What is involved in the $20 challenge? I see so many bloggers here reference it, and I have no clue what it takes to participate!
Can someone shed the light on this for me?
Can someone explain to me....
June 5th, 2011 at 10:20 pm
June 6th, 2011 at 04:59 am 1307332774
You give yourself $20 to start, then you use that $20 to invest and track how much save.
Examples: You have $20 you buy 8 newspapers at $2.50, or buy coupons off Ebay. You then use the coupons from the paper to save on your grocery bill. The money you saved (ideally more than the $20), that goes into a savings account or envelope and you try to see how much you can save or make with just $20 initial investment.
Another example would be purchasing craft supplies or food supplies worth $20 and then selling the finished product and seeing how much money you can make reinvesting the proceeds.
Others do different things like they pay themselves money to the $20 challenge for different money saving things they do, some pay themselves $1 for every no-spend day they have, or $1 if they don't drive anywhere that day, or $1 if they take a sack lunch to work. (All these things would have atleast saved the blogger $1) so they transfer the money to savings.
Hope this helps