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Money Challenges and Payday

January 4th, 2013 at 05:59 pm

I see a lot of people starting money challenges...how do you have $12 or $20 to add to challenge money everyday? Or even $1 or $2? By the time I go through and pay everything and put money in savings or whatever I'm going to do, I usually have little left and I only allow myself $10 in cash. I do the "jar" technique....take cash out...but it in jars and try to only spend that on my variable expenses. So instead of leaving the leftover in the jars...should I put it in a challenge fund?


I still have a few things left to pay. I am going to transfer a very little bit to savings. Still haven't moved the thousand...its just sitting in our bank account. But I am also starting a savings for my step daughter's graduation gift and expenses. I'm only putting $20.00 in this week, but she doesn't graduate until May. We want to give her cash, so I have to start saving now. I also got a ticket for a U-turn....I totally didn't see the sign. So I am having to come up with $107 in the next 2 weeks. So no extra money right now. I think I will have 0.97 but we have groceries and gas and everything we could need for the week.

Posted in Budgeting, Personal Finance, Saving Money | 4 Comments »

4 Responses to “Money Challenges and Payday”

  1. CB in the City Says:
    January 4th, 2013 at 07:58 pm 1357329512
    1357329512

    I am working with a very tight budget, too. I pare down my spending/bills as much as I can and at the end of the month I put everything left over in savings. I think the daily challenge sort of thing works better for people with a little more room in their budgets.

  2. creditcardfree Says:
    January 4th, 2013 at 10:25 pm 1357338324
    1357338324

    A daily challenge doesn't work for me either, primarily because I don't use a cash budget, where I think it is easier to pull the money from one envelope to another. I also save our extra each month, or just put it straight to the truck loan.

  3. crazyliblady Says:
    January 5th, 2013 at 12:47 am 1357346858
    1357346858

    To creditcardfree: You could just make an allocation in your checkbook each day or week or whatever for the amount and then transfer it to savings at the end of the week or whatever.

  4. Jerry Says:
    January 6th, 2013 at 09:15 pm 1357506903
    1357506903

    A lot depends on the income level, of course, but it also depends on what you do with it. I read on another financial blog about some people making a half-million dollars a year, but spending $700K, which leads them to wind up far in the red despite the high income. If you manage what you have wisely, it leads to insurance that you will make positive financial progress, which is the whole point... even if it is just a bit at a time. Hang in there!
    Jerry

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