Monday, July 10, 2006

 

Challenge Update and How Mine Will Work

Someone asked a question about how the $20 challenge worked, here's a link to a discussion at SavingAdvice and this is from a post from Jeffrey in April: "Ultimately you can decide how you want to set up your challenge, but yes, the idea behind it is to use new ways to create income that you wouldn't have used had you not been doing the challenge."

Since I've been inspired by Ima Saver, I'm going to do my challenge similar to how she does hers and put my grocery savings aside as challenge money. When I shop at Grocery Outlet, typically the savings compared to a regular grocery store is $30 a shopping trip. So I will be taking that $30 out of my grocery budget and putting it in my challenge money. Unfortunately Grocery Outlet does not have a butcher department so I still have to shop at a regular grocery store every month as well. So the trick will be to bulk up on sale items at the regular store so I can go less often.

I am worried about the effect of the challenge on my grocery budget which is only $250/month. I will just have to be more creative and frugal with what I do buy so my money will really stretch and my savings will grow.

As of today my challenge money is $25 ($20 initial and $5 credit from citi)

1 Comments:

Anonymous Annette said...

One way to save money is to always check the weekly circulars. If your local stores don't automatically mail them to your home, call and ask to be added to their mailing list. Or, see if they have circulars online. Many stores do!

2:19 AM  

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