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  • FIRST POST
    • Frugaldom
    • By Frugaldom 7th Apr 08, 7:09 PM
    • 6,136Posts
    • 54,178Thanks
    Frugaldom
    Home Based Enterprises & Interest Beater Challenge.
    • #1
    • 7th Apr 08, 7:09 PM
    Home Based Enterprises & Interest Beater Challenge. 7th Apr 08 at 7:09 PM
    INTEREST BEATER MINI-CHALLENGE

    After searching through these forums, I was unable to find a thread dealing exclusively for those of us wanting to earn extra income and discuss our methods (without advertising), share tips and incorporate the entire topic into a mini enterprise challenge. If this is the wrong place to post, please accept my apologies and point me in the right direction.

    When considering such things as tax free interest and year on year savings, we instantly lose out on a chunk of interest because we are spending our money to cover the cost of living. There are many people who simply cannot afford to set aside £3,600 per year in an ISA, for example. So, we decided it would be more fun NOT to miss out on that money.

    This is a mini-challenge about earning a few pounds extra from home. We've called it the 'Interest Beater' because that's the target - to beat the amount of interest we could have earned from our cost of living for a year.

    To make it simple, we have not counted in mortgage/rent or council tax/water as these are too variable. We have allowed a generous fixed rate of 6.5% tax free (equivalent to approximately 8.13% less basic rate tax) as our base figure for comparison and the object is to earn more than that amount during the 2008/9 tax year. End result - we are still benefitting from the equivalent amount that interest our living expenses could have earned.

    TARGETS

    Cost of living/Amount to beat

    £2,000 - £130
    £3,000 - £195
    £3,600 - £234 - equivalent to ISA allowance
    £4,000 - £260
    £5,000 - £325
    £6,000 - £390
    £10,000 - £650

    Challenge shall run from now until 5th April 2009.

    CHALLENGERS

    001. NYKMEDIA - £260
    002. SOPHIESMUM - £845
    003. JUMBLE_BEE - £440.03
    004. MOLLYMOP5 - £325
    005. BROKE MUM OF THREE - £325
    006. MARRU - £260
    007. NOGGIN - £390
    008. BAILS - £235
    009. TAKA - £260
    010. LILACPIXIE - £235
    011. KASHTON - £500
    012. DDRAIGGOCH - £?
    013. SILVERCHARMER - £234
    014. SAMMY452 - £260
    015. PIRATEGIRL - £450

    Amounts shown equate to the interest that could have been earned had the cost of living been left in the bank.
    Last edited by Frugaldom; 22-06-2008 at 3:32 PM. Reason: Editing in the names of those taking part
    I reserve the right NOT to spend:
    The less I spend, the more I can afford!
    Now running Frugaldom as a lifestyle social enterprise!
Page 1
  • Marru
    • #2
    • 7th Apr 08, 8:07 PM
    • #2
    • 7th Apr 08, 8:07 PM
    Hi Nyk,

    Thank you for starting this thread. The timing is perfect as I just got an email saying that my ISA application has been approved. So - whatever I can earn through this challenge will go into that account. I am on DMP and didn't think that something like ISA would be applicable to me for next 20 or so years but I have decided to try to squirrel away as much as possible into ISA, my F&F fund if I am ever in a position to use it. Otherwise it will be my emergency fund.

    Marru
    Last edited by Marru; 07-04-2008 at 8:49 PM.
    "Everything will be alright in the end. If it's not alright, it's not the end."


