Week 18 of the money mental earnings challenge – another successful month!

Week 18 of the money mental earnings challenge – another successful month!

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Hello readers! And welcome to week 18 of the money mental earnings challenge! After having already smashed my monthly target this week was all about earning those all important extra pennies!

For those of you are unfamiliar with the challenge and what I’m trying to achieve you may want to start off by reading this post here.

The target is to make £430 a month to cover the costs of my car loan, car insurance, and road tax. Each week I will be reporting on my progress towards this monthly challenge. I’ll be using a variety of different sources to earn money details of which I’ve written about in this post here.

If you want to see how I did in the last week of the challenge you can find out by clicking here.

Each week I’ll give a breakdown of what I’ve earned and how I’ve earned it before. As previously mentioned my main source of income to support the challenge will be buying and selling goods on eBay so for reporting purposes I will include details of what items I sold on eBay, how much it cost me, how much I sold it for and how much profit I made after fees. The last figure will be rounded down to the nearest 50p for ease.

So here’s week 18!

ebay:

Disney Lady and the Tramp snowglobe (needs repair) – cost £6.99 from a charity shop, sold for £30 including shipping. Total profit after fees £14 (I could probably have held out for more on this but given the damage to it I was happy to take the profit).

FX Schmid the grocer’s shop jigsaw – cost £2.50 from Sainsburys, sold in a 10% off sale for £11.69 including shipping. Total profit after fees £4.50

Barbie VW Beetle – cost £5 from a charity shop, sold for £36.99 including shipping. Total profit after fees £18 (shipping cost was high as it was sent abroad).

Samsung CD Rom Drive – cost £5 from a charity shop, sold for an offer of £15 including shipping. Total profit after fees £5 (happy to see this go for a profit as I’d had it for months).

XLS medical max strength – cost £2.99 from Home Bargains, sold for an offer of £9 including shipping. Total profit after fees £3.50

Gunman Chronicles PC Game – cost £0.10 from a house clearance store as part of a bundle of games, sold in a 10% off sale for £4.69 including shipping. Total profit after fees £2

Tropico 1 PC Game – cost £0.10 from a house clearance store as part of a bundle of games, sold in a 10% off sale for £4.69 including shipping. Total profit after fees £2

Brand New Ellesse Bum Bag – cost £6 from TK Maxx, sold for an offer of £15 including shipping. Total profit after fees £4 (could have held out for more on this but I was happy to free up funds and make a profit).

Edu Science Kids Metal Detector – cost £1.50 from a charity shop, sold for £17.99 including shipping. Total profit after fees £11 (This £10 plus profit is what I’m switching my business model towards acheiving on every item so you’ll start to see me sourcing stock with greater profit margins as time moves on – although I still have a lot of low value stock to sell first).

Flying Scotsman Print – cost approx. £0.20 as part of a bundle I won on an eBay auction, sold for £12.49 including shipping. Total profit after fees £7.50 (this had terrible pictures so I was amazed it sold).

XLS fat binder – cost £7.99 from Home Bargains, sold for £16.99 including shipping. Total profit after fees £5

Apple Store Plastic bag – came free as it was given to me in a charity shop to hold my purchases in, sold for £3.99 including shipping. Total profit after fees £2.50 (just goes to show you can sell anything on eBay!).

Harry Potter Wand Pen – cost £0.50 from Morrisons, sold for an offer of £4.50 including shipping. Total profit after fees £2

Atlas London Transport Bus model – came as part of a bundle from car boot sale, cost £1.67, sold for an offer of £8 including shipping. Total profit after fees £2 (this was the lowest value item in the bundle so was glad to see it go for a profit).

Forza T5 pills – cost £4.99 in Home Bargains, sold for £15.99 including shipping. Total profit after fees £6

Star Wars Micro Machines R2 D2 set – cost £1.99 from Home Bargains, sold for an offer of £10 including shipping. Total profit after fees £3.50 (I really thought this would sell for more during Q4 but it didn’t so was happy to see it go for a profit).

Accupuncture Fatland trainers – cost £8.99 from a charity shop, sold for an offer of £45 including shipping. Total profit after fees £27.50 (Paying up for stock does bring greater profits!)

2002 Monopoly – cost £2 from a charity shop, sold for an offer of £10 including shipping. Total profit after fees £3.50 (could have held out for more but I was just happy to make a quick return on this).

1988 vintage Garfield Hand Puppet – cost £4 from a charity shop, sold for £18.99 including shipping. Total profit after fees £9.50 (had this for months and gradually lowered the price until it got a sale)

XLS fat binder – cost £7.99 from Home Bargains, sold for an offer of £14 including shipping. Total profit after fees £1 (this was my last one and I’m selling at well above market value so I took the money and ran!).

Caterpillar Motorised Train Set – cost £6.50 from Morrisons, sold for £24.99 including shipping. Total profit after fees £12 (a great piece of Retail Arbitrage).

Harry Potter Makeup bag – cost £3 from Boots, sold in a 10% off sale for £11.69 including shipping. Total profit after fees £4

Total eBay income: £146 – much better than last week but I’m still falling short of the £200 a week that I really want to be hitting, hence I’m starting to change my business model away from high volume low profit sales towards higher profit but lower volume sales.

Facebook Income:

No Facebook sales this week.

Total Facebook income: £0.

Other Income:

No other income this week.

Total other income: £0.

Week 18 total income: £146

So a better week than last week with some strong sales as I started to turn my attention back to ebay and away from some of my other projects. Adding this week;s total of £146 to this month’s running challenge total of £523.27 gives me a grand total for the end of this challenge month of £669.27. So I’ve beaten the challenge target of £430 by over £200 which I’m very happy about. Next month will see new developments as I will be securing a storage unit to house my stock in. I’ve decided to this as it means I can start securing joblots of stock from new sources such as auctions and wholesalers. It also means that I can convert my stock room in my house into a photography room and home office which will hopefully mean I can start taking better quality photos and so generate more sales! It’ll also mean that I’ll be able to list more stock and package stock quicker as I’ll have a proper dedicated space to perform these activities. It does however, mean that next week will probably see my focus diverted into securing storage and relocating my stock to the new location so sales may suffer. My sourcing strategy is also changing towards securing items with bigger profit margins in the hopes that I can start making in excess of £200 a week profit.

Wish me luck!

Thanks for reading.

Andrew

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