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
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.
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.
--downside to these surveys: endless data entry on your name, address, date of birth
--increased amounts of spam / junk email
c. Scan: Scan your grocery receipts instead of clipping coupons.
Checkout51.com (not 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!
--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!
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
--get rid of stuff. Say NO to hoarding!
4. How Far Can You Double Your Penny?
--try your luck
--what's to lose by trying?
--you'll just have more money?