The $20 challenge

[Ima saver]

I have had so many people comment on my blogs, "what is the $20 challenge"??
Could someone explain the $20 challenge to everyone and also, let's give some examples of what we are doing to add money to our $20 challenge.
Right now my challenge money is up to $9794.00!!!

[Thrifty Ray]

The 20 dollar challenge is explained here:

2006 $20 Challenge Information

Examples: I pay myself $14 weekly ($2 per day) for the stair challenge (25 trips up and down.

I add my rebate checks.

I add bottle and can money.

and I add anyother 'found' money (change, unexpected refunds, bonuses, etc.)

I am up to $485!!

[Ima saver]

Thanks, Ray!! I take all money from coupons and my Ingles advantage card and add them to my challenge money!!

[Ima saver]

Some people use the money to buy supplies and make crafts to sell. Some sell used books on e bay!

[Broken Arrow]

I ... don't even know (or perhaps want to know) what the $20 challenge is.

Right now, I just want to pay off my debts, and therefore, every available penny (short of a small emergency fund) is being thrown at it.

I am trying to do this as aggressively and as quickly as I can.

[Ima saver]

You can use the $20 challenge money that you save up, for anything, especially paying off debt. I transfer my money once a month or so, to a savings account that pays over 4% interest. I am saving to pay off a piece of property that I own.
I use the envelope method to pay my bills. Right now, I have extra left over in my electric payment envelope, so I will add that to my challenge money.

[Broken Arrow]

Well, what I've been doing right now is that everytime I get paid (via direct deposit), I would immediately transfer my budgeted amount over to my debts. Everything's done online, so I don't have to wait to pay them.... My emergency fund is currently fully funded, albeit it's a very small one.

Of course, I am also posting this well past my bedtime, so it's entirely possible that I'm not seeing something here. If so, please let me know.

[Ima saver]

Someone just asked me again, what the $20 challenge is on my blog. You start with $20!! For some that means they buy used books to sell for more money or buy yarn to knit things to sell. You can start with 0 if you want.
There are no rules. You find new ways of saving this money and you add to it as often as you can! I put mine in a cash box and then put it in the bank once a month.
I pay myself $1 if I walk for 30 minutes and another $1 if I do 20 flights of stairs.
I pay myself $1 in I stay home and use no gas.
When I use coupons or my advantage card, I take the savings and add to my challenge money in actual cash!
If I don't eat out on a night that I usually do, I pay myself $20!
I asked for a cash rebate at the local building supply and so far, I have gotten 2 big checks.
Any unexpected checks that come in the mail get added.
I put all my change in a jar and cash it in once a month.
When I get a coupon for free dog food, I take what I would have spent on dog food and add it to the challenge money.
If I sell something or have a garage sale, that goes in the challenge money.
If I have some left over in my budgeted envelopes, I add that in. I had $47 dollars left in my envelope this week, because I was underbudget for electric this month.
Lots of people sell stuff on e bay!
Just anything that you can do extra to come up with that money.

[DivaJen]

Julie - how did you come up $47 under budget for electricity? I would think after all these years you'd have a pretty good guess as to your electric bill in the summer months.

[Broken Arrow]

Ah! So, the $20 challenge can be anything so long as it's a push towards your financial goals right? Am I also correcting in assuming that being creative to come up with new ways to save money is part of that challenge as well? If so, then I think I understand now.

However, coming up with my own challenge will require some more thought and it's something I'm a little shor... mmm doughtnuts.

[lrjohnson]

I think part of the original idea is to create or save money in a new way. For example, I don't count any money I would have saved prior to finding this site and joining. I only count what is actually a new saving to me.

(My $20 challenge is the minimum wage challenge I'm doing. But since I already was thrifty, I'm only "gaining" less than $600 a month. If I had spent more it would give me room to save more.)

[Ima saver]

Yes, I regularly try and save 10% of my husband's income to add to our savings, but I don't count that money, or money saved for christmas, etc.
The reason that I am 47 dollars under budget in electricity, is that I buget for the highest month I have ever had, which was $160 in the summer time. Then if I am under budget, I add that to my challenge money.

[puppypal]

Well, since DH and I give ourselfs 20.00 cash every week and the rest goes into the check book I have found several ways to make the saving plans come to pass.
See, DH gets all that is NEEDED fro mthe checkbook like gas and takes lunch etc. Myself too. But since we have been on such a tight super tight budget we saw fit one year to allow each of us 20.00 a week. for just us...We have paid to get into a baseball game or bought a costly drink or two but that is what it is about. Being able to do one thing that hasn't been crunched my the numbers so to speak. At present I have saved almost 1300.00
I am personally saving for a want! I think Dh wants a new rifle and he is saving for that.
See, dh and I haven't been able to buy any wants in forever. We never take a want out of the checkbook money. Kids earn there wants and buy that. We buy needs....
Needs only!
Ya know I have been trying to save for a curio cabinet for quite sometime. See, Want Not need! but your 20.00 challenge has got my mind a stirring!HHHHHMMMM Thanks

[Ima saver]

It sound like you have a lot of disipline, keep it up!!

Could someone tell me "DH" stands for? Thanks

[puppypal]

Dear Hubby
Glenda

[allenj]

Would that mean I would us DW for my Dear Wife?

[puppypal]

I would reckn' so! But since I am the wife I never had a situation where i needed to use it!
Now BM Is Bio-Mom
SM Is Step-mom
SS is Step-son
SD step-daughter

[Ima saver]

I hit the $10,000 mark. I must mention that I save money every payday out of my husband's paycheck, I shoot for 10% every week. I do not count that money in my $20 challenge. I try to come up with the challenge money by using coupons, my grocery store card (advantage) saving on the elec. bill, asking for rebates, etc.

[Ima saver]

Just bringing this to the top for any newbies!! Join us!!