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My take on the $20 Challenge

April 27th, 2008 at 12:39 pm

I've decided to join the $20 Challenge, perhaps because it will get me disciplined in the true art of saving. At the same time, I can pass this challenge on to my kids - one's 23; the other almost 20.

I've got a pretty good start on the challenge. $86 to be exact. One way I add to it is by checking a newspaper vending machine at work for coins left behind in the coin return slot. I also believe in picking up coins, be it pennies or of the silver variety, and adding it to my coin jar. I don't like mixing coin and paper money.

Something else I do when I get my weekly paper check is to deposit an even amount into my checking account for paying bills. Then the odd amount of dollars and change will go to my Challenge Account.

I've decided to invest my money in SmartyPig where the savings yield is currently 4.30%.

6 Responses to “My take on the $20 Challenge”

  1. PauletteGoddard Says:

    Hi Jo!
    Welcome to SavingAdvice! You are indeed off to a great start with the $20 challenge!

  2. Ima saver Says:

    Tell us about smartypig!!

  3. managinglife Says:

    Welcome! Love you ideas about saving! I also want to know about smartypig. 4.30% Wowwww!!!!

  4. GaelicWench Says:

    Since I am new here, I am not sure if I am allowed to post this url. If I am not, then I do apologize. It's a neat way to set up separate "accounts" for separate goals. You have to start with $25 to open your account and any other accounts. You give each account a goal name. You also link your checking account to fund the SmartyPig account. It's much like ING, but you give it an amount it will take to reach your goal.

    For instance, I've named one account "Plane Ticket." I put in how much I need to save by a certain time frame. The plane ticket money is so my daughter can come home from college. Y'all know how expensive it is to fly nowadays.

    Anyhow, check it out and see if it fits into your "lifestyle" on saving......

    https://www.smartypig.com/

  5. Nika Says:

    Hi there, ZenQueen. I also share that travel bug.
    (though I don't consider a country "visited" if I spend less than 2 weeks there. I normally spend a month) Oh, the list of "still to visit" is still so long...

    Are you trying to save more money for travel?

  6. GaelicWench Says:

    No, right now traveling is not on my list of activities to save for. I've got a move in the not-too-distant future, as well as purchasing a home.

    I also have some cc debt that I will need to rid myself of as well. Smile

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