Foreword
Happy Lunar New Year to everyone! It's the year of the dragon and I hope in this year, all savers from Saturday Savers Club will soar like a dragon and do well for all the goals you've set. In today's post, I will share more on what I did for this special month initiated by @shanibeer, which is the No Buy Month.
2024 Goal
Before I proceed further, let's recap the savings goal I set for myself when the year started.
| Power | Start | Goal | Now |
|---|---|---|---|
| Hive Power (HP) | 5000 | 9000 | 5484 HP |
In my January update, I reached 5198 HP. Today I have reached 5484 HP with a delta to main goal is 3516 HP, with about 10 months to go based on main goal timeline and 9 months to go based on secondary goal timeline. Over 3500 HP to accumulate over the period is not going to be easy. I need to be prudent in what I will be doing with my Hive Assets and keep track of where my sources of Hive income to increase my HP.
Strategy To Meet Savings Goal
Layer 2 Token Management
In the last month update, I shared my strategy on layer 2 token management and this is something that I am constantly working on especially when the gap to goal is rather huge. At this moment, I am trying to stock up on BRO, DRIP and DHEDGE to improve on the passive portion of growth on SWAP.HIVE. Also I am also on a lookout for opportunities to trade token to get more SWAP.HIVE for power ups.
No Buy Month
As mentioned earlier in the post, this month is a No Buy Month. So what exactly is a No Buy Month?
Quoting from Saturday Savers post:
No Buy allows us to review expenses and give a boost to savings. In another way to understand the meaning is to take more notice of what you are spending and look at how you can reduce it.
My way of looking at it will be that, I need to be careful of my wants but ensuring that I take care of my needs.
On real life, wants include
- A new pair of shoes which is not to replace a worn out ones
- New shirts for Lunar New Year
- New camera gear
- Non essential spending on food, movie ticket, driving to a mall that is 15minute walk away because I am lazy
On Hive, wants include
- Increasing gaming related assets (new game launches pre sale, Splinterlands cards etc)
While this is the Lunar New Year where everyone is expected have new things such as clothes, shoes etc, I manage to dig out my Christmas present which my aunt gave me, a short sleeved collared shirt. I also had a pair of jeans which I bought during last year's 11-11 sale on local online shopping platform shopee in view of a potential replacement by middle of this year. So instead of heading to the shops to get new ones, I had ready new ones which are right within my closet. So this help me avoid additional buying during the Lunar New Year shopping frenzy that many embark on, 1 month prior to the celebrations. This saved me approximately $100 Singapore dollars.
Other tightened expenditure include halving my driving to work to 3 days of driving and 2 days of taking public transport. I relook at my work schedule, essentially the 2 days of public transport are the days that are more predictable in terms of schedule, so I opted to not drive during that 2 days. This allowed my weekly petrol expenditure of $110 Singapore dollars to half because of the reduced number of days I drive.
On Hive, time to to time, there are new game launches which is very enticing to engage early to get good stuff. However, when I look at it again, do I have so much time to play that many games, I certainly don't think so. Hence, I avoided a number of new launches. I kept the pace and continue working on whatever asset I have at the moment without buying new ones. These will allow me to keep my HP intact and continue to grow it towards the goal.
During my review of expenditure, I also had a review on where are the main sources of HP. This allows me to be aware not to upset these sources but continue working on them. These sources ranges from posting/curation to hive drip/dividends from tokens. And that is where the additional 276 HP comes from as compared to previous update.
Closing
The goal still looks rather daunting but with a good No Buy Month initiative to regroup and look at what goes in and what goes out certainly will help us re-orientate early and steer ahead towards the goal that was being set at the start of the year.
Wishing all a year of prosperity and abundance. Blessed Lunar New Year! 恭喜发财，财源滚滚!
Saturday Savers Club
What is Saturday Savers Club?
The Club is a supportive group of people who meet up around the weekly post, usually on a Saturday but occasionally on a Sunday, to share tips and techniques and have some fun in the process. Saving is a skill that takes time and practice to acquire and, like learning any skill, doesn't always go the way you planned.
Interested in joining Saturday Savers Club? Check out @eddie-earner.
Posted Using InLeo Alpha
