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My First And Second Thousand Dollar Savings Challenge

Finance How To Create Passive Income Online How To Save $50000 My Thousand Dollars Series Savings Challenge Thousand Dollar Savings Challenge

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 My Thousand Dollars Savings Challenge | How I Saved My First and Second Thousand Dollars | How I was able to save money fast earning extra income online #thousanddollarsavingschallenge #savingschallenge #extraincomeideas #moneyboss #earnonline

My Thousand Dollars Savings Challenge

I am excited to share with you that I have just completed my second thousand dollars challenge. I started my thousand dollar challenges in July/August last year with the aim to save $50,000. I had finished digging my way out of some pretty scary credit card debit and I was looking to reward myself by investing in myself financially.

For my first thousand, I used $1000 of my savings and bought some dividend producing shares. I have always been natural saver, I simply don't feel comfortable unless I have a healthy savings account.

While I was taught to save money as a child, no one ever taught me what I should do with it once I had saved it. Instead they taught me what I could do with it and that was to spend it on something I wanted.

Ten years after I had entered the work force, I had now read some books that gave me a purpose to savings (other than making me feel comfortable and buying stuff). Give your money a job, make your money work for you so that you don't have to. I have a mission, become a money boss and give my money purpose.

The Books That Inspired Me To Start This Savings Challenge

I love to read personal + financial growth books, the stories to keep me inspired and working towards reaching my own goals. The following books are ones that I love and recommend if you are looking for some inspiration.

Rich Dad Poor Dad | #Girlboss | The Richest Man In Babylon | The $100 Startup

I have several more financial inspired books on my To Be Read list but these are my current favourites.

How I Saved My Second Thousand Dollars 

I created a "My Thousand Dollars" savings account and set up my direct transfer of $20 each pay day to this account. At this rate I would achieve a thousand dollars every every twelve months. 

This savings account is completely separate to my regular savings account and the money in the challenge account had a very specific job. The money from these challenges is to be used to create or buy passive income producing investments.

My aim with the challenges is to create a thousand dollars without sacrificing my current standard of living to invest. Along with the $20 from my wages, I would contribute loose change, refund and reimbursement money, extra money earned from outside of my wage and money that was gifted to me.

It took me a while to get my second thousand dollars, because other than my weekly savings, I hadn't really done anything to accelerate the process. My slow savings of just transferring $20 each week on payday to my shares account would give me $1040 a year towards investing if I did nothing else.

A thousand dollars a year was better than anything I had been doing previously. But now that I knew what I wanted to do with my money, I had to do all I could to reach my money goals that much sooner.

How Did I Save My Second Thousand Dollars In Less Than A Year?

Well I finally did something different and found another way to add some extra dollars to the project. I found easy ways to make extra income online and started my first side business. I was officially earning money online side hustling! How very millennial of me.

I always aim to create each of my thousand dollars, without sacrificing my current standard of living { there will be no living below my means* }. This way I am living a life that I enjoy while I build up my savings and investments.

*Note : I truly believe that everyone should live within their means but that no one should live below their means

The Thousand Dollar Breakdown

$105.25 - Dividends from new and previous shares purchases

$560 - Slow savings ($20 deposits) from my wage

$144.75 - Extra Misc. contributions from my wage

$230 - eBay sales

Total dollars = $1040

Total Time = 188 days / 27 weeks / 6 months

It took me only six months to do a years worth of slow savings {cha-ching}. My next goal for my thousand dollar challenge, is to complete it in less than six months. With every thousand dollar challenge completed I will get one thousand closer to saving $50,000.

I loved getting the extra help from the dividends, it made reaching my goal just that little bit easier. Growing my dividend contributions to a thousand dollars, would sure make it easier to reach a thousand dollars multiple times a year.

Goals For My Third

  • Achieve my next thousand in less than six months
  • Grow my eBay sales contribution
  • Keep looking for other ways to add to it.
  • Find a really good "Why" - Something I could create an image for my vision board or keep in my wallet id pocket. 

Related Posts

My Third and Fourth Thousand Dollars 

My Fifth Thousand Dollars 

My Eighth Thousand Dollars

My Ninth Thousand Dollars

My Tenth Thousand Dollars

 

Pin This PostMy Thousand Dollars Savings Challenge | How I Saved My First and Second Thousand Dollars | How I was able to save money fast earning extra income online #thousanddollarsavingschallenge #savingschallenge #extraincomeideas #moneyboss #earnonline

If you are interested in starting a handmade side hustle a good place to start would be opening an Etsy shop. While I encourage people to get their own site, Etsy is a great place to start and test the waters with your products. 

When you are ready to really build your handmade business I recommend getting your own site. Buy your domain as early as possible to secure your brand name.

However if you are serious about creating your handmade business you should read my post about starting your blog + Biz with shopify. I highly encourage you to establish your own website and build up your brand as early as possible.

My Thousand Dollars Savings Challenge | My First and Second Thousand Dollars | How I Saved $2000 |  Financial Grow | NikitaRose.com


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