Double My Emergency Fund Challenge: Two Sources of Extra Income

Building an emergency fund is not an easy task for me. I’m used to running to my parents for financial aid. But thanks to some emergency situations that I ran into these past few months, yeah, I had to learn my lesson the hard way, I now know I had to clean up my act and improve my financial management.

Starting with this challenge of doubling my emergency fund within two months hopefully will jumpstart things.

So how do I plan to get things going in making this emergency fund saving challenge successful?

1. Take on new jobs

As I’ve mentioned with my introduction of this challenge, one way to make it easier for me to save money for such endeavors is to make money - taking a new job. I’m a blogaholic and almost 30% of my monthly income comes from blogging jobs. It’s a good thing that blogging opportunities abound nowadays. So, it’s just logical that I take on new blogging jobs since aside from I almost don’t consider it as a job because I find it very fun, you can’t consider the pay as just a pittance if you can manage to maintain a number of them. Just this month, I bagged two more blogging jobs from a blog network that will make me an extra $100 each. So that’s already $400 ($200 x 2 months) from these two new blogs.

2. Maximize blog monetization.

Currently, I am focusing on producing more content for my four blogs. These blogs are my own, which means they’re not from blog networks. That also means that I get 100% of the revenue they generate. Of all these four blogs, only two are sending some decent money my way. And when I say decent, I mean about $100 to $150 per month. That income usually goes to my monthly utility expenses. So if I’d like to raise money for this emergency fund challenge, that blog money definitely needs to increase. I know that blogs start to earn you money only after a few months of your working on them. So I’m not expecting that the income I get from my blogs will double within just two months. In stead, I’m looking for blog monetization methods that has immediate payout schemes.

One of the blog monetization services I’m eyeing on is ReviewMe. The ReviewMe offers that I’m planning to commit to are those priced with $12.50 each. So if I can at least write two reviews each month for each of the four blogs at $12.50 each, I can raise about $200. That is if there will always be review offers with $12.50 price tags. If not, I can still take more $5 ReviewMe offers that will still give $80 in two months. $400 + $80 to $200 = $480 to $600.

With that projected $480 - $600 extra money that I can have within two months if all things go well, it’s easy to say that I’m almost half the race towards doubling my $500 emergency fund. However, you will know that this is not as easy as it sounds. You’ll know what I mean as I go through this personal challenge.

If you’d like to participate, you can leave a comment here or write about your own “Double My Emergency Fund Challenge” and link to this post. It’s a lot motivating to know others are also pursuing this challenge.