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Saving Advice's Advice

March 11th, 2008 at 02:26 am



"Cutting expenses is the first step in a two step process. In addition to cutting your expenses, you actually have to place the difference between what you were paying and the new price after cutting the expenses into a savings account (toward debt reduction). While this may seem obvious as you read, many people fail to do just that and wonder why cutting their expenses hasn't resulted in more savings (or debt reduction)."

I took this from the site and wanted to let you know how right you are.
I have added up a lot of money with my $20 challenge. I have only been here since late January, but I have accumulated over $350.00. Do I have $350.00 in the bank? NO. Should I have? YES!
I wish that I would have read this earlier. I knew that I should be socking away the money I claimed, but I really was just happy to be saving it, and didn't have the money in my hand to put into a source.
I will be opening a new savings account tomorrow, and tracking my $20 challenge money that way.
I am just so disappointed that I didn't do this two months ago.

Posted in Hints and Tips Wanted, Credit Repair, $20 Challenge | 5 Comments »

5 Responses to “Saving Advice's Advice”

  1. Amber Says:
    March 11th, 2008 at 02:55 am 1205204101
    1205204101

    great post, you reminded me to add what I was paying both for dental and credit monitoring to my savings

  2. baselle Says:
    March 11th, 2008 at 03:12 am 1205205141
    1205205141

    Yep, that's the point - to save money you actually have to put into savings. Smile Be disappointed for a little while, then forget it. You know it now!

  3. Aleta Says:
    March 11th, 2008 at 04:20 pm 1205252406
    1205252406

    The only way you'll ever see what your savings has been is to actually save it. I started my $20 challenge with ING Direct. When you have a separate account, you get the bigger picture because you get the statement every month.

  4. Amber Says:
    March 11th, 2008 at 06:50 pm 1205261410
    1205261410

    Aleta,
    you are right, I deposit my challenge money into my ING account and it makes a difference

  5. Rachael Says:
    March 11th, 2008 at 07:17 pm 1205263040
    1205263040

    I just started the $20.00 challenge after reading this. I will inform you with the updates, and Thanks!

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