How about a challenge savings challenge?
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  1. #1
    Registered User MANDERS's Avatar
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    Talking How about a challenge savings challenge?

    Are you confused yet?LOL I was just sitting here joining all these challenges and I was wondering what does everyone else do with their savings.Like say you budgeted $200 for the grocery challenge and spend $150 what do you do with that extra $50 you saved?So I thought it would be a good idea to have a "Challenge Savings Challenge" You don't necessarily have to save the money but at the end of each month we can review our challenges and what we saved and say what we are doing with it.Cause I know sometimes if I go under budget in one area well for some reason that just makes me want to spend in another.

    Here's some ideas what to do with it.

    1.put it into savings
    2.put it towards debt
    3.put it towards christmas
    4.put it towards a trip
    5.or maybe something extra like a reward for doing so well.

    It can be anything you want,but I hate to see us all do these challenges and then have nothing to show for our savings.Also you don't always have to put it in the same category,say one month you want to put it in savings and one month put it towards something for you.
    What do you think?
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  2. #2
    Master Dollar Stretcher aka AngeleeBob mylittle4's Avatar
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    I like this idea. I am going to use the envelope method this year so that I can actually see my savings. I think for a little while my challenge savings will go towards my new sewing machine fund. The one I want is $229.00
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  3. #3
    Registered User heaven's Avatar
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    I love this idea. I want a sewing machine,

    I have to go to maine in august, (my mum told me the other day i have to go home because my cousin is getting married,finally!!!!!!!!)

    I want some just to say at the end of the year look at all i saved, now what do i do with it.

    those are the goals so i am in too.
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  5. #4

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    That's a motivating idea! I will think about what I want to do with my savings....
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  6. #5
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    I'm in and I'm going to be saving for some new kitchen cupboards!!
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  7. #6
    Registered User seadream's Avatar
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    I'm in and I'm going to be saving for a new wood floor for my living/dining room
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  8. #7

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    This is a Great Idea! Because I know when ever I have extra money at the end of the week, something happens to it, but I can never be sure quite what?

    I haven't joined any of the challenges as yet because everything is in dollars for everybody and I am so useless at money conversion it confuses me?

    Just like the shops with savings, free stuff and coupons - there is nothing like that here, that I'm aware of and it is very irritating!

    Anyway I'm in on this one!

    I'll think about what my motivation is (ie what I'm saving for) but my kids want to go to summer club here, which is very expensive.

    I would like to go camping with my family.
    I need a new living room carpet.

    Think I'll make a list. Like I say all my savings will be in Pounds/sterling, but hey savings are savings in any currency!

    Thanks this was a Great thread.
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  9. #8
    Registered User Mom23boys's Avatar
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    Originally posted by mylittle4
    I like this idea. I am going to use the envelope method this year so that I can actually see my savings. I think for a little while my challenge savings will go towards my new sewing machine fund. The one I want is $229.00
    What is the envelope method?


    I would save for:

    *Emergency fund ($1000 so far)
    *Vacation fund ($0.00)
    *Remoldeling fund ($0.00)
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  10. #9
    Master Dollar Stretcher aka AngeleeBob mylittle4's Avatar
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    The envelope method is simply putting your budgetted amount for something in an envelope. Then when it is gone it is gone, but if it is left then you ahve more for that category. I hope this makes sense. I have these envelopes
    entertainment
    eating out
    clothing
    gas
    grocery
    misc. ( this is diapers cleaning supplies etc)
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  11. #10
    Master Dollar Stretcher aka AngeleeBob mylittle4's Avatar
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    This explains it better. I did not buy this program though.
    http://www.envelopebudget.com/
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  12. #11
    Registered User Mom23boys's Avatar
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    Thank you Mylittle4 for explaing that to me. I checked the website for more info. I don't blame you for not buying the software. I think you oculd do it without the software.

    *Do you put cash in each envelope?

    *What if at the end of the month you still have money in the envelope. What do you do with the leftover money?

    *IF there is money in the envelope and you budget yourself $300 for groceries each month, do you still put in $300 or the amount that would make $300?

    Sorry, if I am confusing you. Just trying to make sure I understand it all.
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  13. #12
    Master Dollar Stretcher aka AngeleeBob mylittle4's Avatar
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    For groceries I put $250.00 in at the end of the month if I have ex. $25.00 left I will apply it to sewing machine fund ( because I want a new one). If we have a tight month for some reason then I would just add to what is left and forgo the sewing machine fund for that month. Yes I put cash in. Today at Wally World I bought 3 pizzas and pull-ups and I made the ladt total the pizzas took that out of grocery and then total pull ups paid that out of misc.
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  14. #13
    Registered User Mom23boys's Avatar
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    Thank you mylittle4. I do understand what you are saying.

    That sounds like a good plan.
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  15. #14
    Registered User PrairieRose's Avatar
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    Count me in.....I'm thinking about what I want to save my pennies for too...... . Will post when I get "the big idea".
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  16. #15

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    Smile I am also in on this challenge..

    I am also in on this challenge..
    Right now my Main Challenge about Savings Challenge is :
    To Get Totally out of Debt.
    Put Money into a Emergency Savings Fund(Extra Money)
    Put Money into a Christmas Savings Fund.
    Put Money into a College Savings Fund.
    Put Money into a Home Remodeling Savings Fund or a New Home Savings Fund.
    Put Money into a Pool/HotTub/and Gate Savings Fund.
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