Tuesday Challenge 04/29/25
By Jim Bauer
@porwest (111560)
United States
April 29, 2025 8:41am CST
The Tuesday Challenge has evolved a bit since a year and a half ago or so when I first started doing it, and so far, I have accumulated $1,401 in my envelope. It's such a simple and fun way to save a little extra, which is why I do it, even though it's not my primary source of savings, of course.
Every penny you can save, and of course every dollar, is worth it. And it adds up as you can see by the current balance.
I've explained multiple times how it works and won't bore you with the details again. Like some people who like to share progress on their diets and other endeavors, I like to share about the Tuesday Challenge results.
Some of the "evolution" of it are that I added $1 to the weekly contribution each Tuesday since the last one year mark which was in October, and now pay myself an additional 10% interest on the balance each first Tuesday of each month.
In October of this year, I will make it a plus $2 contribution.
How much is in your envelope?
5 people like this
3 responses
@moffittjc (126586)
• Gainesville, Florida
1 May
I like that you are "upping" the contribution each year. I do the same with the amount I have coming out of my paychecks and going into my savings, investments and retirement accounts. It's a good way to increase amounts without breaking the bank, per se. For example, if I am putting $50 into savings each paycheck and then increasing it to $51, I don't notice the difference in my take home pay, yet I am doing myself a big favor by increasing my savings rate each year.
1 person likes this
@moffittjc (126586)
• Gainesville, Florida
4 May
@porwest I think that's where a lot of people become stuck when saving and investing, the fact that they don't make doing so a habit. And it's much easier to become a habit if you can have the money automatically deducted from your paycheck or bank account each week or month, where you can set it and forget it. Eventually, you won't miss that money at all as it comes out of your check and goes into your savings. I know I don't think about it at all (the money being taken out), but I sure do think about the growth in my savings and investments all the time!
1 person likes this
@porwest (111560)
• United States
4 May
@moffittjc It's an easy way to "set it and forget it," for sure, especially for people who have a really hard time with saving. One thing I tend to do as well is to redirect payments of certain things to savings. I am already used to paying a car payment or something, so I may as well continue to pay it, just not to them, but to myself. When I got rid of cable and saved $100 a month on it, I redirected the $100 to savings. If I want to reward myself, I can do something with the minimum $72 it earns at the end of the year...or just let it roll.
1 person likes this
@lovebuglena (48403)
• Staten Island, New York
30 Apr
I’ve not done this, however, I’ve got some money from income tax return in an envelope that needs to go into the bank. It earns no interest being in an envelope.
1 person likes this
@lovebuglena (48403)
• Staten Island, New York
30 Apr
@porwest Our savings pays .2%, which is a joke. However that’s better than an envelope pays, which is 0. Pennies do add up. I can open another CD and put that money there but I don’t wanna be left with no money to have access to.
1 person likes this
@porwest (111560)
• United States
1 May
@lovebuglena You can put your money into a high yield savings account like Ally, earn currently around 3.6%, and still have access to it.
1 person likes this
@LindaOHio (208182)
• United States
30 Apr
My envelopes are great. Found another envelope full of cash! lolololol
1 person likes this
