Tuesday Challenge 10/31/23
By Jim Bauer
@porwest (99528)
United States
October 31, 2023 6:42pm CST
Gosh, I got so caught up today in everything else I completely forgot to post about the Tuesday Challenge I have been trying to encourage people to participate in.
Got all of my myLot stuff done today, plus I was able to publish another article on HubPages. But dagnabbit, I STILL have not gotten a new YouTube video up. It's on the list and in the works come hell or high water because I still want to pursue that.
My last video was posted 2 weeks ago, so I need to AT LEAST put out of a short if nothing else.
In any event, what is the Tuesday Challenge? You put in cash whatever the date on the calendar is on every Tuesday of the month into an envelope. This is Tuesday the 31st, so I have to put in $31 to my envelope.
So far I have $85 since I started this at the beginning of October. How much is in your envelope?
Not started yet? November is here, so why not start now? Are you playing the game? What will you use the money for that you stash away?
6 people like this
7 responses
@LindaOHio (187979)
• United States
1 Nov 23
I earn money that goes into my PayPal account every few days and accumulate cash that way, as you know. Now I just need to put it into an account that earns $$. Have a great day.
2 people like this
@moffittjc (124131)
• Gainesville, Florida
2 Nov 23
I know we've had this discussion on another thread, but I can't help but mention that PayPal is on ONLINE ACCOUNT, no different than an online Ally Savings account that we have been talking about. There is no brick and mortar PayPal store anywhere! lol
2 people like this
@moffittjc (124131)
• Gainesville, Florida
2 Nov 23
Oh, I think I may have mentioned this before, but PayPal now offers a high-yield savings account, so all that money you have deposited in your PayPal account can now be moved to the PayPal savings account and earn a decent interest rate.
2 people like this
@kaylachan (77472)
• Daytona Beach, Florida
1 Nov 23
I did one better, I got myself a high yield saving's account and started with my Apple Cash. And, any cash back I get goes into that account. So at two percent, cash back on my Apple Card, I put in 965 cents which will collect 4.15 percent interest. On top of the 109.11 that went into the account yesterday. It's not a large amount by any stretch, but I get up to 3 percent cash back on purchase with my Apple Card, which goes in that account and collects interest. So it's a slow climb, but a climb none the less.
2 people like this
@Orson_Kart (7335)
• United Kingdom
4 Nov 23
This is similar to what I do. If you’re not going to spend the cash that month it’s better to squirrel it away earning some interest until needed.
2 people like this
@kaylachan (77472)
• Daytona Beach, Florida
4 Nov 23
@Orson_Kart I never know what I'm going to use, but I do my best.
2 people like this
@Orson_Kart (7335)
• United Kingdom
4 Nov 23
It’s a great idea if you deal in cash, but I use a card or online banking for almost everything. I do carry a little cash for emergencies but not enough to put away. I do have an online savings accounts linked to my current account where spare money goes which earns interest. So far this year I haven’t spent any of it so it’s building up quite nicely. I might treat myself to something at Christmas time but as yet I don’t know what.
1 person likes this
@Orson_Kart (7335)
• United Kingdom
6 Nov 23
@porwest It’s great you’ve got an excess of cash. We seem to be living in difficult times with a cost of living crisis. After years of poor returns since the financial crash in 2008 there is a glimmer of hope with interest rates climbing. If you’re lucky enough to have some savings then it’s possible to see some reward. It’s been a long time coming!
1 person likes this
@porwest (99528)
• United States
6 Nov 23
@Orson_Kart I never equate having money with luck. It does not work that way. Of course, when I say that, I get a lot of flack, but that's partly because so many people simply don't understand how money works. The reason I have excess cash is because I took action to make what I had grow into more, bought into market downturns such as in 2008 and rode the waves all the way back up from 6,000 on the Dow to over 30,000 on the Dow.
Luck is for gamblers. If you want to make money you have to have a plan, otherwise you will never have money.
Just my two cents. lol
1 person likes this
@porwest (99528)
• United States
5 Nov 23
The thing about something like this is that you can do it by putting cash into an envelope, or hitting the transfer button on your online savings account. I think the gist here is the principle of just starting to get into the habit of saving, and for those who have difficulty doing it, to simply find a fun way to do it.
Most of what I do around here is to encourage the action. So many people don't do it and of course they suffer serious financial problems as a result of it.
Right now I probably have WAY too much in cash according to my normal rule. BUT, I am anticipating a swift change in market conditions and want to have plenty to buy the bottom to make more money on the way up. It's actually not as bad a situation for me now since the yields on savings accounts is so high due to the Fed hiking rates.
1 person likes this
@RebeccasFarm (94538)
• Arvada, Colorado
1 Nov 23
I have a big safe full of cash.
1 person likes this
@moffittjc (124131)
• Gainesville, Florida
2 Nov 23
Hmmm....this is a pretty cool challenge. I've participated in a challenge before where you save a dollar the first week, then the second week you save $2, then $3 the third week, etc, all the way up until week 52.
No matter what the challenge, it's a fun way to get people to save. And it also shows that it's easy to save a large amount each year by saving a small amount each day/week/month. People often don't realize how much it adds up over time.
1 person likes this
@moffittjc (124131)
• Gainesville, Florida
5 Nov 23
@porwest Good point. Growing wealth is not only about saving more, but also about spending less. I learned an important lesson from that several years ago when I finally gave up my daily Starbucks habit. Saved a ton of money just from that.
1 person likes this
@porwest (99528)
• United States
3 Nov 23
The key is to make saving fun, especially if one happens to be one who finds it impossible or a chore. And then once you start saving, it not only is fun, it is motivating, develops a habit, and before you know it one is looking for MORE ways to save. It becomes a thing and suddenly it's not the chore it once was.
It also helps people to THINK more about where they can FIND savings. Such as in the Tuesday challenge, maybe one is getting closer to their Tuesday and they're short $3 to contribute. They ask, "What can I not spend $3 on to put into my envelope this week?"
Suddenly NOW on top of everything else they are looking at WHAT they are actually spending on, and better than that, what they are WASTING money on.
The game is only the beginning.
1 person likes this
@porwest (99528)
• United States
6 Nov 23
@moffittjc Oh man. That Starbucks thing. I even scoff at K-Cups. I am old school. Just get a can of coffee for like $8 and get at least 300 cups out of it. lol
I tell my sister all the time, for what you pay for 96 K-Cups you could buy three cans of coffee and have 900 cups instead of 96. Oh well, it's her money.
1 person likes this
@Marilynda1225 (84591)
• United States
1 Nov 23
That's an interesting challenge and sounds like a fun way to save some money. I have so many extra expenses coming up between now and the end of the year I don't know if I'd be able to give it a try until January
1 person likes this
@porwest (99528)
• United States
1 Nov 23
The nice thing about it is that they are really small amounts. For example, with November coming up you'd need $7 on the 7th, $14 on the 14th, $21 on the 21st and $28 on the 28th. Easy peasy lemon squeezy. Probably have that lying around in loose change in the console of your car. lol
