Money Making Challenge – how are you doing?

I am still going with my money making challenge. This week I managed to buy and resell another couple of items. So far I have spent $6.60 and turned that into $28. I still have a little way to go before I manage to double my first amount, but I am getting there.

I have decided to open the challenge up a little more. Originally the rules were pretty strict, but I am thinking instead of being so strict with how you do it I would be happy for anyone to link up with any blog posts on ways they are making money.

If you want to start the challenge with $10 you already have instead of waiting to find money, that is cool too. If you want to use resources you have to make money with the challenge, that will be fine too. Basically, alter the challenge to suit you, but I would love it if we could all keep the aim of doubling our money to eventually make $1,000,000 or whatever you decide to set your goal at.

I think that aspect of it is really interesting.

With the slight changes in the challenge I was thinking you could do any of the following:
– Use some of the money you have found to pay for the advertising of a garage sale
– Use the money to get an eBook created to sell on your site
– Buy things to resell
– Use it to print flyers and advertise services such as babysitting, lawn mowing, cleaning, ironing etc.

What are your thoughts? Does this make the challenge easier?

Another thing I am doing with the challenge is setting up a high interest saving account just for this purpose. I used the Moneyhound savings account finder tool to find the highest rate savings account in the market. While I only have a small amount of cash at the moment I thought about it this week and realized that every tiny bit of interest earned in this challenge will help. So it is better for me to have a high interest savings account now, rather than later.

I will be splitting my money at the money with half in the high interest saving account and half in cash so if I find something great to buy and resell or something I have some of the cash on me to do so, but at the same time I will be earning a small (ok, really small) amount of interest. Then as time goes on and I work my way up in the challenge I will be earning more interest, which will make it easier to double my money.

What are your thoughts? Do you have a separate account for the challenge? Have you done anything to make money this week and want to link up? This will now be a weekly feature, so if you want to post anything about ways you are making money or anything you can link up here each week!

2 thoughts on “Money Making Challenge – how are you doing?

  1. Saving the money is really hard task. So I would like to extent my gratitude to my parents who are really good in handling money.

  2. I decided to allow myself to start with $2.50, I paid for a ladies shirt on at the op shop, which I sold on ebay for a $10.50 profit, I have purchased some more clothes to sell, so will see how that goes, thanks for the motivation

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