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Savings Challenge

October 14th, 2014 at 06:40 pm

I have not been consistent with either the $20 challenge or the 52 week challenge. Since I have a lot of automatic savings allotments going on, this is not a huge deal. However, I love being creative with "frugal games" to save even a little more.

This year my plan every 2 weeks was to use any leftover envelope money from my grocery/household cash to purchase gift cards (mostly grocery) or add to my wealth account right before I withdrew the new cash amount each payday. (I withdraw $340 every pay day (every 2 weeks) for groceries, household and other.)

I did part of that--added some of the leftover money to gift cards (mostly grocery cards), but I only recall adding leftover savings to the wealth account one time this year. Holding the leftover money was not wise!

Now that I'm working on paying off the mortgage, by cutting down my retirement contribution and my regular savings contribution, I have a few ideas to add to that:

1. My 'other' credit union has a coin counter in the lobby that doesn't charge a percentage as long as you are a member and you deposit the money into one of your accounts (you can withdraw it at the same time--it just has to go through your account.) My primary bank charges a percentage for large coin deposits, so I stopped saving coins and started spending them. But now I'm back to saving coins!! Namely quarters and dimes in a jar. (The jar is in the back of my closet, so the 'family' won't use it for dollar store runs!) I'll be using that for extra payments toward the mortgage.

2. Continue to use coupons and shop wisely. I've been making my own laundry detergent (thanks to the internet). Looking for other ideas to keep the grocery budget below $100 a week.

3. Save as many of my one-dollar bills as I can. A coworker is saving dollar bills with her initials on them--she's competing with her best friend for 2014. Good idea, but I'm just going to hold onto as many as I can until the end of the year. Use for Christmas shopping or the Christmas savings account for next year. I've made a special decorated envelope for them.

4. If I have larger bills leftover ($5s, $10s, $20s!!!), I WANT to deposit in the wealth account, but that idea hasn't worked well. I will use that for the mortgage as well. The sooner I can pay off the mortgage the better. And with the bill due every month, I think I'll be more consistent.

So we'll see how it goes. Happy saving everyone!!

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