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Can someone explain to me....: Digging Out Of The Hole's Personal Finance Blo
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Can someone explain to me....

June 5th, 2011 at 09:20 pm

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? Smile

1 Responses to “Can someone explain to me....”

  1. LittleMsMom Says:

    It involves different things to different people, but here is a couples different ways.

    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

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