I recently mentioned that we are saving up for a new vehicle despite having no extra room in our budget. We have managed to save up about $3000 towards this by finding ways to earn extra income aside from our regular paycheques. This is one of the ways we’ve been earning extra money! You can see the rest of the ways we earn extra money here!
For most of the time that we’ve been together, my husband and I have been a one car family. (In fact, we spent a couple of years as a no car family but that’s a story for another time…) It’s never really been an issue for us because we work together at the same company and spend a lot of our time outside of work together. We enjoy hanging out and go a lot of places together. Every once in awhile we’d run into a car issue and wish we had a second car as backup but we have great family and friends that would help us out and we were always able to find a solution to whatever the problem might be.
We were fine without a second car. We did want a truck though! (A truck isn’t really a car, is it?) While we weren’t really in need of a second vehicle to haul people around in, we were desperately in need of a vehicle capable of hauling renovation materials around! Renovating our home without an appropriate vehicle presented some major challenges. We missed out on some good deals and had to pay a lot of delivery charges. We decided to look for a truck but we didn’t have a lot of money to spend so we knew we’d have to wait for a great deal to come along.
About a year and a half ago, a co-worker mentioned to my husband that he was looking to sell his truck. The price just happened to fall squarely in our budget! It needed some work but nothing my husband couldn’t handle. We bought the truck and we planned to keep it in our driveway until the weather was nice enough to allow my husband to work on it (the joys of not having a garage). That was the plan except that we found out we were expecting shortly thereafter and had to rush around like crazy finishing our home out. The truck ended up sitting in our driveway for over a year before my husband could invest any time into it.
Finally though, we got the truck on the road. Along with that came a lot of extra expenses. We decided it was about time the truck started paying its own way. (That’s right; our son pays his own expenses, our truck pays its own way.. we’re still working on how we can get the dog to pay for herself.) This is when my husband decided to start selling scrap metal.
We are fortunate to have access to a variety of sources of scrap metal. We pulled a lot of scrap out of our house (copper pipe is worth a whole bunch!) and we amasse a large collection of dead batteries at our workplace. Once in awhile our employer gets rid of other scrap metal that they just throw in the garbage so my husband is able to take that home. Mainly, we just keep an eye out while driving. If you find yourself in the right place at the right time you can be lucky enough to find appliances or bathtubs.
We have a scrap metal pile in our backyard and when it gets large enough my husband makes a run to the scrappers on his way to work. It takes an hour out of his morning and he usually makes at least $150 a run. This is fairly passive income especially if you have a place to store the scrap so you don’t have to make as many runs. So far we’ve made enough to cover a few months worth of insurance costs which isn’t bad in my books!