When my children were small, we read a book together that started a tradition which carries on almost twenty years later. If you have never read "A Chair for My Mother," it might make a great gift for a grandchild. The story is told by a young girl who worries about her mom coming home after work each day, tired and worn. They have very little- certainly no comfortable spot for her mother to rest her tired feet.

They start saving all of the change the mother and daughter get each day, putting it in a big jar. When the jar is full, they bring it to the furniture store, and buy one cozy easy chair where they cuddle contentedly!

My children and I started our own jar. When it was full, the change was counted and put in wrappers. Then we would decide what to use it for. Over the years, we have gone out to lunch, bought gifts for those in need, purchased a game we all liked and given it the youngest (and poorest!) family driver the proceeds for gas money.

Now they are all grown and on their own. I still fill the jar, and use it as my surprise! money. I may spend it on myself, treat a friend to lunch or dinner- whatever my whim decides!

For the past eight weeks, we’ve shared a lot of terrific money saving advice – and more than a few laughs and cheap thrills – here in the inaugural Savings Challenge.  I want to thank the more than 2,000 frugalists who joined the Savings Challenge Group.  It’s been a pleasure to get to know you, my brothers and sisters of the Cheaphood.

The good news is that the Savings Challenge group will continue to be active here in the AARP online community.  You can bet your bottom dollar that I’ll pop back in from time to time to say hello and share a cheapskate thought or two.

And now it’s time to honor some of the venerable ones here in the Savings Challenge group, those who have helped to make this penny-pinching pilgrimage such a success.  We agreed at the onset to declare three overall winners of the Savings Challenge – and so we will – even though so many here have proven themselves worthy of that dollar-stretching distinction.

There are, of course, the illustrious winners of the eight Weekly Savings Challenges:

WEEK 1 – Slow-Cooker Recipe Challenge (Winner: BarbBeall)

WEEK 2 - All-Cash Challenge (Winner: melissa55)

WEEK 3 – Thanksgiving Challenge (Winner: OZZY123)

WEEK 4 – Holiday Decorating Challenge (Winner: nanniema5)

WEEK 5 – Holiday Entertaining Challenge (Winner: rn222)

WEEK 6 – What the Heck Was I Thinking? Challenge (Winner: JazzyTJan)

WEEK 7 – Go Ahead and Splurge Challenge (Winner: emtfingers)

WEEK 8 – Don’t Throw That Away! Challenge (Winner: GAM27)

And then there are all those Savings Challenge members who have also participated so actively and helpfully here in the group.  Some of those deserving of a Costco-sized honorable mention include:  MoorMookie, cydunne, sharon53, toddtee, withspirit, Susanem, mbw7890, StuckinTx, Lindy11, HOFFCO, carose1, tandemterry, lsivilich, SueAB, SunnyD17, jwsterling, pamperedmamaw, mm110south, EmeraldQueen, and sbuedor, to name a few.

But in the end there can be only three top winners, so here goes:

Third Place:  justbetsy - When it comes to pinching pennies, she thinks outside the box … and then tells you ten ways to reuse the box.

Second Place:  SeaLady61 - A fountain of practical, creative, money saving ideas, delivered with charm and the photos to back it up.

First Place:  Bohemian (aka “TheBuck Busting Budgeteer of 2009”) – With a blend of helpful advice, supportive comments, and a “unique” sense of humor, Bohemian optimizes what the Savings Challenge is all about.  Yes; it is possible to be frugal, generous and truly happy at the same time, as Bohemian proves.

Thanks again to everyone who participated in the inaugural AARP Savings Challenge.  Best wishes for a frugal and fun 2010.

Stay Cheap!

     -Jeff Yeager, The Ultimate Cheapskate

One man’s trash is another man’s treasure. Or so it seems for members of the AARP Savings Challenge.

In the final and one of the most popular Weekly Savings Challenges, we asked group members to share their tips for creatively repurposing everyday items that most people simply throw away.  The floodgates opened. 

