Where Do YOU Keep Your $20 Challenge Money?

[rduell]

I was just curious what you all do with your $20 challenge money as it grows.

I decided to use my initial $20 to open the Emigrant account that I found out about through this site. I figured if I just kept the money around the house or in a local bank I'd be more apt to dip into it. And since the Emigrant account pays way more interest than my local bank does, my challenge money will grow faster.

As I add to the challenge money each week or month, I'll just transfer it over to the Emigrant account.

[Aleta]

For sure it should have it's own account. I know that everyone has a different use for the money. For some it might be to build up an Emergency Fund, Fund your retirement, pay off debt, or a dream that you have that is attainable.

I think that it would be great to see what everyone is going to do with their $20 challenge. I find it so easy to attain and then to add to it even if its just pennies, or even found money out in the street. I think that it would be great just to keep a journal to see where it came from. What do you think?

[Broken Arrow]

I'm not officially doing the challenge. However, if I had any additional money by the end of the month, I just throw into my student loans.... So, it's an account of sorts.

[baking23]

Originally Posted by rduell

I was just curious what you all do with your $20 challenge money as it grows.

My money market bank accout. I want a money market mutal fund but I transfer moeny a lot so it's out of the question.

[Aleta]

I transfer a lot too. You can have a mutual fund money market account and you can go online and set up a electronic transfer from your bank account. I think that they'll only allow this on one account. Or, you could call them up and ask them to transfer money from your bank account and you will see it posted as that you bought shares. You can do it. Maybe once a month, but there is a minimum that I think that you have to transfer and in my mutual fund, your checks have to be for $250.00 or more. But that's good. It will keep you from going into there constantly and taking money out.

[baking23]

Originally Posted by Aleta

I transfer a lot too. in my mutual fund, your checks have to be for $250.00 or more. But that's good. It will keep you from going into there constantly and taking money out.

That's good to know, thanks! I have a meeting on Thurs with a guy and I'll talk this stuff out with him. I tend to write my checks as my bills come in so as long as I"m allowed some leeway wiht the transfers I'll be ok.

[Ima saver]

I put whatever I save everyday into a cash box. At least once a month, I transfer it into a money market account paying 5.25%. I do keep track of it on paper, but I don't have a seperate account.

[Aleta]

Gee Ima Saver. That's a great rate. What mutual fund are you with if you don't mind me asking?

[Ima saver]

MY money market account is not a mutual fund. It is a local bank, Applachian Bank, paying 5.25%. My main mutual fund is Vanguard Index 500.

[Aleta]

What a great deal. Thanks for the information. Vanguard's Prime only gives 5.09 now. I have the Vanguard Total Stock Market Index.

[Ima saver]

When I sell the house I will put some money into vanguard's Prime. I can't keep it all at applachian bank.

[PRICEPLUS]

ING account!

[crazymom]

I have a jar in my kitchen where I keep my loose change and any small amounts that I pay myself for the challenge, like $1.00 for ironing DH's shirts, stuff like that. Then I take it all to my bank at least once a month and put it in a savings account.

[Ima saver]

I am taking mine in today. It might as well earn some interest. I guess I should add the interest to the $20 challenge. i don't keep that money in a seperate account, but i still know how to figure it.

[Aleta]

I have an envelope now and I try to list what I have there. I'll take it to the bank at the end of the month. I also like the idea of a jar. You sort of can see what you're doing and I guess it could be inviting to just add to it.

[Ima saver]

I also have a notebook near my computer and I keep track of the total on paper.

[LuxLiving]

I keep mine in Piggy until the end of the month. Total it up, post it here online then take it to the bank where it's deposited into checking. From there it goes directly to paying down on the principal portion of our mortgage. That's what I'm doing w/my challenge money - using it to pay off mortgage early.

[Ima saver]

I have been saving mine to pay off my mortgage on my land.

[Cents and Simplicity]

I have mine in an ING account.

[sparkysgirl]

AS soon as i make any money off of it I pay towards my baby gap card!