Almost a month ago I posted about making an extra $20k this year (mainly by ‘flipping’ items) and how you can do it. You can read it here.
I said it worked out to be about $2,000 a month, so here’s my breakdown for extra cash this past month which worked out to be $2,710 plus with a few other savings I was able to make I stashed aside an extra $4,500.11 in my savings!
1.) Sold stuff I already owned – $2,120
I sold some jewellery and a few other things for $2,120. While the jewellery is technically worth a lot more, I wanted it gone and the price was good enough. I had tried selling it privately a few times and it didn’t work, so I took it into Cash Converters and wasn’t totally offended by the price offered, managed to push them up a little from their original thoughts into a ballpark figure I was ok with. I wanted it done by a certain time and having it gone made me feel so much lighter. That alone was worth more than the money.
2.) Bought things to sell – $15
I only sold 2 items ($25 total, the purchase price was $10, so $15 profit as my fees come into the postage cost). I did pick up a few things on the $2 rack that are currently listed for around $10 each. Considering the main aim of this was to buy stuff to sell, it’s not a great start! I explain why I couldn’t do as much as normal further down.
3.) Extra services – $575
I did a few extra services I don’t normally do this month resulting in an extra $575. I have a variety of skills including being a qualified hairdresser and beautician which sometimes come in handy when I have the free time and fee like it.
Total extra for my first month – $2,710
On top of the extra income, I did a few things which saved money.
1.) Refunds – $755
I went over my expenses, services I am paying for or have paid for to cancel what I don’t need. This resulted in $755 saved. One was a service I had cancelled then this month they deducted the service fee. I saw it immediately and had it refunded, plus confirmed the service was cancelled. I decided to put this straight into savings.
Another part of this was a service I paid for last month for 12 months, but no longer need as I found a free alternative. They happily refunded the remaining 11 months. The last part of the $755 was an online order I did for click and collect which did not in store arrive after a week, which made it past my birthday when I wanted it for. Their customer service was atrocious both in-store and on the phone, so I won’t be ordering from them again.
2.) Reduced rent – $600
Long story, essentially I was interstate most of this month and did not have to pay rent in Melbourne because of it. I paid a nominal amount where I am staying but this saved me another $600.
Problems or downfalls this month
1.) Issues in my personal life
I had a few issues, resulting in me leaving the city for a few weeks so I was not home to be able to buy stuff, list it and store it. Kind of hard to do a flip challenge when you don’t have space or time!
2.) Kids around 24/7
I love my kids dearly but due to the issues mentioned above, we have been together 24/7 for most of the past month, including school holidays where normally I would have them in vacation care some of the time. This severely reduced my capacity to work at all, let alone do the flip challenge.
My thoughts on the 2017 Flip Challenge so far
I have an extra $4,500.11 in my bank account, so to me, it’s an awesome challenge. I haven’t completely done the ‘flipping’ part as well as I planned, this month I will focus on that more.
My overall aim was to make an extra $20,000 in 10 months, show how you can and hopefully encourage others to do things to make money.
Are you doing the 2017 Flip Challenge or another money making challenge?
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