Week 14

Week 14 sees me make good moneyYou may remember that I had set my target for this week at £300, the highest ever. As such, I knew there was much to do if I was going to reach this goal. I knew I had a couple of days of one off work scheduled which was handy, but that wouldn’t even get me halfway, and took two days completely out for doing anything else significant in the pursuit of earning money. It was always going to be a stretch, but I feel that I largely stepped up to the mark.

So, no doubt you’ve already scrolled down slightly and peeked a look at my eventual total out of curiosity. Yep, so I fell slightly short of the £300 target. However, I didn’t come too far short, and once again I was blighted by another rocky week for the FTSE (so much for the green shoots of recovery I was lauding last week)! It is always a risk with investment of this kind, and hopefully it will only be temporary, but if you isolate the losses of the Tracker Fund from my weeks total, I hit a respectable £287.67. I don’t wish to labour the point, but I feel that with that taken into account, I can look at the performance of this week with a degree of satisfaction.

The week hasn’t seen any unusual sources of income, but a couple of new things have surfaced. The Halifax Bank Account has begun paying the monthly fee into my account, so from now on that is £5 a month for the foreseeable future. Whilst it doesn’t seem a lot, it is entirely passive, ongoing income, they are paying me simply for holding the account. I recently also opened an online saver with them, the rate is only 1.25%, but it allows me to shift money straight through, and means I am at least gaining a small interest on that money for the short period I hold it until I am ready to invest it somewhere more rewarding. I thought it would be interesting to see just what kind of impact £5 a month could have in the long term, so decided to calculate it. This is under the assumption the £50 opening bonus is included, and that it is invested at an average return of 3% per year.

 Yearly EarningsCumulative Total
Year 162.33 (exc. bonus)112.33
Year 264.19176.52
Year 366.12242.64
Year 468.10310.74
Year 570.15380.89
Year 672.75453.14
Year 774.42527.56
Year 876.65604.21
Year 978.95683.17
Year 1081.32764.49

Money growing exponentially

The power of regular contributions and compound interest is considerable

It’s staggering to think the impact that simply choosing the right bank account can have on your finances. In another 10 years, this figure would be £1724.70. I appreciate this isn’t life changing stuff, but for just switching your current account, it really makes you think. I do realise it is unrealistic to think that this offer will go on for another 10 years, so I also calculated it assuming that the £5 bonus is discontinued in 2 years time. This still gave a total of £217.28 after 10 years – hardly to be sniffed at. If you’re interested in seeing the full results, or checking my workings, it’s all available here.

I also did my first ever car boot sale. Not only did it clear out a bit of junk, and bring in a fairly decent amount, it was also a new experience. I have a more in depth post about it to come later this week, so I won’t say much more about it at the moment.

Summer seems to be bringing out the footballers in people, as Saturday Night Football continues to be over subscribed. Perhaps there is room for expansion over the summer months. It is something I will look into.

In Summary:

Under the target by a fair chunk, but it’s still a respectable week. If only the tracker fund wasn’t performing quite so badly I would have come close to £300 this week. I would ideally have liked to have more passive sources of income by this point, or at least more regular big earners, and this is something I’m going to have to focus on in the coming weeks.

Revenues in Week 14:

Less expenses of £30.00:

Week 14 Total: £265.25

Running Total: £2462.29

For a full breakdown, see the balance sheet.
The Week Ahead: 

I’m not entirely sure where the money will come from in week 15, but I definitely want to get the cash I have to hand working for me. I also want to work on getting some more regular big incomes started, so will be exploring those avenues. Because of this, I will expect to spend a fair amount of time not actually making immediate returns, so will aim for £250 in week 15.

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Comments

  1. Catherine says:

    An encouraging week with good plans for further manoeuvres . Well done, I enjoy reading these and yor choice of bank account investments do make me think.

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