Reach your savings goal one day at a time.
Welcome to Day Three of the Micro Saving Challenge.
Would you like to reach your savings goal one day at a time? This challenge isn’t about making you rich overnight. It is meant to be a plan which uses small, baby steps to help you reach your saving goal one day at a time. I am going to focus on what can be done in just under three months. If I can do this for three months I know that I will find it motivating to move to a six-month goal and so on.
I am going to post a new entry each day talking about the challenges I have faced and the small changes I have made to get to my money-saving goal.
Step One
If you are just joining us and have missed the instructions from Day one, you can access them here.
Before we get started on day three’s challenge, make sure you have banked your 11-week challenge money. We are on the 5th day of saving. Challenge one should have £3.80 banked, challenge two £14.35, and challenge three £14.55.
As a reminder here is what you should be able to bank by December 31st by following this step alone: challenge one saves £30, challenge two saves £155, and challenge three saves £255. Pick a challenge which works for you and stick with it.
Remember to keep a track of what you have banked. The numbers today might seem small but I want you to remember this is a day by day challenge. It is not meant to change your bank balance over night however it is meant to show you that with a few small changes you can achieve big things.
Step Two
Hopefully you all had a productive weekend reviewing your direct debits and standing orders. I was delayed by my internet banking not being available but I will catch up this week.
Today’s challenge is a double bonus. You also get to declutter. I want you to make a list of ten things which you think you could sell. This might be children’s clothing, toys, unwanted furniture, the list is endless.
Don’t assume that selling on the second hand market ‘isn’t worth the hassle’ – if you saw my PayPal transactions I can assure you it is! Read our guide to Second Hand Children’s Items to make sure you get the process right. Remember that second hand doesn’t mean second best.
Step Three
Now you have your list decide on the best way to sell. Facebook selling groups are perfect for branded clothing, toys are perfect on eBay, and unwanted furniture on Facebook Marketplace.
Have a target in mind – don’t stop selling until you reach it! Here is a worksheet to help you keep track of what you achieve.
Try to target yourself to list two items a day. Know the best time to list and get the maximum attention. If you are selling on eBay make sure the end date of your auction fits in with your schedule. For example I try to always have an auction finish on a Friday or Saturday. On a Sunday I can pack the item ready to post on Monday.
Step Four
Now you have your plan you need to be super savvy when it comes to collecting the cash. PayPal is by far the safest option when you are dealing online. If you sell an item which is to be collected, make sure you transact in the daytime so you are fully aware of how much cash is being handed over.
Step Five
Now you are rolling in spare cash, don’t forget to make sure it finds its way to your savings account we setup on day one!
If you missed the day one instructions they are here.
