Book Review: The $1,000 Challenge

I picked up the book "The $1,000 Challenge" at FinCon 2013, the Financial Blogger’s Conference held last year in St. Louis.  The author, Brian J. O’Connor, is the Personal Finance Editor and syndicated “Funny Money” columnist at The Detroit News.  The book is the compilation of a 10-part series O’Connor wrote in 2010, wherein he opened up his personal financial situation to his readers and attempted to come up with ways to save an on-going $1,000 per month on regular, everyday expenses.

The result is a surprisingly interesting (not to mention humorous!) journey with the author into the depths of personal financial dealings – everything from babysitting expenses to transportation costs to groceries.  The author takes each section of his personal finances in turn, laying out what the current costs are, and the steps he took to make reductions in his monthly outlay.  He the takes the series a step further to recommend steps for folks in three “saving” situations: Freeing Up Cash (where you’re looking for ways to increase your savings contributions, for example), Making Ends Meet (when you are constantly coming up just a bit short each month in paying your regular expenses), and Pinching Pennies So Hard That Lincoln Gets A Headache (for folks suffering through long bouts of unemployment or underemployment and have to make drastic changes).

For each situation the author provides sound advice that can be applied to other monetary situations, with a wide array of methods for saving. It seems like this might be a dry reading, but the author has a wonderful way of dropping in little bits of humor to really keep you interested.  Of course, what would you expect from a column known as “Funny Money”?

In addition to the financial aspects of making these changes, O’Connor supplies some real-world advice to help you stay the course and make it all work for you.  Here’s a quote from the Entertainment category, where the author drives home the point that you can’t live solely on Ramen noodles for long:

About the author

Jim Blankenship, CFP®, EA

Jim Blankenship is the founder and principal of Blankenship Financial Planning, Ltd., a financial planning firm providing hourly, as-needed financial planning and advice. A financial services professional for over 25 years, Jim is a CFP professional and has earned the Enrolled Agent designation, a designation that qualifies him as enrolled to practice before the IRS. Jim is also a NAPFA-registered financial advisor, which designates him as a Fee-Only Financial Advisor.

An IRA Owner's Manual
A Social Security Owner's Manual

Leave a Reply

Copyright 2014   About Us   Contact Us   Our Advisors       Login