If you haven’t been keeping up with everything here the last month, my goal between July 1st, 2019 and June 30th, 2020 is to save $20,000. I’m now one month in and wanted to post an update on my progress as well as some of the lessons I’ve learned through trial and error as well as actively trying to increase my knowledge and skills.
My monthly goal is to save $1,666 ($20k over a year). As of this month I have saved $1,348. Its much better than I was expecting in all honesty but I am still trending short of my goal by $318 this month. Upon a closer look I spent more than I had budgeted in the following categories:
Groceries was to be expected because I bulk ordered my groceries and should be able to decrease my budget this month and possible next month. The other three categories however won’t be paying any dividends in the following months. I need to be sure to keep a closer eye on these ones moving forward.
On the other hand I did under spend on a few categories which helped to offset some of the above expenses. I was also able to add some additional income in the form of stock dividends and side income.
I’ve spoken earlier about trying to find the right side hustles that match up well with the value of my time. One such hustle I’ve recently found is a group survey company that pays $125 – $200 for 2 or 3 hour surveys. The group is called Fieldwork east and I’m averaging $75/hr which is paid out on a Visa gift card that I can use to offset some of my monthly costs.
I also am looking into doing some hourly work on the side with taskrabbit, an app where I can perform any number of tasks from assembling Ikea furniture to light carpentry and deliveries.
Both of these side hustles will help my bottom line, but the amount I can earn is ultimately limited to the amount of free time I have between time with family, work, and sleeping. Which leads me to a few lessons I will be taking with me after looking back on this month.
If I’m going to reach my goal of $20k then I’m going to have to generate some side income that is scaleable and not necessarily tied to me time. This blog, if I can get it to take off, is a possibility for generating additional income. I’m going to be spending more time learning how to do that though. I read a lot this month, but I need to start focusing on read material that will help me grow my following if this is going to be successful.
My other lesson learned is that I need to work on my time management. Better time management will allow me to write more, learn more, and spend more time enjoying what I do.
Overall this goal is going to be a grind, but it’s not unattainable. I mentioned the aggregate of marginal gains a few times now, but learning a little more everyday, earning a little more everyday, and improving at least one thing everyday will pay off big dividends in the end. My goal needs to be do at least one thing better everyday than I did the day before.
As always though, please be sure to follow me on social media, share this with friends, and follow my blog if you aren’t already doing so.