£10k Side Hustle Challenge – Month 1 Update

In 2024, I am embarking on a 10k Side Hustle Challenge. Ten grand. Even writing that down seems INSANE! But I’m very optimistic that I will smash this goal!

My last side hustle challenge was to make £5,000 by the end of my gap year to match my spending budget. I had initially thought it would take the whole year to achieve but incredibly I smashed that goal in 7 1/2 months. That means the goal I set was too easy so I’m doubling it.

The Rules

This year I will have two main sources of income, my summer job and my winter job. And as this is a side hustle challenge I won’t be counting any earnings from these two sources towards my total. But everything else is up for grabs! Including any freelance income outside of these two jobs and my passive income streams like bank interest.

I went back and forth but have decided to count both cash income and voucher income towards the total. I only counted cash in my £5k hustle challenge as the goal was to match my gap year spending pot. But the goal for this challenge is to push myself and test the earning capacity of various side hustles. So I will be counting both cash and vouchers when I have received them.

The minute they hit my bank account/inbox they will be counted towards my total. Before then they exist in limbo and my various trackers.

Ok, so now we’re clear on what the challenge is and the rules, let’s get into my month 1 breakdown…

Sharing Data + £2

I share my ad data with Amazon via the app Amazon Shopper Panel and get rewarded £2 each month. This is paid directly towards my Amazon balance so it’s a completely passive income stream that literally took minutes to set up.

Cashback + £3.15

I got £3.15 back from a few purchases using Shopmium in the month of January. Counting this towards the challenge as the products I got were products I would have bought anyway and I got the full amount back.

Playing Games + £7.78

One of my favourite “on the sofa” side hustles, I got paid £7.78 from game offers in January. £6 came from offers off the app Tester Buddy and £1.78 from playing the games on EverUp with the 10M coin drop they did. I redeemed the £1.78 as an Amazon voucher and the £6 as cash.

Mystery Shopping + £65

I did two at home mystery shops with iShopforipsos which both paid £32.50. Plus as I returned the items I had to buy to complete the shops for a full return, I got to cash the full £65 in as pure profit.

Surveys/Daily Polls + £74.45

Finally cashed out from YouGov! Only the second time in the three years that I’ve used the site but that £50 felt sooo worth it when it hit my account. I also cashed out £15.48 from Prolific, £5 from Opinion Outpost and £3.97 from Branded Surveys.

Interest + £111.84

This is made up of bank interest and the government Lifetime ISA bonus. I’m aiming to max my LISA out twice this calendar year (as it resets every tax year) and keep taking advantage of high interest rates.

Month 1 Total = £264.22

Off to a slow-ish start but a starts a start right. Plus I still have some income in limbo from various things I did during month 1 that I am still waiting to get paid out…

Tester Buddy – £87

Freelance Hours – £97.50

Ziffit – £4.03

TSB Bank Switch – £125

LISA Gov Bonus – £83

Incoming = £396.53

Challenge Total = £264.22/£10,000

One month into my challenge and I am 2.6% of the way there. I always knew month one was going to be the slowest as things sometimes take a while to pay out. So although in terms of paid out income I am only 2.6% there, in terms of side hustle income made I’m 6.6% there.

Are you doing a money challenge in 2024? I’d love to hear all about it!