Tuesday, 1 May 2012

SFT's Challenge: Find an Extra £50 in May!

Saving For Travel has a new challenge over on her blog. To compensate for an increase in monthly living costs, she has decided to find an extra £50 in May and challenges everyone else to do the same!

The money can be from additional wages, ebay sales, savings (using coupons instead of cash, for example); anything that raises £50 more than you would otherwise have.

This challenge ties in nicely with one I set myself back in February. When I went from two jobs to one, I decided to make sure I had extra money coming in each month to supplement my wages. An extra £50 will be a nice addition to May's budget!

Ways I Might Raise an Extra £50
  • Extra shifts at work – This seems like the most likely option, although I hope to use a variety of methods!
  • Selling unwanted stuff on ebay – I sold a few things in April with some successes. This will encourage me to do some more decluttering! :)
  • Collecting change – I stash away any 1p, 2p and 5p coins I find in my bag at the end of the day. If I can collect £1 of coppers or £5 of 5ps then I can deposit them into the bank. I don't use cash often though so this will be difficult!
  • Using loyalty points instead of cash – I have Nectar points, Tesco points and fuel points all likely to give me a voucher this month. If I use these I can bank the savings.

Saving For Travel said she will be putting her £50 towards her trip to Japan next year. I will allocate any extra money I make to my Moving to Bristol fund.

Anyone else signing up for this challenge? What will you put your money towards?


Wean said...

£50 a month = £12.50 a week, doens't sound too bad when you put it like that. I wouldn't have thought it's going to be too difficult, careful meal planning, bagging bargains and using the car less should take care of it.
I'll join in,I'm always watching the pennies anyway, but never 'logged it' before.

amandaa5449 said...

Me too Im in for it. Ive just sold aload of old CD's and DVD's to music magpie so thats gives me a £12.64 start, Im going to walk more rather than the car and I may dig out all my nearly 5 year old baby stuff to sell as plans to save them for another baby never materialised so I expect to hit the £50 by the end of the month x

saving for travel said...

Sounds like you've got some great ideas for your challenge.

Good luck!

Sft x

Meanqueen said...

i don't know how I can cut down any more than I already do. I don't do ebay so can't sell anything there.

kelley said...

I'm in...loads of things I should be listing on ebay...plus eating healthier.less would help...where will I put the $...towards my student loans of course!

Astra said...

im joining in that too :) your contingency funds sound really organised, ours is just all in the savings account... ill put my extra in there :)