2006 $20 Challenge Information

[jeffrey]

$20 Challenge 2006

The following are guidelines only and you are free to do whatever you want that works for your circumstances. If you choose to do something other than the guidelines, however, please take the time to explain exactly what you're doing and how it differs so that those reading don't get confused. For example, some have indicated they would like to continue their current challenge.

<b>Length</b>: 1 year, but anyone can join at any time. Start date is January 1, 2006 with an end date of December 31, 2006

<b>Starting Amount</b>: $20

<b>Goal Setting</b>: On a quarterly basis (every 3 months), more often if desired. This will allow both you and the readers to reflect on what you've accomplished and help keep you on track toward your final goal.

<b>Final Goal Amount</b>: To be determined by each individual

<b>Prizes</b>: This year there will be small cash (or equivalent) prizes (yet to be determined) for the best challenges as voted by the members (not necessarily who makes the most) of the forum with a minimum of $100 being distributed. If finances permit, there will also be some random prizes given.

<b>Other Notes</b>: These earnings should come from ideas beyond what you would have normally done. The goal of this challenge is to motivate you to earn a bit of extra money when you usually would not have and get you thinking about different ways that you can earn money.

If you have any questions or need more specific guidance, feel free to leave comments or questions here.

To participate, simply <a href="http://blogs.savingadvice.com/">Begin Your Own Personal Finance Blog</a> and make sure to creat a category with the name "$20 Challenge"

[flash]

How do we sign up?

[jeffrey]

Nothing to sign up for - simply begin a thread in this section when the New Year begins and you're off.

[Bluezy]

I'll be there!

[Ima saver]

Can you just add money to your $20 when you have some extra? I don't work, so I have no income from me. Can this just be extra savings each day or week?

[Ima saver]

Also, does interest count. I have a bank account that just credited my account with $1040.43 in interest the last day of the month.

[Ima saver]

Still want to know if interest counts? I won't count the interest I just received.

[abowers]

Something kind of related:

I have an account at Bank of America. They started a program called "Keep the Change." I signed up a month or two ago, but this is what they do:
You use your debit card and buy something, say $6.42. They round up to the nearest dollar, and move the extra in your savings account. So $.58 goes from your checking account into your savings account. For the first 3 months of being in it, Bank of America will match your "Keep the change" money 100%, and from then on they match maybe 5%?

Anyway, I think it's a neat way to help remind me to save more!

[chrysnblue]

I think I will try the challenge. I'm a SAHM so, this might be interesting to see if I can do this.

[Ima saver]

How do you get in the program, called keep the change?

[FrugalTexan75]

Ima,
To get in the program "Keep The Change" you have to have an account with Bank of America which uses a debit card. If you already have a BOFA account, then probably just call customer service and ask, or ask your teller the next time you go in.

Laura

[Ima saver]

Thanks, but I never use a debit card.

[jeffrey]

The $20 Challenges are being moved into the blogs - it makes them a lot easier to read and follow and we can promote them better from there. We have already placed them on the front page as we will soon be making an exclusive page that lists all the bloggers that are participating and probably the last 20 posts or so (very similar to the current front page). Sometime early next week we'll shut this category down, so please begin posting in the blog. Be sure to check "$20 Challenge" when posting as that is how we know to add it to the list. Feel free to ask any questions and thanks for everyone's patience as we change things around here.

[veronak]

My challenge is up to $225.00

[veronak]

Oops I am sorry I posted without asking my question. I have been entering my progress in each of my blog entries was I suppose to be posting here in order to enter the challenge? Sorry I feel like such an idiot

[nate]

Yes, posting them in your blog entries is probably best for now. Eventually we'll get something in place that will be a little more formal.

[Duchesse]

This sounds good! I'd like to join the chanllenge but first I must brain storm to figure out another way to make or save money.

Please correct me if I'm wrong.

My understanding of this challenge is that I am to put away $20 and then add to it as often as I can with money I make or save in an entirely different way then I do now. So my automatic savings doesn't count, my current change jar doesn't count, my current coupon clipping doesn't count, etc.?

[jeffrey]

Originally Posted by Duchesse

This sounds good! I'd like to join the chanllenge but first I must brain storm to figure out another way to make or save money.

Please correct me if I'm wrong.

My understanding of this challenge is that I am to put away $20 and then add to it as often as I can with money I make or save in an entirely different way then I do now. So my automatic savings doesn't count, my current change jar doesn't count, my current coupon clipping doesn't count, etc.?

Ultimately you can decide how you want to set up your challenge, but yes, the idea behind it is to use new ways to create income that you wouldn't have used had you not been doing the challenge.

[Ima saver]

I think you should be able to count coupon clipping, etc. if you take that money and save it. That is what I am doing.

[Duchesse]

Originally Posted by Ima saver

I think you should be able to count coupon clipping, etc. if you take that money and save it. That is what I am doing.

I've been having problems with the coupons. Some stores refuse to take the ones printed on the computer. I believe they think it's a "copy". It's frustrating to get to the checkout and find they won't accept them. I don't buy that many processed items anyway so my savings would be very small. Unless I can find another way....... I'm brainstorming because I remember how I used to smile leaving the store years ago when coupons were everywhere.

Also, too, NY has a 5 cent deposit on most soda and beer cans. I don't avail myself because I don't drink very much of either one. I drink beer when I eat crab which is usually on special occasions (their expensive). I don't need the sugar so I don't drink soda. I sure wish water had a deposit in NY. It's only in ME. I could do that, it would be small though. I'm still thinking.