The ultimate money making challenge.
If there’s one thing I’m really bad at, it’s being patient. When I set a goal, I want to achieve it right away.
And lately, as I vacillate between wanting to continue working and wishing I could afford to work part time, I’ve become extra determined to get rid of this student loan debt once and for all. After all, I can’t work fewer hours with so many bills to pay.
And so, I decided that I would challenge myself to make $4,500 in only 90 days.
A bit about my situation, first.
Since I teach, I get paid through the summer months even though I am not working. Just before the end of the semester, I received excellent news: a summer class was in need of an instructor, and I could do it. While this means my summer break is 6 weeks shorter, it also means extra, unplanned income.
Because this money is fair game for anything, I decided that I will put it on my graduate student loan, which is the real dead weight at a 10.37% interest rate (ouch!).
The extra money would surely put a dent in the total due, which dropped to just under $8,000 this month with the help of some extra payments, but I wanted to do more. That’s when I came across the story of how LBee paid off $8,000 in 90 days.
“Hey, I can do that too!” I stubbornly thought, and texted my husband to let him know I’d be paying off my graduate loan before the end of August.
He wanted numbers, and I bet you do too.
Why $4,500 in 90 days?
With the money from my summer class, $4,500 should be enough to cover the rest of my student loan balance. $4,500 seems like a lot to make in 90 days, but as with any large goal, you can play mind games with yourself to make it manageable.
Ultimately, $4,500 in 90 days breaks down to $50 per day, or an average of $350 per week.
Since $50 each day is a lot to make, I averaged it out to a goal of $350 each week on average. What I expect to happen is this: weeks 1-3 will be slow. I’m going to hustle hard, but I don’t anticipate hitting my weekly goal — yet.
Another 90 day money challenge
As I was perusing Pinterest
procrastinating looking for inspiration, I came across another 90 day challenge that complements my goals so completely: The Ultimate 90 Day Plan to Boosting Your Freelance Business at Horkey Handbook.
Wow – talk about finding exactly what I was looking for! This 90 day plan is also a challenge in and of itself: the goal is to pitch, pitch, pitch. I plan on using the guidelines here to bring up my freelance business. What I hope to see happen is an increase in income over the course of the 13-ish weeks of this challenge. After all, if I started at $350 each week, where would the challenge be?
Want to make $4,500 before the end of August?
As much fun as this challenge will be, I’d love to have some people on board with me! Over the next few days, I’m going to be setting up some posts on choosing a number, selecting appropriate side hustles, and getting your family on board. I’m also going to detail how I plan on side hustling my way to $4,500 before August ends.
My challenge officially started on Monday, May 23rd, and will end on Sunday, August 21st. Want to join me or check my progress? Follow me on Twitter (@RSFAlexandra)!