A Personal Challenge

srvr

Hi All

I have been thinking of running a public experiment to see how much money I can actually earn and save from sources outside of my wage or other traditional investments. I am going have a go at documenting it here as diary updated at least quarterly showing my progress mainly so I keep myself on track and have the public pressure motivation. My concern is that anyone who reads this will consider this a little arrogant or self aggrandising but I would like to make clear that I have no idea if I will humiliate myself or be a success. However I feel the risk of embarrassing myself publicly is worth the risk when in return I will hopefully; in return, receive motivation by not wanting to fail publicly. I am also aware that these diary’s tend to start well but then fall by the way side but ill try anyway.

Firstly I would think it best start by clarifying the terms of this experiment and some of the terms of reference so anyone who reads it will have an idea about what I am talking about as I may not use language that would make sense to anyone but me.

The experiment is all about generating “Unearned Income” and then saving that income. I am defining “Unearned Income” as:

“Any income that I am able to derive from (legal) sources that is not connected with my job or other traditional investment returns in ANY way at all”.

So that defines what it is not but what actually is it? Well for the purposes of this experiment I am going to define it using a list of examples which although not exhaustive should give anyone an idea of how I think:

• Earning from such things as Market Research nights which can add up over a year to about £100 I hope.
• Cash back systems such as rpoints or quidico
• The Penny Jar – I hate carrying around shrapnel in my pockets, they make you rattle and they pull your trousers down. I personally classify shrapnel as 1p 2p 5p and 10p. Normally this loose change just mysteriously disappears into the ether but sticking it in a jar I think I can save about £100 per annum. Some friends do 20p’s and even 50p’s but that’s to rich for my tastes.
• Matched betting – This ISN’T gambling read the forum on this site to see why. When I have reached critical mass of cash I will tentatively have a go at this.
• Liquidating junk – Like most people I have amassed a large amount of junk that I have no room for and should throw out. I am however going to use eBay to sell it on instead and add to the fund.
• Loyalty Cards – There are two ways to turn this into cash that I intend to use as currently I don’t redeem my Nectar points or Boots Points at all. A friend of mine buys stuff with her points and then sells them on eBay which is a good idea. I also thinking of using my points to pay for flights to long haul destinations for free and if I do I will put in £100 for every £500 saved by using Nectar points for flights. That way I still get £400 off my flight but get some addition to the pile o cash as well. I personally don’t like using my points to reduce my shopping bills as its often just too much effort and ties me to one Supermarket which I don’t like.
• Competitions – I have never won any but you never know.
• Reclaiming charges – I don’t think ill have much to reclaim really as most of my charges were incurred well over 6 years ago when I was a student but ill have a pop. I was debating whether this should be included as its money taken from my bank from my wage. However its also old money forgotten about as spent and as long as its not a HUGE amount and only a £100 or so ill include it here as if it was not for this site I would never I have bothered to start the process.
• Any other sources of cash like those click add things or what not.

The Goal:

My Goal is simple I want to add at least £700 in 1 year from January 1st 2008 to my unearned income premium bond savings but obviously I wouldn’t be upset if I made more. I think its possible given my estimates above but well know in a year for sure.
So its £700 realistic goal, £1400 idealistic goal, £2100 optimistic goal and finally a £2800 unrealistic goal

Wish me luck!

destiny_star2006

If you have the time and rescourses you may say the net is your oyster its all about how much time and effort you put in the money wont come to you, you have to be willing to find it xx

SADIE

I'm also new to the MSE site and when I find my way around aim to make some extra money, hoping to pay off some debts and take a family trip to Tokyo, no idea of figures yet but I'm working on it.

Annie021063

Good luck - I shall follow this.

lunasaver

Hi there

Good luck with the challenge!

There's a make £10 a day in Jan challenge going on on the debt free board, might give you some inspiration and extra motivation!

http://forums.moneysavingexpert.com/showthread.html?t=650679

Cheers LS

HugoSP

My challenge is to raise some £800 on CC cashback by the end of 2008.

These are the instructions.....

Assume a CC spend of some £1400 per month - quite feasable if both are earning and EVERYTHING possible goes through the CC

American express card @ 5% for 3 months can earn you £200 (max £4k spend @5%).

After the initial 3 months is up then you go and apply for the Capital one card at £4% for 3 months - poss another £200.

Then your partner takes out an AMEX card @5% in July - another £200

Then (s)he takes out a Cap one card - another £200.

Total £800

I had a cap 1 card on .5% and earned some £40 on that but persuaded my wife to open a c1 card with an introductery 4% cashback, and have me down as a cardholder. This account has earned some £250 to come off January's CC Bill, That basically paid for all the Christmas Presents for one or our two children. The other went without this year........only kidding

srvr

Thanks for the encouragement

Poppycat

srvr your not allowed to ask people to go to your referral post and top of that you started a new referral there when there's already existing thread please read the rules



REFERRAL POSTS

Posts from which site users gain are permitted only on the Referrers Board. This includes links to rpoints etc threads. Any posted elsewhere will be moved to the Referrers Board. Links to the referrals board from the main forums are not allowed.

This also includes members saying "Please PM me for code" or "check my post on referrers". The overriding rule is that no advertising is allowed on the main forums.

http://forums.moneysavingexpert.com/showpost.html?p=3477028&postcount=22

srvr

k whoops too many rules in too many laces too keep track, sorry

Cazzdevil

Hey good going srvr, I'm aiming for a similar thing myself to try and get my kitchen replaced, I've set my target at £1k over the next 12 months.

Good luck, PM me if you fancy an encouragement buddy xxx

stourbridgeguy

Good Luck

My challenge is a little larger than yours, my aim is to save £15k this year to purchase a narrowboat. I am on the way but still have a long way to go. I will get there because it is the first part of a 7 year plan. Once the first part is acheived then the rest will follow I am sure of that otherwise I would not have shared it with the world of the internetty:D

Take Care

Dave