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$20 Challenge - I need information

May 7th, 2009 at 09:13 am

I still don't understand the concept of the 20 dollar challenge.

Do we try to save $20 for a specific time period? Is this money we actually spend, or is it money we saved by not spending anything?

I'm still clueless here.

4 Responses to “$20 Challenge - I need information”

  1. Joan.of.the.Arch Says:

    I think it started out like this: Take $20 and see how much more money you can turn it into by "investing" it in small ways. Maybe you buy an oil wrench and charge your buddies a mere $5 to change their oil with them paying for the oil itself. Maybe you buy a ball of cotton string and knit dishcloths, sell them for $2 each and slowly build up a profit, buying more string and selling more dish cloths. Maybe you haunt the thrift stores with that $20 to buy every piece of real silverware you come across, then take it to a precious metals buyer and re-sell for a profit. You then decide to take that profit to fund your little backyard bicycle repair business and see how much you can make from that....but it all started with $20.

    Some people decided to use their $20 to make their usual purchases--like groceries, toiletries, or school supplies but to only buy on sale --and it may have been totally new to them to vow to buy things like that only on sale. They then record their savings and see how else they can spend the savings that saves more.

    Quickly the $20 Challenge came to mean different things to different people. Every one gives it their own definition/rules. To me when someone blogs about the $20 Challenge, the basic thing I know is that they have set up a regular means to save small amounts of money that they may not have been saving previously.

  2. Ima saver Says:

    Every time I use a coupon or store card, I bank the savings. I save all my change and turn it in once a month. I do surveys online and get paid for it. I take any unexpected checks that come in and save them. Some sell on e bay. Some have garage sales. Some pay themselves for not buying lunch out every day, etc. It can be anything you want it to be. I keep track of the savings on paper.

  3. mstooke Says:

    i pay ourselfs for not driving the current price of a gallon since we rarely leave our neighborhood all coupons and bogo go in and when i get something for free !any unexspected !it truly does add up!

  4. miz pat Says:

    Wow - this is even more interesting than I thought, I'm going to have to try this.

    Thank you allf or taking the time to write to me about this. I appreciate your help!!!

    Miz Pat

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