This post contains affiliate links. I am an affiliate for products and services that I use and love. My Favourites are Adobe Creative Cloud | Etsy | The Book Depository and more. Please read my disclosure here for more information.
My Eleventh Thousand Dollars
Today I am sharing my eleventh thousand dollars savings challenge. When I posted about my last thousand dollar challenge I was convinced I would be posting this one before the year had finished.
And here I am six months into the new year and finally ready to share another completed thousand dollar savings challenge. I could not have predicted it would take four plus months to find a job.
I have now settled into my new job and found my feet financial. I am excited to refocus my energy on my savings goals and filling in some financial holes.
I started my thousand dollars saving challenge nearly two years ago with the goal of reaching $50,000. Since then I have saved $11,000 dollars using loose change, refunds, rebates, selling things online and small weekly savings - sometimes as small as $10 a week.
With each challenge I complete, I aim to create a thousand dollars without sacrificing my current standard of living and use it to create passive income. I am planning my money so that all my current lifestyle expenses are still covered and using money I won't miss (such as change from lunches) or creating opportunities that bring in extra money (such as selling items online).
Why I Post About My Savings
I want to share with you how small changes can create big dreams. I share these challenges with you in hopes of inspiring you to become your own money boss by achieving your goals a thousand dollars at a time.
I started this project two years ago after pulling myself out of some credit card debt and reading The richest man in Babylon - George S. Clason.
The idea of having multiple golden streams of income really fascinates me. It inspires a sense of freedom of living that I have been dreaming of.
If anyone were to ask me what my dream career would be I would tell them that my dream career is a professional hobbyist (pretty sure I just made that word up, but I didn’t get a spelling error so it’s a word right?).
I have always been a natural born saver, yet it wasn’t until I read a number of financial books that I started to realise, it didn’t matter how much I saved if I didn’t know how to spend it.
I think the reason that the thousand dollar goal is so appealing to me is that it’s both achievable and aspirational. It is a big enough goal to get a sense of achievement when completed and small enough that it is not daunting.
I invite you to join me on this savings journey.
While I intend to invest with my thousand dollar challenges, there are no rules to my thousand dollar challenges. If you prefer to use the thousand dollars to buy Christmas presents or a new computer go for it.
Or maybe you are interested in some other form of investment? What you do with your thousand dollars is completely up to you.
The Thousands So Far...
The first and second thousand dollars took 6 months each time. I was earning next to nothing each week in my business, I kept at it though and then the first dividends were paid.
Those small dividend payments made the next thousand just that little bit easier to obtain. And inspired me to keep going even if the going was slow I knew each time I reached a thousand dollars I was closer to my goal.
Since starting this thousand dollars savings challenge I have purchased approximately $7500 in shares, the rest was was invested into my business.
Some of the thousand dollars came easily while others seemed to take forever. I have stopped and started my thousand dollars challenge several times.
My eighth thousand dollars took well over three months but I found motivation during the completion of it, so it felt like great achievement. I invested my eighth thousand into more shares.
My ninth thousand dollars took a little over three months to create. I enjoyed the process of creating each thousand dollars. I love that I am always working towards a new thousand dollars.
My tenth thousand dollars happened quickly after my ninth was completed thanks to a bond refund. I chose to spend this thousand on buying a new computer as my old one was on it’s last legs and I don’t regret it at all. I have put it to good use and while it hasn’t paid for itself just yet I am working on it with my Etsy and creative projects.
It is a very rewarding habit to build into your financial lifestyle. If you just start and focus on the current thousand, complete and repeat you will see your efforts grow and compound.
Small business is tough, this is why I believe it is so important for me to start creating assets outside of my first business.
Favourite Financial Inspiration Books
What My Thousands Have Taught Me
It’s amazing what this project has taught me and not just about money, saving and investing.
I have never truly appreciated how completing small tasks consistently can result in big achievements. I had previously just looked at the big task and tried to do it all at once. This method usually resulted in me getting frustrated and abandoning it part way through.
For instance when I first started on my blogging journey, researching the infinite amount of tasks you need to do to create an amazingly successful blog, I suffered a great deal of anxiety and overwhelm.
I still do as a matter of fact, I haven’t written a post in over a month just because every time I sat down to the computer I felt the anxiety and pressure to get everything perfect.
There was too much to do and to many places to start and I was so far behind and I had only just started earlier… I was ready to quit and I had only just begun.
Thankfully my thousand dollar challenges have taught me to focus, just complete this step and then move on to the next step.
While I may take longer than I expect or I fumble and wobble a bit with each step I am determined to keep putting one foot in front of the other.
The Thousand Dollars Breakdown$335.50 - Left over from previous thousand
$12.60 - Lunch money change
$225.00 - Dividends
$230.00 - Savings
$50.00 - Etsy sales
$166.90 - Loose change
Total = $1020.00
I am excited that my dividends are growing steadily and make up nearly one quarter of this thousand dollars. I will be purchasing some more shares this time around.
Plans To Create The Next Thousand
My plans for the next thousand are to increase my weekly payments and create a goal tracker to motivate me to reach the next thousand a little faster.
Hubby and I are looking to challenge ourselves to save a house deposit in twelve months. We are going to continue living off his wage and bank my wage for the house deposit, which means I will need to create extra income outside my job to add to my thousand dollar savings challenges.