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My Thousand Dollars Savings Challenge
I have just completed my third and fourth my thousand dollar challenges. And I think I have finally found my why for doing these challenges.
I started this project last year after pulling myself out of some credit card debit and a brief conversation with a customer.
While serving a customer and I asked the usual conversation starter "been busy today?" this customer stated that he's never busy. He told me it was because he retired at 35 thanks to his granddads thousand dollar shares advice.
The granddads advice was simple, saving a thousand dollars and buy shares, receive dividends and repeat.
So I thought I would challenge myself and see just how long it would take me to save $1000 without sacrificing my current standard of living.
The first and second thousand dollars took 6 months each time. Mostly because I was concentrating my efforts on saving as much money in cash so that my partner and I could get a loan and buy a house.
Now sadly earlier this year the bank declined us. I am self employed and we were told that we needed to earn an extra $150 per week before they would except our application.
So we have decided to put off buying a house for another year or two since we have a new 6 month rent contract for the house we are currently in.
We are making some changes to our incomes in the near future so that the next time we apply we won't be knocked back.
In the mean time I decided to spend a small amount of that lump sum I had saved up for our deposit to buy some more shares. I felt like I need to do something to achieve a sense of control over my finances. (I admit my pride was severely bruised by the decline.)
Third And Fourth Breakdown
$2040 - Taken from house deposit savings
$80 - Slow savings deposits from my wage ($20p/w)
$105 - eBay sales ($5 from each sale for the month of February)
$40 - Misc. cash
Total cost of Third and Fourth shares purchased $2080
This means that I have $185 left over cash to put towards the next thousand dollars. Only $815 left to go.
Goals for my Fifth
- Keep growing my eBay sales contribution.
- Achieve my fifth in less than four months.
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.