How to handle the money

I've only been mystery shopping since July but I've probably done well over a hundred shops. The money kind of dribbles in from the different companies $20-30 at a time and I usually just end up blowing it on one thing or another. So I've decided from here on out I'm going to dedicate the ms money to a specific monthly bill such as the water or power or car insurance bill. That way I will see something concrete done with the money.

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Sounds like a Plan! I've been doing this for over 5 years and I still end up blowing it. Of course that is why I am doing this, so I can blow it when I want.

My initial plan in getting into shopping was to pay my health insurance each month. Health insurance can be a deductible expense against your business to the extent that your business is profitable. And certainly it is nicer to have it as a direct offset against business profitability than to get a fairly small percent benefit when you claim it as an itemized deduction on your taxes.

As for 'blowing it', that is part of the reason why I move Paypal payments to my bank account, deposit checks and love direct deposits. I can get enough 'blowing it' satisfaction out of the reimbursements and use the incoming money to pay the bills. I was looking today at a job that reimburses up to $70 at a jewelry store. Went to the website and looked at the jewelry under $70. I decided I really did not want to work for a pair of earrings, but I did enjoy that the option was there, should I choose to 'blow it' that way. :-) And to some extent reimbursements become an obsession. Yesterday I 'wasted' $20 on gas to finish filling the tank beyond what shops paid for because gas is going up quickly in my area, I 'wasted' $14 to replace a broken tool because there was no hardware shop available and I 'wasted' $8 at a grocery store that is not shopped.

I'm with Flash on this. I resent going to the bank without being paid to do so, or to the grocery store when I won't be reimbursed. Another way not to waste your MSing gains is to do oil change shops. I haven't paid for an oil change for 5 + years. And, I am anxiously awaiting the assignment that will, once again, reduce the cost of a perm by 50%.

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.

Because this money "dribbles" in, I chose to used this money for holiday gifts. I have been going from November this year to October next year. By the September of the end year, I should know if I have enuff to spend on "special" holiday gifts.

It works for me.

I agree, the money just goes, for me I usually fill up my tank, MSing does cover all my car expenses including Ins. checks are kinda like play money. Everytime a check come's in, I need gas (again). The paypal funds I deposit in the bank online for whatever bills, extra $ for the reimbursements I need for eating out work. I seldom repay my Am. Exp. card.....it helps with expenses, but that's it.

I figure the nice life style it helps me have is worth it. I got a oil change for 35.00 and eat out often, grocery stores, it's reimbursed so money I don't really spend. I look at it as not giving me alot of extra cash, but allowing me to enchance my lifestyle. Had a wonderful dinner out last night alone for a $25.00 reimbursement, and had enough food for dinner tonight....I'd never do stuff like that otherwise.

Edited to add car expenses, that's a big one for me.

Live consciously....

Edited 1 time(s). Last edit at 11/09/2010 08:26PM by Irene_L.A..

Yes, I got my oil change this week. The funny thing is that I am sitting here with a coupon for a free oil change but decided to go for one that paid me to get it done :-) I got annoyed on my grocery shops today because there were no really good sales so my purchases were "expensive" (i.e. my reimbursement did not go as far as I wanted it to). So I stockpiled some things that we use but that rarely go on sale. Next week turkeys are on sale at .59/lb so I will be able to get a nice one within my reimbursement. But reimbursement money needs to recycle back into the 'kiddy' to be paid out again and again and reimbursed again and again, so reimbursements will never constitute 'mad money' until I am ready to throw in the towel on shopping.

The other side of this is....if I wasn't MSing, I would not have high gas prices, wear and tear on my car, I wouldn't be eating out this much, so, the big picture is how much am I really making. For me (alone) it helps me shop with purpose, and keeps my brain somewhat functioning. I'm not even doing Hotels anymore as I don't want to lay out that money, but if something great comes along, well, that could all change...nothing is written in stone.

Flash, throw in the towel, let me know when that happens, cutting back is as far as I got.

Live consciously....

Irene_L.A. Wrote:
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> Flash, throw in the towel, let me know when that
> happens, cutting back is as far as I got.

Certainly no intention of doing so near term as shops go a heck of a long way to keeping retirement funds intact and growing :^)

Put it away, it goes fast when the "real" income stops....and MSing comes in handy, my next license plates will be "Nvr enuf".

Live consciously....

