A few weeks ago I told you about the Creative Income Challenge, which is my effort to save money using a separate online bank account to hold all sorts of random income I receive from a variety of sources including mail-in rebates, credit card rewards, and money earned through surveys, focus groups, and selling stuff from around the house.
Basically any income earned outside my day job and my online business will go into the Creative Income account and sit there until there is enough to cover a family vacation to Florida.
I chose a Florida vacation as a goal to help keep my wife and kid engaged with the challenge and because I think we’ll be more successful if we have something fun to look forward to as a reward.
So less than a full month into the challenge, we’ve managed to accumulate almost a hundred bucks, which is a decent start.
Here’s how much we earned in March:
Selling stuff you no longer need is a great way to make extra money and we were able to quickly sell two items. I unloaded a spare sledge hammer on Craigslist and my wife sold a toy kitchen play set the kids no longer used on Facebook.
A fortuitously timed mail-in rebate from our new refrigerator gave our savings account a nice boost, and I also withdrew some Discover credit cards cash rewards.
And of course we earned a penny in interest! That doesn’t seem like much but as the account balance grows the amount we earn through interest will increase each month.
We’re early in the Challenge here but it is nice to see a few deposits already added to the till. We still have two mail-in rebates outstanding and a few other income opportunities on the horizon so we should be able to add to the account before the next update.
How about you join the Creative Income Challenge and play along?
Image by Kristina Alexanderson