long term move. With my car loan being at 13.75%, I get a great ‘return’ on my money. It will also puts a few hundred dollars back into play for my budget once my car loan is done.

‘No Spending’ Day

Creating a “No Spending” day once a week is something that I have followed for a bit. It started as a necessity as I was a broke college student for some time and wanted to keep my meager checking account in the black until my next paycheck. I still try to do this, as I’m working on reducing my debt and building some savings.

Having a no spend day also gets me into the mode of controlling my purchasing impulses. I ask myself why I feel like I have to spend money in this instance. Am I buying food because I’m really hungry or just because my friends are taking big lunches?

I surprised myself because even when I had a good breakfast at home, I wanted to spend money as a way to chat with my friends during break. I try to bring a snack with me and may either get a free water or just buy a drink. (This saves me cost of  meal that would only be half-eaten.) It’s better for my wallet and waistline.

30 Days to Save $1,000 Challenge Progress

For those keeping track of my progress on the challenge:

• Tip#1 $45/month
• Tip#2 $10/month
• Tip#3 has brought me $15 for two books I haven’t used.
• Tip#4: $10 for an ING Referral bonus
• Tip#5: $7.25/month
• Tip#6: $235/month once the car loan is paid off
• Tip#7: $80/month

Be Sociable, Share!

• 

• How to Create Savings Habits You're now at the point where you're finally making good money and you're ready to make some big financial moves in the future. You might want to save up for a house. You might be in the market for a new car. Either way you're looking to start saving more......
• Weekly Round Up: Goodwill Edition Photo Credit: Williac It seems like some of the Goodwill stores here have better items than our last place. Three stores in the area have a lot of nice dress clothes and coats for $20 or less. We went to look for a new winter coat for me and while I......

• Save Money on Utilities [/caption]When I visited my family in Boston last week, Sunday surprised us with nearly of snow. It completely ruined our plans for the day. However, I couldn't help but think about much money I spent on heat when I lived there. It wouldn't be uncommon to have a $250 heating......
• Parents with Young Children: Important Tips for Saving Money for College Brian Jenkins has been a member of the BrainTrack writing team for two years. He is an expert on education topics, including financial aid for college. When should you begin saving for your child's college education? Start saving as soon as your child is born. Time is a vital asset.......