The turn £100.00 into £10.000.00+ by the end of 2010 official thread

helzbelz_57

thank you again. it says it takes a few hours to apply the changes so i will try again in the morning.

indierocker85

Whats the best way to keep track of this as already I think I have made a complete dogs **** of it.

I am wondering if anybody can help me establish where I am at with it.

I did the following

*Banked £4 of loose change
* Transferred £72.67 surplus wages for this week into the account I am using for this challenge

I paid my ebay fees of £19.27 from this money so I could list my items.
This shoudl then leave £57.40

I then spent £17.73 on an item to re-sell
This should this time leave £39,67

I then spent a further £12.98 on another item

This SHOULD leave £26.69

So from this I have saved £76.67.
Paid my paypal fees with it (wish I'd paid for them from seperate money but there we go)
And bought two items costing a total of £30.71

---

On my sheet I am making a record of what I buy something for and then sell it for and what the fees are etc etc to give me a NET profit. I thought this would work, doesn't actually appear to be.

With seperate money I spent £10.38 on other items.

I have no fricking clue what my profit should be. However one thing that has also affected it, due to a paypal dispute my balance was -22.01. And as I have just sold an item for £23, my paypal balance is only £0.01. So with the current sheet, it claims I have made £34.87 in profit from surplus wages and what I have already sold. Obviously, as I stated the PayPal balance being negative ate up the profit of one item, but also rectified a problem too. Yet at the moment. Money in the bank and paypal equate to just £26.69, or am I doing this wrong and should I still be counting the items value I paid as profit, as this is money spent?

Arggggggggh

This is why I don't do challenges lol.

HELP MEEEEEEE

Eyesparky

...Er, you'll have to give me a minute to work through that one

Not entirely clear which items are sold i.e. the ones you bought since this challenge started or from previous activity. I would start from what you have introduced to the challenge:

£72.67 + £4.00 = £76.67

I would then take off the existing Paypal dispute money i.e. £22.01, leaving £54.66. You then spent £10.38 of other money on some more stock, so that gives £65.04 introduced into the challenge.

Now you have ordered 2 items for resale, plus "more stock" from what I can see giving £17.73+12.98+£10.38 = £41.09

Here it gets a little unclear as I do not know where the ebay fees come in in relation to these bought items or is it for some other sold items outside the challenge or are you managing to list the items bought for a huge mark up and hence the fees are high? Are some of the fees relating to the items bought? Those should be included in the cost of purchase. We are getting there, just need a little clarity

Don't believe in round figures do you ... :rotfl:

kosma1

hi indie rocker, i can only tell you what i am doing that i think will work best for me. I am keeping a track of all personla items sold, sperate sheet, with 3 colums, in, out and balance, so for eg, game sold on ebay £16.00 plus £5 p & P, i added to my in box, out box was postage and ebay/papypal fees, so from the £21 i made just undre £14 profit. I am doing a seperate sheet for all items purchased out oif my initial £100 stake, as this will be for business purposes, same thing, in out and balance, however, for the purpose of this challenge i inted to add up both together monthly to give me a running total.

as far as dispute on fees, i assume this is a payment you had then it got taken away? until resolved, i would use this as a minus figure, can be added back into you in colum when resolved and you get payment back.

as i say this is only the way i would do it, everyone is different here and have different ideas.

victoriaplum1

skintbint wrote: »

thats an achievement in itself so its been worth it! :T

ok thanks for the vote of confidence! I know you are right, thats my prob thou unless I can keep it all in a pot til end of year it doesnt seem like I am doing it right.....even though there are no rules! And the chances of me keeping it are zilch.....but there was some method in my madness in that I thought pay off the ac so not incurring extra charges. Thing is now am I brave enough to pay off credit card, had just found that if I use all my savings and money in this that and other online ac I can pay off my credit card balance of 2.5k, it would leave me with no 'rainy day' pot though and that scares me. also a bit emotive this one as 1k of the money is money left to me by my grandpa recently, I wanted to buy a nice limited ed picture with part of it to give me a permanent reminder of him but maybe best to pay the bills....can hear my nan now though saying 'if you can't pay for it you shouldn't have it', she was a big non-believer in credit cards!

victoriaplum1

as for keeping track for this challenge, depends how precise you want to be and how much paperwork you want to do, think I personally will just list profits (and what profit made on) in a book, do the other calcs beforehand in my head...I think I would keep a spreadsheet up to date for about......ummmmm....one day!

helzbelz_57

this has already probably been covered but this thread is moving so fast i cant keep up.

has anyone come up with a spreadsheet to keep track of what the spend and make?

kosma1

wow helzbelz_57 can i just say well done on your £100/£10,000 total so far :T no idea how you have done it, but that is great :j

Turia

Hi Indie,

The way I am doing this is trying to be as simplistic as possible, bear with me and i'll try and explain it as best as I can. mind you i've changed the sheet soooo much in the last week and it is still a WIP but just to give you an idea if it helps.
On a Spreadsheet I've labelled 3 different sheets :
Bank, Purchases and Sales.

On the Bank sheet I have the following:
Across the top I have the months Jan - Dec 2010 one month per column.
Along the side I have Listed as follows:

Balance B/f (brought forward)
Sales
Purchases
Sub-Total
Others 1
Others 2
Total


The Sales and Purchases figures link in from the other sheets .
the "others" is where I will list things like:
Bingo wins
Depositing coins
cashback site payments etc.
Each time I get one of these I will simply label it and put in the month column that I received the funds.

With regards to the Purchases sheet, I have set it out as follows:
Across the top: Item Description, Price, Source.
i am simply listing by Date order with a sub-total at the bottom so then at end of January there is a sub-total which is linked into the "Bank" sheet as mentioned above.


With regards to the Sales sheet I have set it out as follows:
Across the top I have listed Ebay, Amazon, Play and then Notes. If you will sell in car boots, or green metropolis or any other avenue just list whatever is relevant to you.
down the side I have listed the months Jan - Dec and am inserting rows and sub-totals as I go along.
so far for January I have no sales (yet) but when I do, Im intending to put price of what I sold in the corresponding column (eg Ebay) and in Notes column will put a description of what it was.

I'm intending to have a separate sheet just for figuring out all the ebay fees, paypal fees, listing, fvf, the p&p etc and this is where I get slighty confused and why i've been procrastinating with the whole ebay thing (eeek) but will get there!

It looks very bare and empty at the moment and most likely It will chop and change as I go, but for now, the basics are there and it helps me to focus and have everything all in one place.

its also prompting me that If i buy anything I just pick up the receipt and put all the details in there and then, so if 3 months down the line i want to sell it I don't have to faff about looking for how much it cost me.

On reading this now, I'm not even sure if i've just managed to confuse or help!! but hopefully you can grab some ideas from it for you

Edit: Oh also forgot to say, I havent done this yet (shame on me) but will be opening a new bank account hopefully from a cashback site and will use that to keep all my money together. I'm not starting with a £100 fund, but rather decluttering and then using those funds to invest and prosper.

Best of Luck!!!

Eyesparky

helzbelz_57 wrote: »

this has already probably been covered but this thread is moving so fast i cant keep up.

has anyone come up with a spreadsheet to keep track of what the spend and make?

Not yet and it would be difficult to build a generic one that would work for all as everyone is doing the challenge in their own way and including totally different things. I am thinking about something but not sure how much use it will be generally. For the serious new business starters I would have recommended Microsoft Accounting as it was free and very powerful, but it is being discontinued.