    • sweetpeas
    • By sweetpeas 7th Apr 08, 8:11 PM
    • 2,221 Posts
    • 8,960 Thanks
    sweetpeas
    • #3
    • 7th Apr 08, 8:11 PM
    • #3
    • 7th Apr 08, 8:11 PM
    hmmm... this sounds really interesting and id like to join up, but am a bit confused about it.
    I dont really understand interest rates etc etc, so can someone explain in (very) simple terms, what is it that im supposed to be doing in order to join the challenge?!

    xx
    • Frugaldom
    • By Frugaldom 7th Apr 08, 8:37 PM
    • 6,136 Posts
    • 54,178 Thanks
    Frugaldom
    • #4
    • 7th Apr 08, 8:37 PM
    • #4
    • 7th Apr 08, 8:37 PM
    Easy description - It's about earning the equivalent of bank or building society interest without having any savings in an account.

    The new Government figures say you can save a maximum of 3,600 per year into an ISA account and earn interest without paying any tax on it. Basically, it means that the bank or building society will pay you around 234 for a full year of NOT SPENDING your money. If, like many people, you need to spend your money to live then you'll never earn that interest. So this challenge is about earning the equivalent amount without having the cash in the bank.

    Example - My basic cost of living amounts to 4000 for the year (I hope!). If I could live for free, then that 4000 could be saved in the bank and would earn me around 260 for the year, but only if I don't spend any of it.

    How difficult can it be to earn an extra 260+ over the space of a year? That's my mini-challenge.
    I reserve the right NOT to spend:
    The less I spend, the more I can afford!
    Now running Frugaldom as a lifestyle social enterprise!
    • sweetpeas
    • By sweetpeas 7th Apr 08, 8:46 PM
    • 2,221 Posts
    • 8,960 Thanks
    sweetpeas
    • #5
    • 7th Apr 08, 8:46 PM
    • #5
    • 7th Apr 08, 8:46 PM
    so, through extra bits and pieces of money making, aside from our current work commitments, we have to earn the £X amount over the year that equals our cost of living?
    RIGHT... I think i get it! Thanks for explaining it in thick terms, am i allowed to join now- or do I have to sit with the "D" hat on for a while first?!

    xx nog xx

    ps My cost of living it around the £6000 mark, so I'll be going for the £390 figure.
  • sophiesmum
    • #6
    • 7th Apr 08, 9:10 PM
    • #6
    • 7th Apr 08, 9:10 PM
    Hi Nyk,
    I started the month doing the 10 a day challenge but think this will be better for me as it lasts the whole year , so if it is okay with you I am going to transfer my allegiance (and my money made ) to this challenge. So far I am at 212.85

    20.00 from pigsback
    20.00 from babysitting
    132.85 profit from grand national bets
    40.00 from bonus ball wins at work.

    I am going to open another savings account just to put this money in and see how much I can make by the end of the tax year, and also try and get a bit of interest on my "interest beater " money
    Reduce,re-use, recycle.






  • archived user
    • #7
    • 7th Apr 08, 9:18 PM
    • #7
    • 7th Apr 08, 9:18 PM
    hello interest beater challenge!

    my aim is to make 440.03, of which i already have 70 from temping one weekend and 102.04 from the grand national which will be coming in in dribs and drabs as i get it

    oh, and 1 i prised from a terramundi pot my friend gave me ages ago....

    I hope i don't confuse anyone, but my challenge is a bit different to the main ISA beating one (this mini-challenge, along with me, came off of the 'live off 4 thousand a year' challenge)

    I am going back to uni to do a post grad in september, and im trying to save up enough money to be able to save all of my my student loan in a high interest account, and thus make a small profit off it (so i will be beating the student loan interst rates) and when i can alter my mortgage I will use the loan money reduce my mortgage (so i will be beating the higher mortgage interest rates)

    anyhoo if i stick to my budget I will still be short by 440.03, so I am going to try and make this money during the year

    i have started a money box with money i find in the street, and I am going to start selling on ebay and playing free bingo sites, and anything else I can think of...

    let the challenge begin!
    • sweetpeas
    • By sweetpeas 7th Apr 08, 9:21 PM
    • 2,221 Posts
    • 8,960 Thanks
    sweetpeas
    • #8
    • 7th Apr 08, 9:21 PM
    • #8
    • 7th Apr 08, 9:21 PM
    hello interest beater challenge!
    i have started a money box with money i find in the street, and I am going to start selling on ebay and playing free bingo sites, and anything else I can think of...

