In pursuit of alternative income streams

As recently as six months ago, I scoffed at the idea of taking on a second job or looking at alternative income beyond my Monday-to-Friday work schedule. I figured I was way too busy and quite frankly, I felt like I was “above” some of the part-time positions advertised. So instead I vowed to focus on saving what I did make by minimizing expenses.

But in December, my parents announced they want to take the family to South Africa in 2010 to celebrate my step-mom’s 60th birthday and my brother’s graduation from high school. In addition to a two-week wildlife safari, they’re coordinating the dates so we can go to the World Cup which is taking place there in June 2010.

13-day African safari = $9,600
Tickets to the World Cup = $278
Spending time with my family, seeing lions and elephants up close and attending the World Cup = Priceless

Seriously it will be a dream trip, but let’s get back to those cost figures. My parents actually expect the price tag to be around $10-$12k per person and while they implied they will pay for it all, I’ll be 30 by then and I feel like I should pitch in at least some of the cost.

My goal is to save $5k and with almost a year and a half to do it, that should be simple right?

Well, between not getting a raise in 2009 due to the stupid economy, funneling money toward my 401k and Roth IRA, saving up for a new car (since mine will more than likely turn on me in the next year) and budgeting for a new laptop, etc., putting aside money from what I already earn may not be enough.

So in the last month I’ve revisited the idea of searching out alternative income streams. My aim is to earn an average of $275 per month ($5,000 / 18 months) via alternative income and in the last three weeks I’ve made $150 in babysitting, $39.40 selling miscellaneous items, $32 mystery shopping and $12 in surveys. For a grand total of $233.40 with one week left to go!

In the coming month I’ll share more details about the different alternative income streams I’m exploring, but today I’ve decided to focus on mystery shopping.

I’ve actually dabbled in mystery shopping for the last several years but every time I’d get bored or frustrated at the lack of jobs available in my city. A renewed flurry of sign-ups later I’ve found some interesting opportunities that will be fun while still paying $8-70 per job.

So far, I’ve eaten at a great Mexican restaurant, shopped at a sunglass store and watched a movie all for free (plus a little profit). In February, I’m getting my taxes done for free with an additional shop payment of $70 for my “trouble.”

That said, you will not get rich mystery shopping and starting out, you also won’t get the cush jobs like going to the spa and staying at a hotel. Sorry to dash your hopes of living the high life so early in the post…

BUT, one of the hardest parts of saving for me is the feeling that I’m depriving myself of things that bring enjoyment. For example, dining out is one of my favorite things to do but in order to save money I’d usually cut down on this drastically. Mystery shopping lets me still enjoy life without having to spend my own money doing it.

On to some of my favorite mystery shopper companies. It should be noted that jobs differ depending on where you live, but many reputable companies operate nationally. My favorites so far include:

Secret Shopper
A Closer Look
Beyond Hello
Market Force Information

None of the above require you to pay a fee to sign up for access to jobs, and from what I’ve heard the ones that do are usually scams so stay away. Repeat: stay away.

To find more information and legit jobs near you, I’d suggest looking at the Mystery Shopping Provider’s Association website where you can search for jobs by state, post questions on bulletin boards and learn the skills required of a mystery shopper.

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