Welcome! I hope I can help you find great deals, explore budgeting ideas, try new recipes, and share frugal living tips. Thanks for stopping by!

May 4, 2010

The $10 Competition

A few weeks ago Money Saving Mom had a guest post labeled the $20 Bill Challenge from Life as I See It. The purpose of the challenge was to earn a little extra money this year.  Daniel and I decided that it would be fun to try, but we have modified the rules a bit. 

Our $10 Challenge

A few Reality Checks
During our move, we realized that we have a lot of stuff that we need to get rid of.  We are both sort of pack rats- we never get rid of things because we know that we will need them again one day (but who knows when)- so we have a lot of stuff.  This is not junk, we just don't need it all right now.  So we decided to try and sell some of this stuff.

During our vacation to San Francisco we realized that there are some things that are worth a few dollars.  We had a goal of spending very little on the trip, which is a good thing.  We found, however; that it is worth a few dollars to make a memory.  Our dilemma was that we wanted to save as much as we can towards vet school while we are both able to work.  How can we justify splurging on fun stuff?

Our Plan
Daniel & I have created our own challenge- a $10 challenge.  We each have $10 of capital to start with.   At the end of the year whoever has generated the most income from that $10 wins the competition.  We have not decided what they will win yet, but for now the spirit of the competition is enough drive.  :D 

The proceeds from the challenge will be put towards our summer activities and vacations.  This will maximize both the amount of fun we will be able to have and the amount of money we will be able to put into savings.

1.  We must ask permission before selling anything.
2.  We cannot use more than the $10 capital + any revenue we generate from our ideas. 
3.  We are not allowed to steel eachothers ideas. Once one person has stated a plan it is theirs.
4.  We are allowed to ask for help.  The money earned from joint ventures can be split if necessary.
That is it for now.  More rules will be generated as needed.

I am very excited to have a little motivation in getting rid of some of our stuff.  We both have come up with some good ideas- I am excited to see if they work!  Once we have a little success, I will update you on our challenge.

My first Idea/Goal

I enjoy creating things.  If I had a lot of time & space, I would spend it scrapbooking & creating decorations for our appartment.  Last fall I participated in a craft show with my mom & sisters.  I still have left over inventory that is just sitting in a box.  My first goal is to sell some of those items.  Wish me luck!

Life as I See It recently posted 10 ideas to make more money to go along with their $20 challenge.

No comments:

Post a Comment