Welcome to a new year of The Saved Quarter Challenge. The founder, Penny Saver of The Saved Quarter, recently explained the challenge again for 2012. I took part in this challenge in 2011 and exceeded my goals as far as income was concerned. If you are looking to improve your financial situation this year, I encourage you to join and link up on her site weekly.
Now that I am starting the challenge anew, I wanted to set a few goals for myself.
I have three objectives for The Saved Quarter Challenge this year:
-Earn at least $2,500 a month in income. (I will need this amount monthly to meet my goal of making $30,000 online as part of my participation in the Online Money Bloggers.)
-Have at least $2,500 in our emergency savings account.
-Save to pay cash when attending my conference in September and two of my husband’s conferences this year (though his should be reimbursable).
I’ll review how I am doing on my goals at the end of every month’s income report.
Now, for the first income report of the year, the first week in January I earned $1,541.22. All of that was from staff writing, virtual assistant work and advertising.
However, not all of that money gets set aside for February’s bill. I took on a short-term writing job, and the client kindly paid me upfront, so that money was snowflaked immediately as was the virtual assistant job I took specifically to snowflake. In addition, I had $45 in blog expenses, so all told, between snowflaking and blog expenses, I deducted $365.95 from my earnings this week, leaving me with $1,175.27 set aside for February expenses.