Developing a new saving strategy, goal-setting for September, and a recap of last month’s goals.
In case you didn’t know, I set monthly goals to get closer to financial independence through blogging and investing.
But this month was different than usual, though… I had to alter my saving strategy.
Overall, my chief aim for goal-setting posts is to focus on goals that help me save more, invest more, and move towards full-time blogging. Because as of right now, I’m just a part-time blogger…. how tragic eh lol.
Goals for September 2019 – New Saving Strategy below
1] Publish 8 blog posts
- Monthly Savings Report for August.
- Dividend Income Projection for September.
- Collection of articles post.
- FI has nothing to do with a bad attitude towards work.
- Daily checklist to market a blog on social media.
- Will be announced.
- To be announced.
- To be announced.
2] Republish or edit at least 1 old post
Republishing or improving old content is something I plan on making a routine.
3] Create a Recommendations Page
In short, I want to create a recommendations page to go along with my Work With RTC Page.
This page will cover my affiliates, apps, and websites that I personally endorse.
4] Improve Work With RTC Page
Last month I added back the Work With RTC page. This month I plan to improve it.
Simply put, I would like to expand on the services mentioned for visual appeal and make it more informational.
5] Increase Forward Dividend Income beyond $610
To be frank, I will not be investing as much money this month, or maybe for a few months, so dividend growth may slow down for a while.
I am in a transition period with a new job, which has led to the new saving strategy mentioned below.
As for this month, income will increase through 1 ENB DRIP and possibly more blog income.
6] New Saving Strategy: Save 3% of net income plus all income from blogging
Obviously, the main concern I had going from a full-time to part-time job was not getting enough hours. It was possible that I wouldn’t be able to save as much money anymore.
Well, I’m happy to report that the risk seems to be paying off.
As such, I’m beginning to develop a new savings challenge that incentivizes me to earn more money from blogging.
Let me explain exactly how this will work:
When I get paid, 1% of my net income will go to my TFSA, 1% will go to my RRSP, and 1% will go to my emergency fund. In addition, blog income earned during the month will be invested into either the TFSA or RRSP.
Although 3% overall does not sound like enough, I like the challenge of earning more investment income from blogging. I was able to save extra last month because of blog income. Plus, I will rely on dividend income and dividend raises.
I expect this savings challenge to last until the end of 2019. After that, I expect savings to increase again.
Recap of August’s Goals
Publish 6 Blog posts: Pass (7 Published)
- Dividend Income Update # 26
- Dividend Income Projection # 20 | Two Stocks Purchased
- Monthly Savings Report for July 2019.
- How to avoid Lifestyle Inflation.
- 6 Easy Ways to make Passive Income Online in 2019.
- Why Working 3 Days Per Week is an Optimal FI Solution.
- Dividend Income Update 27
Put Up a Work With RTC Services Page: Pass
A Work With RTC Services page has been established.
Although it is brief, it lists most of the services available. Meanwhile it offers multiple ways to connect with RTC.
Add back the Questrade Affiliate: Pass
As you can see from the banner above, I have successfully added back my Questrade affiliate.
I was happy to add it back since I truly believe in what they have to offer as a service. Based on my experience, which includes working for a broker, I still believe they have one of the best platforms available for trading.
Also, I added it back because my affiliate offer is valuable. I can offer $50 worth of free trades. All you need to do is click the link above and proceed to open an account.
Republish or edit an old post: Pass
I successfully republished and edited one old post that I removed when I went back to work.
Surpass $600 in forward annual dividend income: Fail
Unfortunately, I have not been able to invest as much as I would have liked, given the current market conditions.
Although I have not reported it yet, dividend income is currently still below $600, but it is close…
Look out for an update later this month to see if I surpassed it.
Save 10% of Income: Fail
Although I earned extra side hustle money in August 2019, I was not successful with my goal to save 10% because of the job transition.
In short, I only received 1 pay cheque during the month. This caused me to dip into my savings.
The next 2 months are expected to be better for savings.
Gym 4 days per week: Pass
With the exception of the last week, I went to the gym consistently in August. Some weeks it was more than 4 days.
By the end of the month, though, I was tired out. I had a really weak workout one day and realized I needed some time off.
Read daily: Fail
I read more but it certainly wasn’t every day.
This is still an area of focus in September, even though it wasn’t included on the list.
Concluding Thoughts – A New Saving Strategy
The truth is that I’m excited for this new savings challenge.
I’m looking forward to finding new ways to grow the dividend business through blogging.
Of course, dividend investing is my main strategy. If it doesn’t move forward fast enough in the next year, I will have to find a new saving strategy again.
Question: What goals are you working on this month? What is your saving strategy?
I am not a licensed investment or tax adviser. All opinions are my own. This post contains advertisem*nts by Google Adsense. This post also contains internal links, affiliate links, and links to RTC social media accounts.
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