The 1% Challenge - 100 ways to make your 1%

Little_Miss_Uni-Debt · 5 March 2013 at 12:50PM

kittiej wrote: »

Hi can I tag along please? I don't really understand the rules but I think I've got a rough idea.

I've got some stuff coming to an end on ebay today so will use that but also I put the odd pence on my bank account into a savings account so would I be able to use that?

I wasn't sure if the money has to be 'made' iyswim.

Hello Kittiej, thanks for joining!

I will add you onto the list shortly. Working on a big update currently so all new members will be added soon.

I've posted the general instructions/idea in the top post, hope that makes more sense.

As for the envelopes, they are just a place to store cash so you don't spend it. The idea is that each envelope represents 1%. As you save up to 1% you physically put the money in the envelope and write on the front how you earned it. Then when 1% is complete you seal the envelope until it is time to pay it to a debt. It's nice to have a bundle of percents, very motivating!

A paperclip works the same if you're saving bank notes.

Generally, if you have cash (either in a bank account or in hand) and it gets paid to your next 1% then that counts. It can be saved/earned etc. All that matters is that it makes a difference to what you owe.

hope that helps.

Sellurgranny · 5 March 2013 at 2:29PM

LMUD please can I join your 1% challenge?

As per my signature, want to get debt free (unsecured as secured is a whole nuther ballgame) before eldest goes to Uni next year.

My 1% will be £39.00.

Im doing the make £5 per day challenge for March so hopefully both these challenges will complement eachother! or more than probably Ill totally confuse myself!

licious · 5 March 2013 at 2:59PM

Hi LMUD,

You have inspired me to get my backside into gear - well everyone on here has actually :T

Anyway, I was going to just crack on with it myself and just keep up to date with the thread but to be honest, I think it will spur me on even further if I actually join it.....that way it will 'force' me into updating my percentages and keep me at it !!!

So, I like some others on here are tackling 1 or maybe 2 at a time.

Please add me to your members list:

Debt 1 = £700 - 1% = £7.00 - 14% :j

Debt 2 = £500 - 1% = £5.00 - 7% :j

Little_Miss_Uni-Debt · 5 March 2013 at 3:37PM

Sellurgranny - Welcome! Yes, this challenge works well with the other challenges, it's just a new way of looking at your money and realising you can be proactive and that little steps every day add up!

Licious - Great to have you here! I look forward to your updates, post up how you make your 1%'s so we can pinch... ahem..borrow your ideas

clarabella23 · 5 March 2013 at 5:52PM

Hello, can I join this too please? I have a credit card currently at £250, that will be challenge number 1! I currently pay £25 a month anyway, but then interest gets taken from that.

DEBT 1: £250, 1% = £2.50

Sounds easy, right?! Guess we'll see!

kittiej · 5 March 2013 at 8:50PM

Hi LMUD

OK I have got it now

my debt is a bit different to cc debt because it's not subject to interest. However I must get it paid asap as I only expect to be working for another year.

I did have 1% but my lovely husband has temporarily 'borrowed' it

, I should get it back on Thursday so no panic.

I've made a 100 square grid and will cross off the 1% squares - fantastic idea that is too LMUD.

OK need to get my money making thinking cap on

tattycath · 6 March 2013 at 12:15AM

Don't know if it's been mentioned already-peopleperhour http://www.peopleperhour.com/freelance-jobs
I'm not affiliated with it-I've looked at it but don't feel I have any skills to offer but thought it might help someone.

happytails · 6 March 2013 at 9:07AM

Hello again everyone! I've found you all! :j

Well, debt 3 is now 61% only managed our usual £100 in feb as money was stupidly tight, got £350 left to pay and my deadline of 31/3. So far I've got £22 in cash and my friend owes me £24 so that's £46 :j I'm also opening my money tin at months end too to add that to my total

it's quite heavy so hoping its not all coppers

My bus of a car passed its mot last week :j £50 gone and the husbands car is in in 2 weeks so another £50 gone atleast but needs must! Thankfully my bus seems to be worked ok now my brother cleaned the maf sensor. So less of a worry there!

Got various bits I'm trying to shift on Facebook before I try eBay but really need to try harder! Got an empty perfume bottle to try my luck with on eBay too. :rotfl:

Sarah x

Little_Miss_Uni-Debt · 6 March 2013 at 1:32PM

Hello folks!

I've been working on the update all morning and it is coming along nicely. I have all of your updates noted now, will move the list across later today. It's really impressive to see that even though Jan/Feb were tough months for everyone, there were still LOTS of percents cleared. Some of your totals are rocketing, you're racking those percents up Terminator style!

Before I post up the list and the new joiners update, I thought it would be useful just to do a run down of the various ideas that were discussed since the last update.

I've not tried all of these, they have just been brought up in conversation a few times.

YouGov Surveys
'No Brainers' section on Quidco
HomeBrew
Exam marking for teachers (EdExcel)
Turning Tesco vouchers into 4x value (shops, restaurants)
Get Tesco points from other places (Eon, Insurance etc)
Clearing snow/washing cars
Flick Points iphone app
Selling on ebay for others (friends/family)
Sleep Trials (Not drug trials, your health is way too important to risk)
Swagging Thread / Referrers Board
PeoplePerHour Freelance work
Pinecone
Amazon selling (like ebay but photo/description is already provided)

Also reclaiming bank charges is a very important one. It's already on the main ideas list and there is a HUGE section on how to do it under the MSE 'reclaim' header, however a few people have mentioned recently, wondering if it is worth it.

I would say without a doubt reclaiming bank charges has been my biggest percentage earner so far.

There's a bit of a psychological barrier that it takes a little effort and a bit of a wait, yes you do have to sit down and write a letter or two but the results could be huge and the templates are already done for you!

I'd just like to remind folks that have considered it or maybe have tried once in the past and got fobbed off with an initial "we think our charges are fair" letter - try again.

Quick Task

Today, for a bit of motivational encouragement, I'm going to make some token payments just to each of my debts to round them to the nearest nice round number. This might just be a few pence or to the nearest £5 increment.

It makes adding up balances easier AND if you can go from one hundred pound bracket to the next one down it feels great and is an added bonus!

Hope you're all having a good day. Time for some lunch

happytails · 6 March 2013 at 5:35PM

Ok decided to break open the money tin downstairs and had £20 and a few pence so gave the pennies to my Daughter for her money pot and then transferred £20 to my mum (just over 2% :j) Told the husband we only had £330 left so he said lets just pay it and scrimp by this month and paid her!!

:eek: EEEK so debt 3 is 100% cleared!! Going to have to be really careful with our money this month but YEY !!!

In other news, Mothers day presents so far have cost £8, just need to grab 2 teacups and saucers to make up a teacup plant for each Mum and we are done

Last year i spent about £25 altogether on my mum and MIL so im much happier this year with my spending. Going to get the tea cups and saucers from a charity shop i think x

Right, next debt is our overdraft, (debt 1 is still on hold). So ill call this one debt 2 - £1990 so 1% im going to round up to £20 for ease.

Sarah x

The 1% Challenge - 100 ways to make your 1%

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