£20 challenge - WWYD to double your money in a month?

Tammy2

Instead of spending £16 a month on the lottery I'm going to see if I can take that money, plus a bit more, and see how much I can make it grow in a month.

So, shamelessly looking for inspiration here. Do you think you could double it? Or maybe make half as much again? How would you do it?

Maysie

Its a good idea. Do you mean use the £16 to make the extra with or start with nothing?

Tammy2

I mean take the £16 I would have spend on the lottery, plus another £4 (from 'pin money' pot) to make £20. Then see how much I can make with this as a starting point.

I guess as the months went on, if I made anything, some could be fed back into the system.

So far, I've come up with zilch ideas. Need to think beyond ebay....

Jo_King

Can you sew?

I've been making tote bags from recycled fabric from charity shops. I've been giving them as gifts but a number of people have said they'd have paid. I think upcycling is the way to go. Buy some nasturtium seeds and get them going in old teapots, clapped out kettles, anything you can pass off as retro!

Tammy2

Sadly, I can barely sew on a button, but I love the idea.

I like the nasturtium idea too. Iam quite green fingered. My 16 year old is hoping to sell plants too. She has a few things on the go, so it would completement her efforts. Thanks

Wizzbang

TBH, I'd just stick it all in an ISA. Find one with the highest interest rate you can get. £20 put away every month for a year is £240, plus say 1.6% interest (in the top paying HSBC ISA I found via MoneySupermarket)= £242.10.

Better than wasting it on something that's a gamble- IMHO- selling on eBay, at Craft fairs etc etc is just not worth it.

Take that over 10 years and you've got over £2k- tax free!

selement

I like the idea of this thread! Feels a bit Apprentice. I am not very creative or good at sewing etc but wish I could think of a good little sneaky side business like this!

Tammy2

You might well be right Wizzbang. Lol.

I'd just like to have a go at doing something a little more creative with it. I will keep thinking on it

Hope you come up with something too selement

Wizzbang

£20 a month is absolutely nothing to invest in a 'business'. You'd have to have something guaranteed to make you profit to make it worth it. As I say, I cannot think of anything that small that would ever be worth the effort. Craft fairs, eBay etc do not pay anymore. It's all too easy to spend money and much harder to save. Compound interest is what you ought to be thinking about here, not quick returns. If you replace spending on the lottery with spending on something else, you'll never break the spending cycle.

[Deleted User]

If you are looking for a very long term investment, you can invest your £20 into silver coins. Silver is at its bottom and very volatile. If you can buy an ounce silver coin a month and willing to wait 5-10-20 years, I think it could be a very solid investment. Buy from reputable dealers, in person and cash and store it in a safe place.

FatVonD

Could you spend it on BOGOFs or half price offers of stuff you would buy anyway, keep a note of what you spent it on and the next time you would have bought that thing put half of whatever it would have cost you back into the kitty?