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For people who feel that they have saved as much money as they can on their current expenses, but still would like to build a cushion or emergency fund, the 52 Week Make Money Challenge is an excellent way to increase income by nearly $1,400 ($1,378) during the course of the year.
It accomplishes this by having the participant in the challenge find ways to increasingly make a little more money each week above and beyond their normal income. In many ways it’s like the 52 week save money challenge with the emphasis on making money instead of saving money. There are three variations of the challenge which can be attempted.
The Standard Challenge (Click on Image to Print)
The standard challenge is fairly simple and straight forward. The first week you figure out a way to earn $1. The next week (week two) you figure out a way to earn $2. The week after that (week three) you must earn $3. You continue to do this so that whatever week it is during the challenge, that’s the amount of money you need to make. When you finally reach week fifty-two, you should make $52 that week. After all the weeks’ earnings are added together, you will have made an extra $1,378 during the year.
The Alternative Challenge (Click on Image to Print)
The alternative challenge will still make the same amount of money ($1,378) at the end of the year, but it gives you a bit more flexibility when it comes to how much you make each week. Instead of going in order from $1 to $52 each week of the year, you choose the amount each week. For example, if during the first week you were able to make $35, you would cross out the $35 box at the bottom of the sheet, then place $35 in the first week’s line for the amount you earned. However much you earn each week between $1 and $52, you cross off that amount and add it to your growing earnings.
Due to the flexibility with the alternative method, it gives most people a better chance of completing the challenge. It’s difficult to know how much you’ll be able to make from week to week, and the alternative method takes that into account. The goal should always be to try and earn the highest amount possible each week, but if life throws some challenges your way in the later months, and you’re only able to earn a little bit for a few weeks, you can cross off the smaller amounts without failing at the challenge.
There are three basic ways that you can approach this challenge, depending on what you feel gives you the greatest chance of reaching the goal, and what you’re most comfortable doing.
1. Single Money Earner
The single money earner method is where you decide on a single way to make money throughout the year, and do that every week as part of the challenge. For example, maybe you have a lot of extra stuff lying around the house, and you decide that you’ll begin selling it as the way to earn money. Each week you sell one or more items and whatever profit you make, you put toward the challenge. You end up focusing on this one way to make money throughout the year to try and achieve the goal.
This option is best for a lot of people simply because of the virtue of focus. If you focus on one thing and get better at it for a year, at the end of the year, you’ll get really good at earning money from it.
2. Varied Money Earners
In this version, you try to do a lot of different little things that when all added together, help you reach the challenge goal. For example, maybe in addition to selling some of the things you have around the house for profit, you also begin to do online surveys, babysit on weekend evenings and begin knitting baby hats to sell at fairs. Instead of focusing on a single method to make money, you explore a variety of different methods as part of the challenge. I’ve listed a few ideas down at the bottom of this posting to help get you started if you like this idea.
3. Combination
Another option is to a combination of the above two. In this scenario, you would choose something as the main way you plan on making the extra money, and also add in other opportunities. For example, maybe selling stuff around the house that is no longer needed will be your main focus, but you’ll also do a survey now and then as an additional source to add to the challenge.
Whichever way you decide to approach this challenge, it’s a good alternative way to create an emergency fund that doesn’t involve looking for ways to cut back on expenses. It’s also a great way to get your entrepreneurial spirit going, and an excellent way to begin creating a variety of income streams so that you aren’t so reliant on a single income source.
So, How Do I Earn The Money For The Challenge?
Lastly, you might be asking, “Okay, how do I make money?” Here are some ideas if you want to get started on the single or varied earner options:
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- Taking Surveys: The best app in this space is: 1Q. 1Q pays you 25 cents per QUESTION, which is the highest rate in the “get paid to take surveys” space. It won’t supplement your day job, but you can pick up the $1 or $2 you need per week for the challenge. You can get it here.
- Selling Your Electronic Data: Due to regulatory changes, your data is now recognized under law as your property. This means you get paid for sharing your demographic information, web surfing history, transaction data, etc. If you want to do this, consider going with Nielson Opinion Rewards, Savvy Connect, and Earn App. All three of these companies actually pay you for your information. They’re all super easy to install and payout reliably.
- Investing For Passive Income: Buying stocks, bonds and investing in real estate investment trusts is an excellent way to earn money. These assets generally pay you on a monthly or quarterly basis. While you’re working on this, consider getting accounts with Robinhood. Robinhood is going to give you up to $200 in free stock for signing up. You can either sell the stock or invest in a way that brings you some income. Sign up is easy and takes about 15 minutes. You can do it here.
- Get A Well Paying Part Time Job: Three good jobs that are part time, and pay well are: mail carrier, personal driving (Uber & Lyft), and real estate agent. Agents typically have to work a great deal, but when they do get paid, the hourly rate is often more than $50 per hour – which is good.
For more lists of ways to make extra money, consider these:
Check the SavingAdvice Forum’s forum on ways to make money.
PTMoney.com also has a solid list of 52 ways to make extra money.
Financebuzz also has a list with some offbeat extra money ideas that might help fuel your challenge.
(Photo courtesy of Nick Ares)