The $1,000 Challenge: How One Family Slashed Its Budget Without Moving Under a Bridge or Living on Government Cheese

by Brian J. O'Connor

Are You Brave Enough for the $1,000 Challenge?  
Middle-class incomes are stretched more than ever. Feeling the strain himself, personal finance columnist Brian O’Connor decided to put his own family’s spending to the test. He began a ten-week experiment to see if his family could cut its monthly living expenses by $1,000—without sacrificing anything truly important. From groceries and transportation to entertainment and insurance, O’Connor ruthlessly tackled his family’s Top 10 spending categories with an eye on rooting out big savings.
As he shares his family’s cost-cutting adventures, O’Connor offers helpful strategies for getting your own finances back on track. Whether he’s sharing secrets to shrinking your grocery tab or helping you scour bills for unnecessary fees, O’Connor tackles the frustrations and fears of controlling your own financial fate.

Genres: Nonfiction, Finance, Money, Self Help, Economics

224 pages, Paperback

First published October 29, 2013

Reviews

[Laura-marie · Rating 1 out of 5]

This book about saving money was not for me. Not only did the author have a kid and a house, but he had two boats. I couldn't relate to much of what he said--cutting childcare costs, refinancing your home, etc. I want a book like this written by and for someone like me.

[Sandra · Rating 4 out of 5]

If you're already a frugalista, there may not be $1,000 a month to cut from your budget. But what I liked about this book was that it took each spending category, from housing to entertainment, and divided it into three parts: What to do if you are just trying to free up some cash, if you're struggling a bit to make ends meet, or if you're "pinching pennies so hard that Lincoln gets a headache" - you don't have enough money to pay the bills, you're burning through savings and you're about to max out the credit cards. In these times when there is so much job insecurity, it's nice to have a comprehensive book that offers lots of options. And the book is written in an entertaining style, although sometimes the author in a few spots tends to go on a bit too long about his own life. All in all, it's a valuable read.

[Susan · Rating 3 out of 5]

Some pretty basic financial information but given in a humorous way. Glad I got this from the library and saved the cost of the paperback.

[Jason Mayeu · Rating 4 out of 5]

It comes packed with good ideas and different levels of consideration depending on where you stand financially at that moment. Some of the ideas I’m happy to say we are already implementing. I really wish I had read it back in 2013 when it was first published as I think it probably would have been even more helpful then.

[Kacy · Rating 4 out of 5]

"The $1000 Challenge" is an excellent book to pick up if you're looking to cut your biggest budget items. The author is witty and well researched, and you can tell he actually used many of the ideas he presents.

[Ris · Rating 3 out of 5]

This book's target audience was homeowners and parents, and so some of it wasn't immediately applicable. It did clue me in to some of the details I will need to consider down the road, but O'Connor's sense of humor kept me hanging on for those chapters. I particularly liked that he emphasized cluing your kids into what's going on without scaring them, teaching parents how to use frugality as a learning opportunity for young kids and offering ideas for getting kids involved.

Overall, this was very readable for the uninformed. I'm relatively frugal but not well-versed in market trends and am terrible at math, so this was really helpful for suggesting alternatives and complementing savings to methods already in place without talking over my head or being patronizing. O'Connor really stresses using any means necessary to make sure you and yours have the means to confront a financial emergency, and this book is geared towards the average homeowner who is struggling to make ends meet. This is not a "get richer" book for the already well-off who just need to reorganize; this is a book for making what you have go as far as it can, taking advantage of all opportunities and assistance possible. If you need food stamps while you rebuild your nest egg, do it. If you need to go to a clothing drive, do it. Your pride cannot be more important than you and your family's well-being, and I'm so glad a financial planner actually said it instead of shaming the use of programs we pay taxes for.

O'Connor emphasizes this at points, but it bears repeating that prices are always fluctuating and what saved you money four years ago can be wasting money now. This book is a good starting point; it should not be your primary research tool, but a guide towards how to conduct and begin your research and house planning to optimize your hard-earned income.

