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Hi friends! This year I have set myself a Christmas Savings Challenge, and to keep myself motivated, I have decided to blog about it and show my earnings so you can all see how I am doing.
What is the challenge?
For a bit of background, I have always saved monthly for Christmas and this year have set myself a challenge to pay for Christmas 2024 solely with money that I have made from selling my old items and the odd bit of change left in my bank account at the end of the month. To do this I am using a mixture of Vinted and Facebook Marketplace and am keeping a spreadsheet of all the money I make.
I am not making profit on these items, as I already own them, and am rather just recouping some of the initial outlay. This means that I will not have to pay tax on this income. Only selling my own personal items keeps me within the rules for the UK tax on ‘side hustle’ income from online platforms.
How will I break the challenge down?
My challenge is a very ambitious £1300, which is £100 more than my usual Christmas budget (hellooo inflation!). I think this will be a good target, but also know it’s going to be a stretch to reach this.
I have split down my annual target to give smaller, more manageable targets. My daily target is just over £3.55 and my monthly target will be £108.34.
The £100 per month that I would usually save towards Christmas will be diverted to my Stocks and Shares ISA. This money will go towards my wider savings targets. If it appears I will be very short towards the end of the year, I will divert some of this money back to my Christmas savings.
Results so far
As my blog is new, I will give my results for both January and February. In future I will just give a monthly update.
January
I was really happy with my January results as I was so close to hitting my target. These results were mostly due to selling my childrens’ outgrown clothes on Vinted, which seem to sell pretty well.
February
Quite disappointing results for February. There are, however, valid reasons for this. I had a long weekend away in London during half term, so switched my Vinted account to holiday mode for a week. Plus February is a short month, so less opportunity for sales.
Current running total
I will be tracking March’s earnings and adding more to Vinted. I seem to get better results when I list daily. Even just one item, as it seems to get me extra views and favourites on my items. Check out my Vinted wardrobe. Lots of bargains to be had and discounts for bundles.
I also have a plan to start selling some of my fabric stash. I used to sew a lot and have collecting tendencies for beautiful craft items! I’ve not sewn much in quite some time now, so it is time to get some space and cash back! I’m hopeful that this will help make up the shortfall from the past two months and meet my target for March. Watch this space!
Do you have any savings challenges? Comment below and let me know.
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