★ Money Challenge #14: Explore a New Savings Idea

This is part of our Weekly Money Challenge series.
Be sure to check off any you’ve missed!

Growing your money is nothing more than a series of small decisions done consistently over time.

This week’s challenge: Take another small step in the right direction by exploring a new savings idea.

Here’s just a couple ideas to explore…

  • Try a totally new investment or savings option that you’ve had your eye on for a while.
  • If you don’t want to try something new, give your current savings a little bump.
  • If you are in debt, throw some extra money at it!
  • Use $20, $50 or $100 for this challenge.

Okay, log into your account and make it happen!

Let us know below what you decided to do, and how much extra cash you used.

Derek, Master of Challenges


PS: Curious to see how last week’s challenge went? Click here and scroll to the bottom.


Here’s some of the highlights from this week’s challenge over in the Rockstar Finance Forum.

Navy Federal offers a First Time IRA sign up bonus of $50 with a $100 dividend if you make auto contributions of at least $50 for 6 months. Not a great fund a la Vanguard, but any day I can get a 50% ROI i’ll take it ($300 invested, $150 total dividend). This has been my first time seeking out and utilizing promotional investment/savings offers. –MilitaryFIRE

I live in a state where I have a choice in what supplier delivers my electric and gas, but never bothered to look in to it. When I finally did, I realized I was paying a rate that was higher than other options that I saw listed on the comparison website–http://energychoice.ohio.gov/ApplesToApplesCategory.aspx?Category=Electric . So I switched and happy that I will now see a savings every month on my electric and gas bill. –SheRocksFinances

I’ve been looking at switching phones over to Google Fi-my husbands contract is up this month and we’re tired of AT&T’s constant price hikes and tricks. Still debating which phone to get, but I know that even the most expensive of them will result in a net cost decrease after about a year. I’ll then bank the savings in my mortgage payoff fund! –ChiefMomOfficer

I will open a new bank account next month with a promotion offering $300 signup bonus. –OurFinancialPath

Well, we kinda did this one last month. We cut Netflix (9.99/month), Sling.com (24.99/month) and renegotiated our Internet bill with Comcast (saving $10/month). We took this additional $45/month and are putting it into our Roth IRA each month going forward. So that’s a nice win I guess? –SteveGoodwin

Derek heads up the Weekly Money Challenges here at Rockstar Finance and over in the Rockstar Money Forums. He also runs an outrageous blog and podcast over at HowDoIMoney.com – check it out!

Last modified: April 9, 2017

8 Responses to :
★ Money Challenge #14: Explore a New Savings Idea

  1. Most excellent! As luck would have it, I’m reviewing two money apps right now. I’m super skeptical of apps for managing money (I prefer custom approaches), but I’ve really enjoyed the new insights I’ve found. I don’t think apps should be the only way you manage your money, but they’re great for visualizing your accounts and finding areas to improve.

    1. Derek Olsen says:

      Hey now, don’t leave us hanging! ;)

      What apps are you looking at?

  2. Tim says:

    Just threw an extra $3K in my brokerage account because I didn’t know where else to put it… cheers!!

  3. I WAS about to spend $70 on some new clothes… I just put that money into my emergency fund instead! Yay :D

    1. J. Money says:

      BOOM! Way to go!

  4. L says:

    By just watching where I was wasting money, I could make a lot of changes without necessarily experiencing a downgrade in lifestyle!

    I definitely have reduced eating out. I switched to pre-paid Republic Wireless from T-Mobile and reduced my phone bill by half! I’m not fully ready to stop cable, but I downgraded my cable/Internet bundle (with Comcast) – and again saved half the amount this year. I’m still a renter unfortunately, but I moved to a cheaper apartment complex (in a a pretty good neighborhood, though it’s not as glitzy as before). All in all, I’ll be saving upward of 7K if I got my math is right!

    1. J. Money says:

      Nice!! I rock Republic Wireless too and love my $100/mo savings :)

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