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What is this $20 challenge I read about?

May 31st, 2009 at 09:13 pm

I read different people's blog sites and see a lot of the $20 challenge boxes. I do see that there are many different reasons why people put money into that account. Could anyone please explain to me if there are "rules" to this, or maybe explain their method of doing it? I would like to challenge myself to save a bit more than the 10% I put away on payday. I also send whatever is left in my account at the end of that pay period into my FNBO direct account.
Any info would be appreciated.

As for the basketball fan in me, I want to say: The Orlando Magic won last night! Yaaaaaayyyyy!!!!!

Have a great one!

Posted in Personal Finance, Saving Money | 4 Comments »

4 Responses to “What is this $20 challenge I read about?”

  1. PottersClay Says:
    May 31st, 2009 at 09:38 pm 1243805893
    1243805893

    I was wondering the same thing! Can't wait to find out because I love challenges - and I love saving money. It'll be fun.

  2. crazyliblady Says:
    May 31st, 2009 at 10:21 pm 1243808463
    1243808463

    The $20 Challenge has no real rules. Different people seem to designate their Challenge for different things - debt, savings, etc. My current challenge is for a work trip I am taking and I did not want to use my credit card to pay for it. I leave on Wednesday next week and the entire thing is paid for already. I had a significant amount of grant money, but I had to come up with the rest through survey checks, set asides from paychecks, rebates, and coupon savings. What would you like your $20 Challenge to be for?

  3. Ima saver Says:
    June 1st, 2009 at 03:10 pm 1243869032
    1243869032

    You start with $20 and see how you can make it grow. I pay myself $1 every mile I walk, every mah jong game I win, every time the stock market goes up that day, every time the braves win, etc. I also save all the money I save using coupons, store cards, (advantage for Ingles), rebates, doing surveys. Anytime, My electric bill is under budget ($160 and last month was under $80), I save that. Any extra checks I get in the mail, I save that.
    I keep track of it on paper and add it to my savings account about once a month. I also save all change and add it to the challenge.

  4. L Saver Says:
    June 2nd, 2009 at 02:08 am 1243908510
    1243908510

    Congrats about the Magic!

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