In order to keep on track with my goals, I will be updating my progress or lack of progress towards my goals on a monthly basis. The two goals I have set for this year are to save 50% of my income and to live on minimum wage. I did great on both goals in January. My expenses were only $822.34 which is well below a minimum wage salary. I also managed to save 55.67% of my after tax income. The savings percentage is good but I need to increase it even more. After my job ends in April it will be difficult to save 50% of my income so I need to save even more now.
I will still have my part time job after my full time job ends. The part time job doesn’t pay enough to allow me to save 50% of my income though. It probably won’t even be enough to cover my expenses and I would like to travel a bit. I’d like to ramp up my online income and come up with some more ways to make money that are not location dependent. For now, I have a 10 day hiking trip planned for when my full time job ends and I’ll figure out the rest when I get back.
Posts I Like
Get started investing when you don’t have a lot to invest from Investorz Blog. You can get started investing with a small amount of money and it is good to get in the habit of investing your money.
$999.99 Giveaway at Work Save Live. There are a lot of giveaways on personal finance blogs and this might be the biggest one.
Your salary doesn’t matter at Life and My Finances. I agree that your salary doesn’t matter. Assuming you make more than enough to pay for your basic needs.
Mr. Rebates $5 referral bonus at Bank Bonuses. This is my favorite cashback shopping site and I’ve made hundreds of dollars with them.
How we spent nothing on food in January at Free in 10 Years. There is still a lot of room for improvement in my food budget. I need to start eating at home more.
You didn’t save any money from I Heart Budgets. The false savings pitch annoys me too. I always think, I can save even more money by not buying whatever they are selling at all.
Luck and logic at Wealth Informatics. People tend to think other people’s success is due to luck while their own success is the result of hard work. They also tend to think other people’s lack of success is due to lack of effort while their own lack of success would be bad luck. I think that is known as the overattribution error which is something I’ve been meaning to write a post about for a while.
My goals went great in January. I have added an additional goal of not buying fast food in February. I’ve already broken that goal twice but that is still less than normal. I’m still aiming to not buy fast food for the rest of the month. I’ll update my progress on that and my other goals in February’s goals update post.