Last month, I challenged my readers and myself to cut restaurant spending to zero as part of the Lifehacker Ultimate Money Challenge. At the end of the month, I asked readers how much they saved. The typical reply? About a few hundred bucks. Not too shabby! I loved this particular thread:
I did the math. In 10 years, that adds up to $86,542.00. Compound interest is a beautiful thing, at least when it comes to saving. Debt is a different story.
I saved about $300 myself, and that even includes a few of slip ups: a drink at a friend’s going away party; another friend’s birthday weekend.
A big part of this challenge is practical. Some of us have a hard time saving money, so a challenge can be a helpful kick in the butt. More importantly, you learn a lot about your spending habits, and that intel is helpful for lasting change. Here are a few things I learned from saving money on restaurants this month, followed by February’s challenge. [click to continue…]