Fearless Finances - Part 1 - The $1000 project - and how to build yours
The first book I read in 2020 was Canna Campbell’s The $1000 project. As the content is written for an Australian audience the content was relevant and the message I got from her concept was two fold.
Firstly, the basic premise for the book is to side hustle parcels of $1000 that don’t come out of your regular income. The benefit of this strategy is that investing, paying off debt, or reaching any number of financial goals with these parcels means you are building your net worth outside of your regular income. Just be sure to open a separate bank account so you don’t spend it (more on this below). Secondly, it means, that for example the volatility of the current state of the share market would never mean you can’t eat or put food on the table. Sounds like some pretty solid bets to hedge if you ask me.
This brings me to my why, and a big component of sharing this series of posts. Three years ago I was in the most debt I have ever been in, and it wasn’t good debt. I had a car loan beyond what I could afford. I had a maxed out credit card, I was unwell physically and mentally. Something had to change.
As of January this year I have a positive net worth. And although I still have a student loan (HECS/HELP for those in Australia), I feel like I am in a place where I am empowered by my future. I feel healthy, happy and know I’m now in a position to take a career path I love instead of one I need to be able to keep up with the Jonses.
So you might ask, why have I signed up to and participate in the below surveys, apps and cashbacks? Because they don’t take much effort and work into my lifestyle of doing things I do anyway. I am literally building my shares nest egg by doing surveys, shopping and playing games!
In the last 5 months I have made in excess for $570 AUD using the below which has gone straight into my first $1000 parcel. Here is a curated list of what I personally use to help build my personal wealth.
Shopping Apps
How can shopping make you money you ask? By giving the customer, YOU a reward. Businesses have marketing budgets and by being listed on the app, they are spending that budget directly on giving you a cashback rather than through ads that may or may not get you to purchase their products or services.
It is no coincidence this one is at the top of my list! My all time favourite app. Once installed you basically purchase things from your favourite stores such as The Iconic, Booking.com and Dan Murphy’s and see cash backs be transferred directly to you. Link it to your PayPal and Viola!
This is the biggest competitor on the market to Cash Rewards and they have just launched a really fun little game in the app that you can win additional rewards from. Rather than aimlessly playing games while in iso. Why not try make some cash at the same time.
My favourite part about shopping cashback programs like Cash Rewards and Shop Back is that they both have an app and a notifier extension you can add to Chrome or Safari browser which pops up when you visit a website that contains a reward. And if you sign up, we both made a cool $5 bonus!
It’s so easy! I have made a combined $380 through these two apps alone since November. The biggest two earners I have had is booking travel and changing my energy provider. The other bonus in having both, is I check both when buying something online to see which has the best current cashback offer.
Just remember, don’t justify shopping just to ‘save’ for your parcel. This should be seen as a little bonus when you are buying something anyway.
Survey Apps
The most recent survey platform I have joined and a stand out by far.
Positive: Every time you complete a survey you instantly get a $ amount on your profile, it’s easy to use and Australian.
Money: I have made $70 in cash that has been transferred directly into my nominated bank account.
Use Code 4384LF
A fun app to use, just make sure you’re ready to take photos of your food, laundry or home activities.
Positive: Money gets deposited directly into my PayPal account, from there I transfer it directly into my $1000 project savings account
Money: I have made roughly $15 using this app. Ranges from $1-5 for completing small tasks.
Live Tribe - Website based (no app)
Few surveys in comparison to other sites, but they reimburse well.
Positive: The option to donate to charity
Money: I have made $60 and have the choice between getting money or vouchers to an array of retailers like Myer, JB Hi-Fi and Coles.
YourVoice / Life Points / WDYT - website based (no app)
Additional survey sites I use and log into when I’m on a roll and want to keep working through surveys.
Task based Apps
Use code MAYAW1
Photograph receipts from everyday purchases to earn cash and eGift cards. We'll both get 200 points when you upload your first receipt, just be sure to use the referral code above. Because I signed up with a code but skipped entering it and it wasn’t honoured.
This is by far the most lucrative way to make additional income. Surveys are based on your profile and range from testing new websites, phone calls and face-to-face interviews on new products and services. I have just signed up and did a 10 minute task online from the comfort of my home and made $10. Again, straight into my PayPal account which I send straight to my separate bank account.
Banking
I’m into the neo-banking scene and highly recommend Up Bank for your $1000 project bank account. Mr Lady Pink and I both got accounts when we went to Europe in November as there are no international transaction fees. Completly app based it is the most user-friendly bank I’ve come across for a melennial. It’s intuitive, easy and rewarding. You can add emojis to your savers, no monthly fees, and they update you on monthly developments. It is also boasting some of the highest interest on the market (albeit low, so stay tuned for part II and III on increasing wealth and investments). Up is powered by Bendigo bank, so is a bank you can trust as it carries the government guarantee to $250, 000. If you would like to sign up, message me on Instagram as you will need to supply your mobile phone number or email for me to add to Up as a referral and they will send you a sign up link. Plus, for a limited time we both get $10! Can you start to see how easy it is for extra money start to roll in?
Bonus Activity #1 - Your first $1000 parcel
Each week I will bring you a bonus activity to complete.
In January I sat down and listed out everything I could do to achieve my first $1000 bundle. I added the above links as legitimate was to gain side-hustle income but I also looked at my hobbies like gardening and propagating plants. Let’s work together on the below activity to identify how you can manifest your first parcel.
Open a notes tab on your phone or pull out your trusty notepad.
What things could you do or sell to add to your first parcel?
If you’re at home right now, can you Marie Kondo the depths of your wardrobe in your spare time?
Have a think about your hobbies, do you have a skill you can offer like teaching someone Photoshop, cleaning, tutoring or baby sitting?
Do you garden, have knowledge about a particular area like cars or fixing appliances, planting and selling seedlings, are you a photographer and could sell stock images?
What do you do in your job that you could side-hustle? Like an electrician making lamps or a builder making bed frames.
Try think outside the box, I had a toll pass from the car I sold, gathering dust in a draw, I had never thought more about it but this activity made me pop it in an envelope and post it back. And guess what, I am waiting for $30 to be transferred back into my account this week which I will transfer straight into my parcel.
The $1000 Project by Canna Campbell has more ideas and is available at the Book Depository with free shipping.
Thank you,
Maya xx
Links in this post can also be found on my instagram linktree.
Disclaimer: This article is for educational purposes only contains general information only and is not intended to be used as personal advice. I am not a financial advisor. Some of the above links provide referral rewards. I use all of the above and recommend them personally. Read all T&Cs on each website and make your own decisions.