Flash 2006 challenge

[flash]

I want to get this started. I'm still struggling between this as a challenge to SAVE $5000 or to GENERATE $5000, but if I keep arguing with myself, I'm never going to start!

I think I will use this both to do things more frugally than I would have otherwise. I'll count the savings, but that's the easy part.

I would like to take the old exercize equipment and see what Play it Again Sports will give us for it, be it buy or consignment. Typically we would just donate all to Goodwill or Salvation Army and take the write offs, which we need. Hubbie would divorce me if I tried a yard sale.

I'm also looking at all the little things that come in. Rebates, new ways of spending and shopping and savings that I've started doing since coming to this site, and are keeping a regular pile of checks pinned to the frig.

Not sure what to do about the deals. As I journaled yesterday, I used customer loyalty rebates and offers to buy $58 at drugstore. com for $5, plus free shipping, plus 5% back from eBates and 5% back from my credit card for drugstores. So, do I count this as $53 to my challenge, or should that just be kept as savings. Hmmm.

Saved $2500 yesterday by cancelling my annual professional memberships. It's been an expense for the last 25 years, so does it count towards the challenge? Hmmm.

[FrugalTexan75]

Re: Flash 2006 challenge

I think how you would count the $2500 would depend on what you plan to do with that money. Are you going to just spend it on something else? Or are you going to sock it away in actual savings or perhaps put it away in an investment vehicle?

Same questions for the $53. The things you bought, would you have bought them normally? If so, what are you going to do with the money you didn't have to spend on those things?

Just my 2 cents.

[Ima saver]

Re: Flash 2006 challenge

I think you should count the $53. I don't think you should count the $2500. I just recieved over $1000 in interest in my savings account, but I don't think I should count it. That was money I already had. I think I will just keep track of any interest I get off of my challange money and the money in my money market checking! The savings account will probably not be used, but the checking acct. money will all be used as we build a house. I know there are no rules, it is really up to us!

[flash]

Re: Flash 2006 challenge

I'm seriously thinking of not doing this after all. But, I did want to post info from an email I just received.

Costco is currently offering $55, or $85, to be added to your account when you make your first ShareBuilders trade through them. Other discounts and advantages, stated, but hey, $85 free money always sounds good!

Disclaimer: I don't know much about ShareBuilders or how to best take advantage of their services.

[mjrube94]

Re: Flash 2006 challenge

Sharebuilder is worth looking into. On the plus side, the minimum to open an account is only $1 (plus a $4 purchase fee). So you can open your account with $5, get the bonus (usually 30-45 days - mine came pretty timely). Then, you can either leave the account open long-term and continue to purchase stocks when you have some extra $$ ($4 per purchase), leave the account open and never purchase another stock (no maintenance fees), or close the account ($14.95 fee to sell). Their website is easy to navigate and their account opening/stock purchase process is easy and straightforward.

So if you open, buy 1 stock and sell after getting the bonus, you get a $55 or $85 bonus, and have only spent $18.95. Definitely worth it. Personally, I left mine open. I'm not sure if I'll ever buy more, but at least it's there.

Also, if you refer a friend, your friend gets a $25 bonus and you get free trades (negating the $4 cost). I opened accounts for each of my kids, but they were still able to get the $50 bonus that I took advantage of, so I opted for that instead. But if these other bonuses all go away, it's nice to know the $25 referral bonus is still out there. Good luck and let us know how you make out.

[jeffrey]

Re: Flash 2006 challenge

Not sure if you are still doing this or not...did import it to your blog. If not, you can delete it.

Jeffrey