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My Thousand Dollars Savings Challenge
I have finally completed my second thousand dollars challenge. I first started my thousand dollar challenge in July/August last year. I had just finished digging my way out of some scary credit card debit and I was looking to reward myself by investing my money.
For my first, I used $1000 of my savings and bought some shares. I am a natural saver and I don't feel comfortable unless I have a healthy savings account. The trouble is no one ever taught me what to do with it once I had saved it.
Ten years after I had entered the work force, I finally read some books that gave purpose to savings (other than making me feel comfortable). Give your money a job to do. I had a mission, become a money boss and give my money purpose.
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. And every now and then I would transfer some misc savings into it to help it along.
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 I knew what I wanted to do with my money I had to do all I could to reach my goal that much sooner.
So how did I get my second thousand dollars in less than a year? Well I finally did something different and found another way to add some dollars to the project.
I always aim to create my thousand dollars without sacrificing my current standard of living. This way I am living a life that I enjoy while I build up my savings and investments.
$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
Only six months to do a years worth of slow savings. My challenge now, is to reach the next thousand dollars in under six months. With every thousand dollar challenge completed I will get one step closer.
I loved that extra help from dividends. Growing my dividends 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 get an image for my vision board or keep in my wallet id pocket so every time I open my phone/wallet I am reminded to keep going.
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.
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