Here’s just some of what group members are reusing rather than throwing in the trash:  egg cartons, wine corks, perfume samples, worn out toothbrushes, dry cleaning bags, soup cans, old T-shirts, return envelopes, stale bread, PVC pipe, vacuum cleaner bags, leftover yarn and string, egg shells, milk jugs, old socks, potato chip bags, worn out shower curtains and towels, coffee cans, coat hangers, junk mail, fabric softener sheets, toilet paper rolls, soda bottles, greeting cards, old CD’s, peanut butter jars, plastic bags, candle stubs, cereal boxes and bags, pantyhose, old buttons, beer cans, coffee grounds, tinfoil, newspapers, burned out light bulbs, dryer lint, and hair (both human and pet). 

One reader, lesly802 , shared sharing her touching story about reusing plastic shopping bags (see the comments area of the bottom of “ Don’t Throw That Away ”) and how necessity really can be the mother of invention.

Apparently you can always tell the homes of Savings Challenge members:  Our houses are the ones without any trash cans on the curb come garbage collection day.

With so many deserving entries in this week’s challenge, selecting a winner was harder for me than throwing away a Ziploc bag.   I chose GAM27 as a weekly winner for providing a veritable encyclopedia of repurposing tips (GAM27 – Do you ever throw anything away?).

Lesly802 - I so hope that your fortunes improve in the New Year.

Congratulations and thank you to everyone who entered.  Remember , Don’t Throw That Away!

Stay cheap,

Jeff

I guess it only stands to reason, but Savings Challenge members must be such smart-shoppers that they didn’t have too many cases of extreme buyer’s remorse to report as part of the Week 6 “What The Heck Was I Thinking?” challenge.  In fact, yours truly came out looking like one of the biggest losers when it came to embarrassing impulse purchases.

Sure, there was Dorraine’s priceless account of buying a splayed bobcat rug … but technically it was her daughter’s spending misstep, not her own.  And SeaLady61 weighed in with her tale of good-snails-gone-wrong, although I really like escargot (plus, FYI, you can stuff those shells with mushroom caps, mixed with butter, garlic and parsley and make a delicious  and cheap “mock escargot” – so hang onto them).  Bohemian’s account of buyer’s remorse of the matrimonial variety was a strong contender, but Manrod pointed out the other side of the coin and matched him beer for beer. 

I also appreciated those who wisely cautioned against buying technology just as it’s about to become obsolete, and those who reminded us that if you save your sale receipts, there may be a cure for your buyer’s remorse by returning unwanted items for a refund or store credit.

But in the end, I’m declaring JazzyTJan the winner of the Week 6 “What the heck was I thinking?” Savings Challenge for her story of woe, one which combined two of life’s most traumatic events:  buyer’s remorse and attending your high school class reunion.  I hope you’ll take the time to read her account of an outfit that apparently left her classmates saying “What the heck was she thinking?”, and – adding insult to injury – a husband who could say “I told you so.”  But when JazzyTJan finally threw in the towel and donated her misguided high school class reunion outfit to the Salvation Army, here’s what she had say about what she’d learned:

“I just recently sent the gold pant suits to the Salvation Army.  It had stayed in my closet for a number reasons: (1)  I think it reminded me to pick out an outfit that fits (and skip the alteration bit.  (2).  It taught that even if I paid the big dollars, style sometimes can't be bought.  (3)  It reminds me to listen to my husband or a stylist before dressing for a big event.”

Thanks again to everyone who entered!

Cheapskates just wanna have fun!   That was apparent from all of the fun-but-frugal holiday entertaining ideas posted in response to the Week 5 Savings Challenge. 

Question:  What do all of the following have in common?  Energy saving LED lights, raw potatoes, white elephants, plastic dinosaurs, baked pinecones, recycled greeting cards, front doors covered in plastic wrap, salt and pepper shakers, black beans, jump ropes, and lots and lots of hot glue.

Answer: They are all things Savings Challenge members are using to decorate for less this holiday season.  Just read the Week 4 “Deck the Halls for Less” Savings Challenge thread, and you’ll be amazed by all of the frugal-but-fun, crazy-but-crafty, holiday decorating ideas.

This was definitely one of the most competitive Savings Challenges so far, and, frankly, even a list of runners-up is overwhelming.  I really like the way that so many people stuck with their traditional decorations – making tomorrow’s family heirlooms today - and those who used inexpensive natural materials to brighten the yuletide on a budget.

