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$20 Challenge Questions

January 1st, 2008 at 09:03 am

So I am inspired by the amounts of money people have been able to save by being creative, but I don't think I can participate in the $20 challenge. The reason? All my extra money I have designated to go towards paying down extra debt. However, I really like the idea of adding up the extra you make.

So my question is what do you do with your challenge money when you've collected it? Do you put it in a savings account? Do you use it to pay down debt? Or do you do something else with it?

I would like to participate, but I'll never be really accumulating anything. I'll be immediately paying something down with any extra money.

I guess in a way it really doesn't matter because the extra decrease in my debt will show that I've collected extra money along the way, but I'm still curious as to what you do with the challenge money.

Anyone else have these questions when he/she first started? Thanks in advance for all your help!

7 Responses to “$20 Challenge Questions”

  1. monkeymama Says:

    Everyone kind of makes their own rules. You can really do whatever you want.

    For me, I just tracked all the money I saved doing things differently. Yes, most of it went to savings, but a lot of it just went to bills too. I didn't keep it separate.

    This year I am just making my challenge be every dime I add to retirement. It's very different for me this year. As I am actually putting all of my challenge money in just 1 place.

    Tracking how much you pay down the debt would be work. I just find it very motivating. Which is what is important. If I were you, every dime I paid to debt would be challenge. Or just track how much you can accumulate doing things different (making extra money, getting a better interest rate, etc.). If it all goes to debt, even better!

  2. Amber Says:

    when I first started the challenge, debt repayment was my $20 challenge. I came up with all kinds of ways of paying it off. I think this will be great for you

    you said "I would like to participate, but I'll never be really accumulating anything. I'll be immediately paying something down with any extra money"

    I think this would be a great challenge for you and you will be accomplishing a lot; getting rid of that debt

    So to answer your question in the beginning I paid off my debt (at one point I was debt free) next I was saving and now I am back at paying off my 0% interest cc

    Good luck

  3. Ima saver Says:

    I put all my challenge money into a cash box. Once or twice a month, I add that to my savings account!

  4. collegemomma Says:

    Thank you for all your answers! I feel better about doing the $20 challenge now. And because it is still January 1st, I haven't missed much. So I guess I'll start it out by adding the first $20 to my credit card payment. I'll need to think about how to keep track of all this. I'll post what I'll do in another post when I've got it figured out later today. You've all been a tremendous help!

  5. Amber Says:

    Good luck

  6. luxliving Says:

    CollegeMomma, at first I put mine towards early repayment on my mortgage, but have since switched it to going towards my Roth IRA.

    Like the others said, everyone does theirs differently. For us we have most every dime assigned a job already, so I just track what I can come up with out of my allowance, found money, gift money, etc. Every little bit counts! I put mine in Piggers and then at the end of the month trot it over to the bank and then transfer it online to my Roth!

    You haven't missed anything, jump in where you're at!!

  7. collegemomma Says:

    It's nice to know there are no set rules as to what you do with it. Smile

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