Double A Penny

Wanna make a quick $10,000,000? Just start with a penny and double the amount each day for 31 days!

 

I stumbled across this incredible calculation in an article by one of my favorite finance bloggers: BudgetsAreSexy.com.  

Plug it into a spreadsheet.  

See for yourself

>$10,000,000 MILLION

Wow! Incredible!

Personally, I would hit a wall mid-month with my ability to double the previous amount.  Where would your path to $10,000,000 end?? Do you even have a savings account? Or is your income fixed?  Maybe unpredictable? Do you want to save, but have nothing left at the end of the month? 

Where could I find extra cash without busting my budget? 

What's out there right now that could help people on a 'fixed budget', ie college students sock away a few extra bucks?  Maybe you can't get to $10M in a month, but with a little (untouched) savings in your twenties, time could transform even a small amount into a tidy sum without much more effort on your part--just like that little penny, doubling it's way to $10,000,000!  

Well, there's a whole world out there! 

ThePennyHoarder.com has been a tremendous resource on tips and ideas to raise extra cash for savings without sacrificing your budget.  

1. Open a savings account

--deposit anything--$2, $3, $4, or $5

--set a reminder to make a deposit, any amount, monthly

--compare rates, deals and incentives for college students

--just get started!

2. Make a budget

--look at your spending over the next 30 days

--a rough outline of your major necessities (ie clothing, food, bills, supplies)

--deposit another $2, $3, $4, or $5

--need help? www.budgetsaresexy.com  


3. Raising Cash--In Small Measures

(Adapted (and supplemented) from ThePennyHoarder.com)

a. Coupons: The key to coupons is only buying what you actually use and need.

coupons.com  

inboxdollars.com  

couponinsanity.com 

ebates.com (some of these give you bonus, but only after a purchase)

'Deals' Smartphone App (lists local restaurant, retail offers)

'SnipSnap' Smartphone App


b. Surveys: These come in a variety of options.  Why not? If you commute, have downtime, easy way to add a few dollars to the bottom line.

inboxdollars.com 

mysurvey.com 

--downside to these surveys: endless data entry on your name, address, date of birth

--increased amounts of spam / junk email

--tedious


c. Scan: Scan your grocery receipts instead of clipping coupons.  

Checkout51.com (not store-specific)

Ibotta.com (store-specific)


d. Memberships: If you shop frequently at a grocery or drug store get the membership for discounts.  This can be especially effective if your coupons are featured at your store--double score!

--Walgreens

--CVS

--Grocery stores

--Sports Authority / Dick's 


e. Testing / Tasks / Trials: Sign up to test apps, ads, review various things for different sponsors, even head into McDonald's / Chipotle to document price listings!

--'Rewardable' Smartphone App


f. Gift Cards: If you are disciplined and have a good sense of your budget, purchase discounted gift cards for all your necessities, i.e. like groceries, clothing, supplies, toiletries. 

--Your $100 grocery budget may just cost $86. $14 to save right there.

--Your $50 clothing budget may cost $45. Shop at a discount retailer and save more.  


Raise.com  (great site) allows you to buy and sell gift cards.  


g. Cash Back Credit Cards: If you have any trouble with discipline, do not go here. You must be disciplined to consider this option.  If you don't know or trust your spending habits, skip this suggestion!

Disclaimer:

I only recommend this if you have the cash in your account, understand how credit cards work, and are 100% committed to immediately paying off the credit card after purchase.


--Get your cash-back reward. Log-in. Pay off. Do not delay!

--multiple cards exist with cash-back awards. Make sure it is 'NO-FEE'.

--buy your discounted gift cards with your cash back credit card--2x savings

--use those discounted gift cards with coupons--triple savings

--use at your discount retailers (like Marshalls / TJMaxx)--triple savings


h. Purge

--get rid of stuff. Say NO to hoarding!

--Ebay

--Craigslist

--Alibris.com

--bookscouter.com

4. How Far Can You Double Your Penny?

--try your luck

--what's to lose by trying?

--you'll just have more money?