[Beatriz · Rating 2 out of 5]

I am looking for additional ways to save money and becoming financially independent. Therefore I decided to check-out this book and see what tips I could learn, improve my budgeting, and of course cut my spending. After reading the book, the best advise I took from it was the use of the envelope system (old school, I know, but if it works I am all for it). I did skip over several sections that did not apply i.e. childcare. I read the section on gas, bills, miscellaneous, etc., but can you really cut back on gas? Sure, if you walk/ bike to work, but how realistic is that if your commute is at least 40 minutes one-way. I was hoping the book had more concrete methods on how to actually succeed at slashing $1,000 from your current expenses, maybe next time!

[Trinity · Rating 1 out of 5]

I picked up this book after looking through a list of personal finance book recommendations from my library and saw that this one had no wait for the e-book. After reading it, I can see why that was.

CW for this book: fatphobia, misogyny, weird gender normitivity

Let me start off by saying that I gave this book an additional .25 stars because there were a few good tidbits of financial advice. I have to give credit where credit is due, and O’Connor did include specific websites to go to for grocery coupons, and government offices that can help with refinancing debt and loans.

However, these positive tidbits could likely be found through a quick Google search, and they certainly do not outweigh the negative aspects of this book.

Right off the bat, this book makes financial assumptions about the typical reader that do not apply to many. One of the examples O’Connor provides is to sell your second car or downgrade it to a cheaper option, but 33% of American households only have 1 car in the first place, and nearly 9% have no car at all. As someone who lives in a city, my transportation payments are fixed as I have a monthly transit pass through work, and I cannot cut my transportation costs any lower than the $35 I spend monthly on said pass.

There are far better personal finance books out there, and the only time you should be reading this book for financial advice is if you are the male head of a nuclear, suburban household making $60-80k per year. Otherwise, it’s a skip.

You can read my full review on trinityturnsthepage.wordpress.com

[Leah Curtiss · Rating 2 out of 5]

I liked the idea - and it made me think of how my grandparents taught our family not to rely on credit and pay cash for everything. She died before teaching me these things, but I still love her (this is a joke she’d love). I made silly credit card choices - guilty!
I was reviewing my bills prior to reading this book and have slashed my insurance and cell bills in order to get out of debt faster. It’s motivating.

One note: it’s interesting that the wife *had* to have new cars when that would have been a huge opportunity right there. Or the lady who *had* to have a lexus but was a couponer? Barf.
It’s like when you see a Tesla or an audi at a Walmart or dollar tree.

Get your priorities straight.

[Bonnie G. · Rating 3 out of 5]

While his dad humor was eye rolling, it did keep my attention which is why I'm sure he is a successful newspaper columnist- his humor is def reminiscent of Dave Barry. The easy organization of the book gave some great ideas of trimming costs from whether you can- esp from places you assume you can't or stuck. The idea is to save money when you don't have to so you can afford when you need it. Originally a compilation of his columns, with each month challenging himself in categories like childcare or groceries. I don't think this a one plan fits all and it's rather cheesy or hokey sometimes but it was a fresh view of trimming costs and still worth a gander.

[Kelly · Rating 3 out of 5]

I’m rounding this up to 3 stars, but really I’m thinking it might be more of a 2.5.

It’s not that I didn’t enjoy this book. The author was funny at times, and the writing was easy enough for me to want to keep reading. However, some of the items either don’t apply to me at this point in my life, or seem to me to be a bit out dated now (though it’s been about 6 years since the book came out).

That said, it did make me start taking a closer look at what I’m spending my money on and start coming up with my own plan that I hope will work better for me, so I guess the book might’ve been useful in that sense.

[Kris Guy · Rating 5 out of 5]

If you think a finance book can't be enjoyable to read, "The $1000 Challenge" will prove you wrong. Author Brian O'Connor combines laugh-out-loud humor with simple yet effective financial tips and tricks that actually work. He also provides ample resources for more information and warnings about risky strategies. The perfect book for someone like me who wants to learn how to trim a household budget, but dreads reading a complicated, dry finance book. I laughed all the way from the Introduction to the Conclusion!

[Erin · Rating 4 out of 5]

I got this book from the library but did enjoy reading it. Not only did I crack a few smiles from the witty jokes and humor, but he did offer some real financial information and a methodology to his budget slashing endeavor. For example, he provided an actual comprehensive dive into life insurance, as well as refinancing and mortgage types. This was published in 2013. I think the information would look very different if it was published post 2020 with the financial impacts of C19, the outrageous inflation, high interest rates, etc....