    let the challenge begin!
    Originally posted by Jumble-Bee
    had to chuckle, im at an instant disadvantage as i live in Rotherham and there is no money on the streets round here! As soon as it hits concrete its up and off in someones pocket quicker than a flash

    he he, no offence to any fellow south yorkshire'ers...

    xx nog xx
    • Frugaldom
    • By Frugaldom 7th Apr 08, 9:31 PM
    • 6,136 Posts
    • 54,178 Thanks
    Frugaldom
    • #9
    • 7th Apr 08, 9:31 PM
    • #9
    • 7th Apr 08, 9:31 PM
    Hello to all, I'm glad there's going to be some support for this as it seems there aren't that many places to actually compare notes on home-based enterprises for such small amounts (no offence meant, I mean small amount compared to starting a business or starting a new job).

    My cottage-style industry idea was aimed at earning a living but, to be honest, I haven't exactly thrown myself into it as work and housekeeping seem to get in the way. Hopefully, aiming to earn an extra few hundred pounds will be a good start and if it looks like a viable earning opportunity then I have plenty of time to develop it for next year. Right now, I'm still working out the finer points of where to start. I do own a glue gun and I do have loads of scraps lying around that should have been used by now. I attempted the free bingo on Thursday without luck and I did make a small profit from the Grand National free bets. But I am not going to count anything before today. So, it's a completely fresh start for me and I really need to do something constructive and productive.

    Good luck to all who choose to take part. I have just added the figures for this challenge into my signature, but if anyone feels it would be easier to include a list of challengers on post one then let me know.
    I reserve the right NOT to spend:
    The less I spend, the more I can afford!
    Now running Frugaldom as a lifestyle social enterprise!
    • sweetpeas
    • By sweetpeas 7th Apr 08, 9:42 PM
    • 2,221 Posts
    • 8,960 Thanks
    sweetpeas
    nyk, would it be possible to do a list on post 1, and update it every month or so? like 7th of every month starting in may? might help us keep track of our targets as well as us writing it in our signitures (btw, why does it keep telling me its more then 5 lines when it clearly isnt whenever i try to update sig?!) back to the point, a list might help keep the focus a bit for the ones of us (me!) that are likely to flag a bit. Just help motivate us thats all me thinks

    I've been contemplating for a long while, the possibility of starting a small ironing business... would this be the sort of thing that I could include in the challenge please?

    xx nog xx
    • Frugaldom
    • By Frugaldom 7th Apr 08, 9:57 PM
    • 6,136 Posts
    • 54,178 Thanks
    Frugaldom
    I've been contemplating for a long while, the possibility of starting a small ironing business... would this be the sort of thing that I could include in the challenge please?

    xx nog xx
    Originally posted by noggin
    That would certainly qualify as a home based enterprise in my book! It's a great idea and I'd work overtime just to afford to pay someone to do my ironing!

    I'll start a list of names tomorrow for this, so if anyone wants to leave a note of their minimum amount needed to beat the interest rate, I'll pick it up from here.
    I reserve the right NOT to spend:
    The less I spend, the more I can afford!
    Now running Frugaldom as a lifestyle social enterprise!
    • Mollymop5
    • By Mollymop5 7th Apr 08, 9:59 PM
    • 2,089 Posts
    • 6,791 Thanks
    Mollymop5
    How exciting.Another challenge .Ever get the feeling I just stalk you Nyk .
    A list of challengers is always good. I'm hoping to make 325 .

    I look forward to hearing everyones successes
    lost my way but now I'm back ! roll on 2013
    spc member 72

  • broke mum of three
    Another stalker here Nky

    I'm signing up for 325.

