$20 challenge

[Ima saver]

I have not heard many people talking about the $20 challenge lately. We are now in month 10. How are you doing??

[brizzad]

I haven't been on the forums in a while.. do you have a link where I can read up on this challenge?

[Ima saver]

Is anyone doing the challenge??

[Ima saver]

Somebody please put up the $20 challenge link, I don't know how!!

[Bookie]

Originally Posted by Ima saver

Somebody please put up the $20 challenge link, I don't know how!!

Here you go, Julie.

[Ima saver]

Thanks so much, bookie!! I have really enjoyed doing the challenge. I have been amazed athow much money you can save if you use coupons and store cards. The important thing too, is to take that savings and put it away.
I actually do pay myself anything that I save and I put it in my high interest money market.

[Gruntina]

I want to start this myself but I still do not grasp how to get started on this. I have to re-read everything.

[Ima saver]

Just save anyway you can, then add the money to your challenge money. I save all my change. I save the money when I use coupons, or my store advantage card. I physically take the money I save, put it in a money box and take it to the bank about once a month. I keep track of the amount on paper.

[Gruntina]

Hmm... going to ponder how I can get around the change thing. I usually try to save as little changes as I do not enjoy transferring the coins to the bank. Usually I just save my pennies and pay stamps with them at the post office vending machines.

Do you have a savings account for the challenge money alone or is it combined with another savings account but the amount that was from challenge is only kept track on paper?

I am excited to do this soon as I will be debt free in December! Yay!

[tinapbeana]

Originally Posted by Gruntina

I am excited to do this soon as I will be debt free in December! Yay!

Congratulations on being so close, G!!! I'm now officially green with envy

[Gruntina]

Originally Posted by tinapbeana

Congratulations on being so close, G!!! I'm now officially green with envy

Thanks! I am really happy about this.. the last few years has been miserable with working two full time jobs to pay this off. I feel like I am gonna get my life back!

[Ima saver]

Good for you grunt!! I do not have a seperate savings account for my challenge money. I put it in a local bank paying 5.25% interest. but I do keep track of it on paper! You will be surprised at how fast your change adds up. I do not save pennies, I use them up, but I save everything else.

[Gruntina]

Originally Posted by Ima saver

I do not save pennies, I use them up, but I save everything else.

Ima - Thanks for inputting a new thought in my head. I think I will continue to save my pennies for stamps at the PO. But keep the other changes for the $20 dollar challenges. I think I will list any found pennies on the street or something on a different tracking to see how much I saved on my stamps. This it’s going to be interesting oddball challenge for me.

If I get pennies from my changes from the cashier, does it count to put it in my pennies savings challenge since its going to stamps?

I am going to start the $20 dollars savings challenge this weekend. I have a jar of coins I can count to get started.

You got me convinced!

[Ima saver]

Good for you Gruntina. I hope they have the challenge again next year on this forum! I can believe how much money I have saved this past 10 months!

[Aleta]

I read something that I thought was unique. One reader said that she took all interest money received monthly and put it in a separate savings account to see how her interest was growing and of course you can see how compound interest really works. I use to save pennies and turned them into savings bonds. Then when rates were down, I turned those pennies in to the bank and put them in a separate account and now can get interest of lets say .50 that is equal to a penny roll that you deposiit. It''s just a fun thing to do. I enjoy so many of your ideas.