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Where is your challenge money?

January 15th, 2008 at 04:45 am

I mean physically, where is it? Do you keep it in a jar, in a savings account, somewhere else? Just curious as I haven't figured out just where to put mine yet and am looking for ideas.

9 Responses to “Where is your challenge money?”

  1. JanH Says:
    1200372537

    Good question...mine is only on paper and in my account. I need answers, too!

  2. denisentexas Says:
    1200372629

    Ah ha, so I'm not the only one! Mine is on paper, too, and in my head! When I get paid this week I want to get cash for the amount in my challenge and actually put it somewhere. I think that will motivate me more.

  3. campfrugal Says:
    1200403350

    I have been putting mine in my checking. I have been using it to pay down my debt. Once my debt is gone, I will then put it in my ING account to get the higher interest.

  4. Broken Arrow Says:
    1200404182

    Mine is in my investment brokerage... but I haven't done much with it yet. I'm thinking of building up to $2500 first. Could take a while. Frown

  5. compulsive debtor Says:
    1200407997

    Mine is currently sitting in Paypal and my checking account. At the end of the month, I will put it toward debt and into various mutual funds.

  6. Lux Living Frugalis Says:
    1200448672

    Mine is in Pigger till the end of each month. I then deposit it in checking and then move it online into my Roth IRA.

  7. denisentexas Says:
    1200448982

    Thanks for the answers, y'all. I still don't know just what to do with mine. I'm thinking on it.

  8. Nic Says:
    1200491204

    I placed mine in a money mkt acct. which started out @5% Smile but is now hovering @4%.Frown Any lower I'll have to pick it up off the floor and bury it in a coffee can in my back yard.

  9. luxliving Says:
    1200493206

    I think WHERE you put it Denise should be decided on what it is going to be used FOR.

    I invest mine long term in the Roth IRA as that is what my challenge money is for - retirement and I want it to grow, so those funds are put into assets aligned for GROWTH, and since I think my Roth IRA is a Retirement Only vehicle, I am not going to be getting at that money anytime soon. When I started my challenge I was using mine to paydown on my mortgage so those $$'s went monthly toward extra principal payments. I changed horses in midstream after the smart people here, and Hubster and Ric Edelman all convinced me that early home pay off while it might feel good EMOTIONALLY was not the wisest FINANCIAL use for my money.

    If however, one was challenging themselves in order to purchase something such as a washer/dryer or a new car, or a house down payment, then they'd want their money a little more accessible, say in a Money Market Account or a short term CD - something paying a decent little amount of interest, but not so close that it was too easily dipped into.

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