[Caro · Rating 5 out of 5]

This was a really good book. It definitely has some great ideas. I hope to start implementing some of the ideas and try the challenge (although I most likely won't reach the goal every little bit helps). This was written well and had some humor thrown in to keep it light. I admit I did chuckle a few times and others it was just a "Heh!". Easy to read and understand and I did tend to take a few notes. Especially since I got this book from the library and can't use it for reference. Enjoy!

[Shahna · Rating 1 out of 5]

This book is good if you're middle aged, middle class, American, own a house, boats, children, go on holiday and make a lot of money.

This book is not good, if you're an average person living pay-check to pay-check.

Skip this, it's not worth it. It only cost me a dollar so I'm not too upset by it. I just wasted my time reading it. Half the book you can skip if you don't have kids or a house.

[Aimee · Rating 4 out of 5]

Fun and witty

For those that have a surplus of cash or are throwing cash away on frivolous purchases or are not aware of where every dollar is currently being spent, this book is for you. I really enjoyed the authors wit, so it was a fun read on a rather boring subject, but we personally have a really tight grasp on our financial picture so there wasn't quite as much value for me.

[CJ Flynn · Rating 3 out of 5]

Was an okay book basically talks about a middle-aged Boomer who worked at a newspaper in the Detroit area how he spends a lot of money and never really budgets for stuff and then this book shows him how easy it was to save a thousand bucks just by looking at your bills negotiating some bills not having a bunch of things on reoccurring charges that you're unaware of. He buys stupid stuff it was okay and it was an interesting to see his journey in that but it really wasn't that educational.

[Susan · Rating 2 out of 5]

First of all, I sort of think I've already read this. Either that or it was just so unremarkable that it merged with other personal finance books I've read. Perhaps because I recently read Dave Ramsey's work, I just wasn't on board with a lot of O'Connor's suggestions, and I didn't find anything new or particularly useful here.

[January · Rating 5 out of 5]

This ebook has websites but no hyperlinks. It must be old. This book is helpful, most of the stuff listed I've already done or am aware of but it's nice to have like a declutter for your budget. I saved $147 per 6 months off my auto insurance policy and today I will be pursuing my statements for random expenditures.
So I'm still working on this, but I'm done with my notes. Awesome book.

[Catie · Rating 1 out of 5]

Not worth your time. If looking for entertainment, the jokes are stale and overly abundant. If looking for financial advice, the tips are simplistic and out-dated. Most of the tips I already implement on a regular basis. They are very basic. If you need basic, I still can't say you should start here.

[Kelly · Rating 2 out of 5]

Picked this up at the library. It is a joke. I get that it is a bit older now, but the some things don’t change. Like cut your cable by switching to UVERSE. Or don’t pay for boat maintenance. Get the best deal on life insurance. Really dude?

[Charlotte · Rating 3 out of 5]

I think I usually look at the small stuff when I want to spend less money, but this book inspired me to look at the big stuff. We haven't done it yet, but I'm excited to look and see what we can find.

[Leonard · Rating 4 out of 5]

Money motivational book that is approachable from a comfortable two family perspective. Some good tips, and an entertaining look into a real budgeting story.

[Tanya · Rating 3 out of 5]

A quick read with some great but simple ideas on saving some money.

[Shelby · Rating 2 out of 5]

Eh... I couldn't relate and didn't find it helpful.

[Sue · Rating 4 out of 5]

Interesting how one person save $1,000.

[Team Wolfpack · Rating 2 out of 5]

I struggled through this book. While I appreciate a good sense of humor and sarcasm for added sass, there was so much of it in the book it was hard to get to the point.

[Kevin Demel · Rating 1 out of 5]

The book was about how to slash $1000 in spending over a year. I didn't think this goal was that big of a deal.

[Dill · Rating 1 out of 5]

I can't express to you how much I hated this.

[Ryan Brown · Rating 4 out of 5]

Really good read. Easy to understand, but it's very obvious O'Connor knows his financial stuff. The way he breaks each subject down into saving based on your financial status is really impactful.