A few of the many entries that struck a special chord with me were:

• kaj1951 for the inside scoop on how to bake your pinecones and group different decorations according to a theme
• loisdon for a very clever way of decorating your tree with recipe cards and treats
• rocksteadyredhead for the definitive explanation of how to decorate with popcorn (plus for having one of the best handles in the Savings Challenge)
• justbetsy for some of the most creative ideas using off-the-wall materials;
• JazzyTJan for a wonderful idea about making a display using canned goods from your pantry
• SeaLady61 for resurrecting the art of IBM punch card decorating (thanks for the photo!)
• and, of course, high marks to Bohemian for adopting my Great Uncle’s practice of buying your tree on Christmas eve, when they’re deeply discounted (although to Bohemian’s credit, he donates the savings to charity – Bravo Bohemian!)

So it was a tough decision, but in the end I’m declaring nanniema5 the winner of the Week 4 holiday decorating challenge for her trifecta of terrific, thrifty holiday decorating traditions – something for both young and old, plus a way to use your tomato cages in the odd season.  Here’s nanniema5’s winning entry:

A few ideas

1. I took old tomato cages, turned upside down, tied legs together at top, now a tree shape, wrap first green lights around and then colored lights and decorate my yard with lighted pine tree

2. a favorite gift, put a pine cone in a cupcake paper, drizzle in some old candle wax or melted crayons and you have instant fire starters--just light the paper cupcake holder, it will ignite pine cone, put in a basket and it is a lovely gift to those with fireplaces

3. melt old/broken crayons of like colors in muffin tins in oven, young kids enjoy coloring with big round disks

Thanks again to everyone who shared their decorating ideas.

The winner of the Week 3 Savings Challenge (by random drawing) is OZZY123. 

Like many who entered the Thanksgiving Challenge, OZZY123 is thankful for good health, family, and wealth (“anything above a roof over my head and food to eat is a bonus“) this holiday season, sharing – in true Savings Challenge spirit - that the little things in life often bring the greatest joy.  “A chat with an understanding friend about a problem, a great cup of coffee, my mischievous tabby,” OZZT123 wrote.

And speaking of being thankful, I want to thank everyone who participated in the Week 3 Savings Challenge. Your messages were heartwarming and inspiring. I encourage everyone to go back and read all of the Thanksgiving comments that were posted. Here’s a little bit of what people had to say:

A word of warning to those who like to deep fry their turkeys in one of those outdoor propane cookers. Last Thanksgiving I invested in one of those cookers, PLUS nearly $50 for two large plastic containers of cooking oil to fill the frier. The turkey turned out pretty good ... and I didn't even burn the house down, as some folks do.

After the oil cooled, I strained it back into the plastic containers per the instructions so that I could use it again in the future.  Unfortunately I left the containers out on our deck overnight.  By morning, raccoons had gnawed through the heavy plastic of both jugs and eaten the oil!  Not only was I out $50 worth of cooking oil, but talk about a mess - oil everywhere!  After I cleaned up the mess, I immediately went online to look for recipes for deep fried raccoon.

Hope you're having a happy - and raccoon free - Thanksgiving.

The battle of the Tightwad Titans was fierce in the second week of the Savings Challenge, as a debate raged between those who insist that they spend less by always paying in cash and those who pay for almost everything with their credit cards (and pay them off monthly) in order to earn airline miles and other perks.  The debate was interesting – and heated – and proved yet again that there’s more than one way to pinch a penny.

Among the would-be champions in the Credit Card Corner were kathylk, toddtee, and bjmenelly with his metal detector in hand (He might have own if that thing could detect plastic charge cards, too).  Bohemian, my beer-drinking brother-in-thrift, even waxed poetic in his passionate defense of using credit cards to pay for everything.

Among the strong contenders in the All-Cash Corner were huntress102, Theid, and magicre, who is closing out their credit cards permanently due to unprovoked interest rate increases and other “credit card company shenanigans.”  Levieta had a great suggestion for using cash-only when purchasing gift items, since that’s a situation in which many people spend more than they plan if they’re putting it on plastic.

But in the end, the All-Cash Champ and winner of the Week Two Savings Challenge is melissa55, who carries a single $20 bill with her each week – no credit cards – and challenges herself to see how long she can make it last.  This past week, in honor of the All-Cash Savings Challenge, melissa55 stretched her Andrew Jackson until he cried “Uncle!”, and ended the week with her $20 bill still intact.  Congratulations melissa55 and thank you to everyone who participated.

(Note: This entry is also also published in the group forurm.)