2007 $20 Challenge Information

[Ima saver]

I agee with you. I only count savings on the few purchases I always make. I only spend about $30 a week on groceries and usually buy the same things every week. I try to shop certain stores that give a wednesday discount and I count that too.

[Aleta]

I totally agree with you lrjohson. A buy 1 get one free can be a little deceiving because you have to pay the regular price for the one and I have seen the price higher on just the one. It's hard to see what you would calculate. I would say that if you didn't substract the coupon money out before to save it - that would be a new way with the challenge. Money sitting in drawers, pockets, etc doesn't earn anything.

My first $20 came from going around the house and finding money I had put to the side. I also had coupon money. I also collect pennies and roll them. It is making me more aware to what I'm doing with my money and how much I lose to complacency.

[kristinecfp]

I've been wanting to join the $20 challenge for a while now. This thread has given me a better understanding of the challenge and the motivation to get started. Can't wait to see what happens!

[PRICEPLUS]

Well here is to a successful year for everyone. I jusst added $1.87 in change I found under my Lazy Boy! Into the 20 dollar challenge it goes!

[vsjhoc]

I'm going to pass on doing the Challenge, but I've got one idea to share. Please excuse me if someone already came up with this one.

When you fill up your car with gas, let it stop automatically (you're not supposed to top it off anymore, which I totally don't understand but it has something to do with Al Gore ). Round off the amount of your bill to the next highest dollar and put that money in your savings. Kind of like the "keep the change" account at everyone's favorite bank.

Good luck to all!

[Aleta]

Oh, you're too funny! I have laughed so much today on many of the comments. It must mean that it's THank God It's Friday day. Could have something to do with it. Al Gore, that's just too funny!

[Duchesse]

I'm in and I just stopped smoking. I'll have beaucoup cash at the end of the year! Lord give I strength.

[Ima saver]

Wow, that is a great way to save money. Take the money you would have spent everyday and put it in your challenge money.

[AutumnxButterfly]

I am in too I don't really have an extra $20 right now so I may have to work around that. LOL We sold a crib today that we were not using for $75. I guess I can start there I am going to put all the extra money I make and save into a savings account.

[sparkysgirl]

I started my blog. I used my first 20 on ebay items and a paying mystery shop

[jmerinka7]

$20.00 is a very small amount for the goal. One of my trip to Walmart: $ 9.95 rebate for Glade trio. $1.00 Tidy cat coupon. $3.00 Glade coupon. $1.00 Lysol coupon. Total is$14.95.
Using Discover card to received cash bonus. I regrate this January: no special 5% return for the tuitions. Last year I received $120.00 from Discover after the college payment. Save the volum products is not a good chance in a small appartment. Using a premium gas at the fist available gas station Friday or Monday is not a savings also.
I realy need some more effective idea for savings.

[gackle]

Originally Posted by jeffrey

Basically it is a challenge of taking $20 to begin and using it to try and create money in some way that you haven't done in the past. The goal is to get you thinking about different ways that you can earn and save money that you aren't currently doing.

Okay, I'm confused. From what I read on jeffrey's original post it seems like this should rather be called the "$20 investment challenge". Just a simple example, I think the challenge is about taking $20, buying lemonade mix, cups, and a pitcher and getting out on the street selling lemonade to make a return on your money. Now say you make a $5 profit, you now have $25 to see what you can do with to invest. It seems like people are just finding new ways to save money with this (at which point I don't understand where the $20 part of this comes in). Am I wrong?

[Broken Arrow]

I think that's the most classical interpretation of it, and it's one that I am following as well... which is why I haven't "made" a single penny YET.

However, I believe Jeffrey has also specified that we can make our own rules to go along with it.

[gackle]

Hmmm....how many red paper clips can I buy with $20?
This sounds very intriguing and I may have to take a shot at this.

[AutumnxButterfly]

Wow that is crazy! Makes me want to see how far I can trade up

[tinapbeana]

gackle, i read that story and had thought of the same thing!

actually, i was wondering how many folks i could get to double a penny over the course of a year. you know 2 -> 4 -> 8 -> 16... so on... would probably have to make it an advertising venture of sorts and have businesses participate, but would be interesting to try...

[lrjohnson]

Originally Posted by gackle

It seems like people are just finding new ways to save money with this (at which point I don't understand where the $20 part of this comes in). Am I wrong?

I'm with you-I see the Challenge in it's more classic Jeff incarnation, than the allowed modified versions. Sometimes people aren't even coming up with new ways to save, just doing the same savings as before. I'd love to see people really do new things to increase savings. I'm not in for 2007, because my 2006 Challenge runs though the ned of February. I'm really thinking about ways to be creative and classic, if I do the 2007 Challenge. And that's an if...I haven't thought of anything good so far!

[threebeansalad]

I'm with you-I see the Challenge in it's more classic Jeff incarnation, than the allowed modified versions. Sometimes people aren't even coming up with new ways to save, just doing the same savings as before. I'd love to see people really do new things to increase savings. I'm not in for 2007, because my 2006 Challenge runs though the ned of February. I'm really thinking about ways to be creative and classic, if I do the 2007 Challenge. And that's an if...I haven't thought of anything good so far!

Good point LR. As a relative newbie, I got a little confused by all this,too. It is more interesting to find new ways to make money. I'm going to revise my challenge to reflect this.

[tinapbeana]

something i've been wondering, and may or may not put into my challenge, is the concept of selling trash. not in a bag, but in some sort of useable form. a company called TerraCycle http://www.terracycle.net/index.htm even packages it's products in recycled soda bottles.

see, in argentina i bought some small glass ashtrays. they're too small to use, but i bought them b/c they were made from trash: the bottoms were from glass bottles and the artisan made the cigaratte rests out of bent 5 centavo pieces (about the size of a penny). i though they were ingenious, and still do.

thinking about the challenge got me thinking about those ashtrays, which got me wondering what i could do with some of my recycleables that could make me some money... hmmmm... perhaps i need to go rummage...

[Aleta]

Maybe you could sell them. There's always collectors out there and people wanting to save our resources.