They charge for the 'vanity plates' here, so I sure as heck wouldn't waste money on that! :^)

Unless, of course the DMV is shopped for a fee and the reimbursement could be used to purchase the vanity plate. Oh my, that shop and report would be a doozy :~}

That would go beyond chuckles to outright guffaws.

Funny funny...imagine waiting in line at DMV to shop it for 12 bucks....OMG

Live consciously....

I got into this to help pay off student loans 5 years ago. Instead, I have supplemented my income, improved my credit (charging my purchases and paying them off) to buy a house and pay off a car. Thanks to the $15-$20 fast food bonuses, I have been able to splurge a little. Now I plan on paying off my last 2 credit cards with the reimbursements and start paying extra on the loans as plans. Oh yeah, I plan to save a little more than before.

Wonderful!! Go, prettygul, go.

I opened up a new checking account with a debit card. All but the direct deposit shops I do get transferred from PayPal to that account. That debit card is my "go to" card for grocery shopping and my local drugstore. And to make it sweeter, the incentive to open the account was a cash bonus from the bank for $150!

I also opened a special savings account where I deposit all my MS money, the paypal account transfers there and the checks and direct deposits go there too.
I am building an emergency fund from that money. And let me tell you, I am surprised at how fast it is growing.
It isn't totaly fair, because some of the money is reimbursment for purchases I paid with a credit card. But it is a savings of this money that otherwise I would spend on unnecessary stuff. I pay the credit card and the MSC pay me.

I just got a card from Chase for $100.00 to open a checking and another $25.00 for a saving account. I think I'll do it, as I need to seperate MSing funds from my account, think it will grow faster.

Live consciously....

I use my Paypal account as my business account. Money goes into it only from Msing and then I use it for gas shops and anything else I'm getting reimbursed for. Paypal keeps tabs on what I spent where. My only other expense out of the account is to buy medicine and/or pay copays for my medical expenses at the beginning of each month. Since Paypal tracks for me, that is also tracked for tax purposes. When I get checks from some of the MSing companies, they go into my regular checking account and get used like other money to pay bills or buy groceries. I'mma gonna have to learn to do the grocery shops. I shop in an electric cart though. I got out to the car with a gallon of milk sitting by my feet on it though. Had to go back in and pay for it. Could I do the shops that way? They say to put something underneath. lol Aren't they testing whether the employee looks?

Yes the grocery store ms can be done on an electric cart. As long as you can use a shopping cart in front of you and push it along. The ones I have done here in SoCal require an item be put beneath the cart to see if the cashier and bagger notice it or if you have to remind them. You cannot go out of the store and then return to pay for it; it must be on your receipt. I see no reason why you couldn't do them and it is a terrific way to pay for groceries especially if you use coupons too.

lbarlbar Wrote:
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I see no
> reason why you couldn't do them and it is a
> terrific way to pay for groceries especially if
> you use coupons too.

I'm with you lbarlbar! Since Nov. 1, I've purchased groceries priced at $144.75. After sales and coupons, I spent $38.31. My shop reimbursement, both fees and reimbursements is $79.

I'm still looking for my Thanksgiving turkey.

I lOVE coupons. Too bad the groceries here have cut down...back a few years ago - the good old days of coupons - all the groceries were having price wars and they all did triple coupons up to 50 cents and double up to a dollar. And a TG turkey was free with a $50 purchase. I always got about 4 turkeys - that's as many as my freezer would hold - free, with purchases of over $50, but after coupons, usually $15-$10. But then there were a couple of winners in the price wars and a couple of chains closed their local stores and the crazy coupon days as we knew then ended. These days coupons are face value here ....and I have to pay at least 29 cents a pound for turkey!

Mert and AustinMom....you are my kinda gals!!!(Mert, you wrote the book on coupons) I have never saved that much.

I love coupons and during this time of year it is really easy to collect "free" items for the food banks. I go buy anything free and put in a grocery bag waiting for the collections at Curves or our Local Fire Department. It's free and the disadvantaged get fed too...win win

I wrote on another thread I do a grocery store and they had a turkey for $4.24 (14pds), love when that happens, bought two.

Live consciously....

If I made oodles of money shopping I'd probably roll in it naked in wild abandon, but that's just the custom on Zoltar. Otherwise I would also love to see the DMV shopped ince hubby works there.

Her Serene Majesty, Cettie - Goat Queen of Zoltar, Sublime Empress of Her Caprine Domain

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How to handle the money

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