Thursday, September 16, 2010

"New Found Money" Challenge

Once a week, I conduct an evening personal finance class for adults. For the last three weeks, we have discussed budgeting and building up an emergency reserve. Tonight, we talked about how to get rid of debt quickly. For all of these topics, I have stressed attracting extra money that is all around us.

In the first week, I challenged the class to sell two of their belongings. I sensed that some people thought they had nothing else to sell. I could easily offer the same excuse since I am not a shopper. Something told me that someone in the room felt they didn't have time to sell things. I certainly could see how someone with my schedule (and even busier) might believe that. I decided to include myself in the challenge. In addition to selling things that week, I decided to continue the challenge for myself for the remainder of the course, which is 9 more weeks.

What if I list for sale a couple things a week, with no rush or Herculean effort? How much can I bring in to add to our retirement contributions? What is possible for others who need to fill an emergency fund or add to their debt snowball? I am curious about the results of calm, consistent baby steps.

Yard sale season is nearly over, so there's that obstacle, but I'm sure there is always a way, rain or snow.

Here is the "New Found Money" Challenge:
  • For 10 weeks, from September 13th until November 20th
  • List something for sale or offer a service every week
  • Minimum of two items or services per week
  • Once a week, update results

Here we go!

Week of September 13th
watch $10
file cabinet $8
quote tile $5

In addition, I participated in a post-partum interview for a study about birth defects and was compensated with $40.

Total this week: $63

1 comment:

  1. Great blog Adhis!
    I've had friend participate in those types of surveys and have always been interested how you find out about them and how you do them.
    I also love your challenge to sale things. I'm doing it! Good stuff!