Making Ideas Happen The Dream Chaser Project

Lessons from a New Self-Earner: Finally Creating a Financial Plan (Part 1)

Photo Credit: Alan Cleaver

Photo Credit: Alan Cleaver

I spent a lot of days hiding out and carb-loading ever since my girlfriend’s visa expired. It’s been a week now so I figured it’s time to emerge from my one-man pity party and start working toward my and my fiance’s dream. I’ll talk a little bit about that dream next, but the weekly tracking of making this happen will be in a series I’m starting called The Dream Chaser Project (every Wednesday at 11am).

So without further ado…

The Mission: Save $15K by July
Problems: School loans, various bills
Temporary Problems: Current rent,

There have been times in my life when I started something without a goal in mind. For example, I could just say I want to start saving money, but I’m not actually working toward anything. Here, I’ve set a goal, albeit a challenging one given I’m currently only working part-time

Whatever. I’m up for the challenge.

First things first, I’m moving in with family starting in February. That means I won’t have to worry about regular rent after January. Outside of that, my biggest expense is my school loans. So let’s break this down a bit. If I were to start on my goal in February, this is where I stand:

Goal: $15000
Loans and Other Bills (Per Month): $1500
Other Monthly Expenses: $150

Alright, so let’s figure out how much I need to earn per day and month:

Per Month Income Goal: $4150 (Let’s just round that up to $4200)
Per Day Income Goal: $135.50 ($150 in Feb, $140 for 30-day months)

I can totally do this with a regular full-time job, but I’m only going that route if I have to. Otherwise, I’m shooting for this with part-time, freelance, or remote work. Additionally, my fiance and I want to either travel while working or simply live outside of the US for a while. Because of this, I can also sell a bunch of belongings because, you know, stuff just weighs people down. I’m trying to keep it lightweight.

Lastly, there are two general rules I’m going to follow (more will be added as I follow this):

  1. I will not adjust my daily/monthly goals regardless if I exceed them or if I come up short. I need this data so I can adjust how I move forward in the future.
  2. ALL spending will be tracked. My other monthly expenses are just an estimate. I have no clue what they will be once I move home. I know that I’ll be going out much less only because my focus is to save.

So this is just the beginning. I’ll be giving more details as to my plan and different suggestions from various sources. I know this is “Lessons from a New Self-Earner,” so here’s the lesson I learned:

I’ve made it through life never planning anything when it comes to money. Some may see that as bad to admit, but it is what it is. I’m not here for anyone’s approval. Now, however, I know the life I want. Saving this money is a priority, but to be honest, this is a study on how I can earn money remotely with as little stress as possible. I have no idea if I’ll be able to do this without some sacrifices, but I’m more than down to try.

Let the games begin.

Peace out, party people.

Previously: Admitting When You Need a Helping Hand

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1 Comment

  • Lessons from a New Self-Earner: Finally Creating a Financial Plan (Part 2) | Andre C Griffiths January 5, 2015 at 12:01 pm

    […] Previously: Finally Creating a Financial Plan (Part 1) […]

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