£2,014 in 2014 Extra Income Challenge (Update)

Back in December I joined Sara (A Frugal Wife) in the £2,014 in 2014 Challenge*. The idea is to make and/or save an extra £2,014 throughout 2014.

*Because our annual budget starts in December, I’ve started the challenge already, and will finish it at the end of November. If you want to join in then pop on over to Sara’s blog and let her know….there’s great post about the challenge here.

December Extra Income Total: £213.00
- £5.78 Book sale
- £3.75 Cash back site
- £147.35 Refund energy company
- £56.12 Sealed pot

Money saved, not spent: £17.35**
- £4.06 Grocery budget
- £17.98 Misc spending
- £0.07 Energy DDR
- (£4.76) Budget overspend

**Money saved, not spent is from our budget categories (ignoring the mortgage payment).

My total for December is £230.35. Originally I planned to put the money into my sealed pot, but as most of this money is online, it makes sense to keep it in a bank account, sort of like a virtual sealed pot. To further complicate matters I sent a little of this money to the mortgage over payment last month…..I need to make myself a spread sheet so that I can track everything correctly!

2014 Totals: £230.35/£2,014

Tracking just for me: £61.80 sent to mortgage – account balance £168.55

PS. I’m still throwing any loose change into my sealed pot.

Comments

  1. savingfortravel says

    I am so impressed with how well you are doing in this challenge Laura! I’ve been tempted to join in myself :)

    December was a great month for you-that refund! WOW!

    I may well have a virtual sealed pot this year, as we did end up stashing a lot of our cash in an account last year for safe keeping.

    Sft x

  2. Done by Forty says

    I really should do something like this to motivate me to find clients, once I launch the bus…

    I’ll have to revisit this next month. Best of luck in earning that extra income! It seems like you’re well on your way.

  3. AlisonB43 says

    Hi Laura, sorry to be responding so late but we were away over New Year (no not frugal by so much fun!) and am just catching up properly. You did so well for December; like you I started a month early, and I though I did ok (better than expected) with saving around £150 in the month, some of mine was for electricity that we should have been charged but were not due to an admin error. I am not sure how I will continue to do this, but will keep chipping away and adding a few coins to the sealed pot and online savings accoun. I have goods to sell but am reluctant to ebay as you lose so much on fees (especially on smaller items) and postage, but the weather if far too bad for car boot sales. Really need to do something soon, as we will be moving on again by the end of March. Keep up the good work!

    • nomorespending says

      Hi Alison!
      You did great in December. I agree with you about eBay – I may do a little later this month, but I’m not sure yet. I’m also getting ready for a car boot sale as soon as Spring arrives.

      Like you I wonder where the money will come from every month, but it’s good to have a challenge :)

      Good luck!