    Not sure whether to open a new account or not, it usually helps me to keep everything separate, as when it all goes into the big pot it gets a bit lost
    Live on a little over 4k challenge
    Sealed pot challenge no. 315
    • Frugaldom
    • By Frugaldom 7th Apr 08, 10:11 PM
    • 6,136 Posts
    • 54,178 Thanks
    Frugaldom
    Hi guys! Nice to see you here, it's getting quite exciting now and sending my brain into overdrive with ideas! I'll catch up with everyone tomorrow and we'll soon get our virtual heads together to discuss tactics for this interest beating enterprise challenge.
    I reserve the right NOT to spend:
    The less I spend, the more I can afford!
    Now running Frugaldom as a lifestyle social enterprise!
  • Marru
    HI,

    I shall aim for the 260.- thinking that the sky is the limit. (Today when I have been typing for some reason lots of letters are falling out, is it my keyboard or my fingers - apologies for that.)

    As those of you that know me I am already in the Olympic challenge so I wanted to do something new for this challenge (at least untill the Olympic challenge ends) so I am trying to earn some money by writing stories. Very hard I know as world is full of aspiring writers but I want to give it a go. I might have to fall back on clipping guinea pigs claws as (ref post in 4k challenge) I might be able to charge 10 per 56 claws, for 260.- that would mean 1,456 claws (So I only need to find 104 guinea pigs to do ).

    Marru
    "Everything will be alright in the end. If it's not alright, it's not the end."


    • mini_huny_money
    • By mini_huny_money 7th Apr 08, 10:19 PM
    • 2,446 Posts
    • 11,489 Thanks
    mini_huny_money
    Hya Nyk and everyone

    lots of luck to everyone doing this cnallenge, would love to join but can't see how I could earn enough. Takes me ages to get Pigsback clicks and Ive been dead lazy with my surveys, but I'll be keeping an eye on this thread and hopefully might come up with something.

    Molly.......I too feel like I'm stalking Nyk LOL
    cheerio hen
  • sophiesmum
    Hi Everyone,
    My wage is around 13,000. If i didn't have to spend any of this it would probably get me 845 in an isa in interest. So I have decided that I will try and make over the year this amount for the challenge....somehow

    Only another 632.15 to go then:rolleyes: or just over 50 per month

    Good luck everyone
    Reduce,re-use, recycle.






  • chalkswindon
    I will have a think about this and will probably join in later this week when i have some more time on my hands.

    I made 58.25 from the National Thing plus 30 Quidco if that gets validated, I had only used quidco once previously that was to join Carol to take advantage of a loop hole they had.
    Joined Avon : 13/04/2011 C8 168.98 C9 270.99 C10 237.65 C11 227.27 C12 299.97 C13 298.50 C14 308.14 C15 347 C16 349.09 so Far
    • Mollymop5
    • By Mollymop5 8th Apr 08, 11:20 AM
    • 2,089 Posts
    • 6,791 Thanks
    Mollymop5
    I have 33.94 in an account I have for saving quidco cashback so I will use that as a kickstart.Am I right in thinking I could count the mney from my small cleaning job that I'm doing at the mo to cover someones maternity leave.I decided not to count it in 4000 challenge as its only for a couple of months.I could put it here though.What do you think Nyk?
    lost my way but now I'm back ! roll on 2013
    spc member 72

    • Frugaldom
    • By Frugaldom 8th Apr 08, 12:28 PM
    • 6,136 Posts
    • 54,178 Thanks
    Frugaldom
    Anything goes! (almost)
    I think we should be able to count money that is earned or generated in any way, shape or form that isn't part of our normal day-to-day work routine. This is over and above our 'normal' income, just like it would be if it was interest being added to our savings. I would go as far as say, 'anything goes' but we need to keep it within the law
    I reserve the right NOT to spend:
    The less I spend, the more I can afford!
    Now running Frugaldom as a lifestyle social enterprise!
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