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!
$20 Challenge Questions
January 1st, 2008 at 05:03 pm
January 1st, 2008 at 05:09 pm 1199207388
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!
January 1st, 2008 at 05:11 pm 1199207500
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
January 1st, 2008 at 05:27 pm 1199208421
January 1st, 2008 at 06:46 pm 1199213184
January 1st, 2008 at 09:19 pm 1199222384
January 1st, 2008 at 10:20 pm 1199226043
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!!
January 2nd, 2008 at 12:42 am 1199234549