Where to you put your challenge money?

[margot52]

I'm new here and came to this forum just for this 52 week challenge. I am thinking about trying it, but I have some questions. The first one is where do you put your challenge money? Do you keep it at home in a jar or do you keep it at a bank? Do you open a new account for it or mix it with your other savings?

[deedee421]

I've had a savings account with Ally (online bank) for a few years now, so I opened up another savings account with them and called it my 52 Week Savings Challenge. For me, it's better to have the money where I can't easily access it, but you should do whatever works best for you.

[Alicia13]

I currently have mine at home in an old coffee can, but I am thinking that I should open a bank account especially for it. I don;t want to be tempted to spend it with it being easily accessed.

[LadyT]

I did the same as deedee, only with ING (now Capital One 360). I can't keep mine too easily accessible because that makes it too easily spendable!

[fruitbowlk]

I'm putting it in my daughter's account. I borrowed money from her when I lost my job twice and this would be a great way to pay her back.

[creditcardfree]

My Challenge money is transferred to my Capital One 360 savings account. If you want to open one, there is a link on the sidebar of my blog. Depending on how much you deposit, you can earn a $25 bonus. There is no minimum deposit and you can earn .75% interest. I think it is important to keep it separate in some way, so that it doesn't merge with the money you are spending.