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$20 challenge update

February 16th, 2008 at 06:43 pm

I finally got around to counting the money I have in my $20 challenge box and the total is $107.35, enough to open a savings account! So early next week I'll open that account and when every time the challenge money gets to $100, the money will be deposited into that account.

Go me! Smile

Posted in Savings, $20 Challenge | 6 Comments »

6 Responses to “$20 challenge update”

  1. luxlivingfrugalis Says:
    February 17th, 2008 at 01:09 am 1203210574
    1203210574

    Gooooo YOU!!!!

    Is this going to be a local account or an online one?

  2. compulsive debtor Says:
    February 17th, 2008 at 04:17 am 1203221856
    1203221856

    YAY!!!!

  3. denisentexas Says:
    February 17th, 2008 at 03:16 pm 1203261406
    1203261406

    LL, I haven't decided if it will be local or online. The bank where we have the checking account is still offering the highest rate around here so I might just open a separate checking account there with the challenge money. I don't know what to do.

  4. Aleta Says:
    February 17th, 2008 at 05:29 pm 1203269380
    1203269380

    I wouldn't even wait until it gets to $100. to deposit it. Sometimes I deposit $14., $26., or whatever I have. I do try to take it in once a month and usually when I have an errand in that area. Good job.

  5. luxlivingfrugalis Says:
    February 18th, 2008 at 01:38 am 1203298730
    1203298730

    Denise, good that local has a good interest rate. For me I enjoy online now that I've got more control over myself! When I was younger I didn't trust myself for good reason. If I could get to it, I would save and then withdraw way too frequently. At one point I had a savings at the credit union in the town where my Dad lives about an hour away. I had to really NEED the money to go get it, you know?

    Online works for me now similarly - if it takes 2 or 3 days for it to be returned I have to be sure I really need it before I move it over to checking. This works okay for us as we also have a stash in a local MM for some kind of emergency that would need fast cash thrown at it.

    I agree with Aleta - if you're by the bank sooner than $100 mounts up, stick her in there and let it start earning that interest!! Make those pennies, dimes & dollars work FOR YOU.

  6. Mooshocker Says:
    February 25th, 2008 at 02:31 pm 1203949876
    1203949876

    As stated above, DON'T wait to hit the $100.00 mark!!! Make those deposit regularly, get into the habit and remember, out of site, out of mind. You can't spend what you don't have!!!!! God Bless.

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