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Now on the $20 challenge

January 1st, 2009 at 10:24 pm

I been on this site since August 2006, it's about time I join the $20 challenge.

My goal is actually huge and will take a matter of years to achieve. I figure the 20 dollars challenge will get me started on my goal with motivation and support and is a good way to track my savings.

I would like to save 50,000 dollars (yes I mean fifty thousand dollars!!!!)for home renovation. This one will take years but is what is needed to fix my house in order to sell it or make the living situation better. I have a house that is around 80-90 years old in the mountains and is in dire need of some foundation work, driveway/patio and some sort of indoor heating system (now using firewood burning fireplace as main source, the other fireplace has propane set up but cost around $500 a month to use so we are not going that route). I am living in the mountain which means having no access to the natural gas pipelines that are available for city dwellers.

How I will save?

I plan add to the savings of the left over of the spending allowance that has not been used for the month, any changes that I find, monetary gifts, rebates, and try to come up with earning money outside of my main income.

I will open an online savings account to put this savings in so I am not as easily tempted to dip in. I have a bad habit of dipping into my savings account for any immediate wants that comes my way and that got to change.

Right now I have 300 dollars from Christmas and need to open an online account.

Savings balance as of Jan 1, 2008:
$300

5 Responses to “Now on the $20 challenge”

  1. thriftorama Says:

    My long-term $20 challenge goal is $40,000 so you are not alone. In the first year, doing it casually, I saved almost $2,000.

  2. Ima saver Says:

    glad you have joined us. Small sums add up after a while.

  3. Amber Says:

    Welcome to the challenge. I find it a lot of fun, trying to come up with ways to add to it
    I use ING for my online account the interest is a little less than others but I am satisfied with them and their website is user friendly

  4. creditcardfree Says:

    Great plan! Small amounts do add up. Maybe you'll be there faster than you think.

  5. gruntina Says:

    Thanks for all your support.

    I decided that any loose changes I collect will put in a personal ceramic bank that I have at home. At the end of each month, I will count it and put it in my savings account. That way the counts are official when I really save then rather when I just find them in case they do not make it into my official savings account.

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