A few weeks ago, I met with my boss for my semi-annual evaluation. While I am working as a Financial Planner only since March (I was in training before that time), there was not much to look at. The good news is that I am doing well compared to my experience and I am doing what is expected of me. This is always rewarding to know that you are doing well at a job you just started 😉 This is why I got a small raise even thought I was not supposed to get anything.
I was quite happy to put a few extra bucks in my monthly budget and look at my $1,500 project. For those who just joined, I am trying to create extra cash flow in the amount of $1,500 in order to cover my wife’s income so she can stay home and take care of the kids. By the way, this is a decision we both made knowing all the sacrifices it occurs.
Since my last update in January, I was missing roughly $1,200 to get to my goal of $1,500. While not being impressive, that $300 was created in only three months. The problem is that I was running out of ideas after that. This is where I made the choice of changing job by keeping the same based salary but with higher expectation in term of bonus. I obviously can’t take into consideration future bonuses since I am new in this industry and the amount could really fluctuate from years to years.
We have been making progress in term of children clothes and other expenses related to our children (my son does not wear diapers anymore and the little one started drinking regular milk). I didn’t count everything so I was quite happy to see the end result.
Unfortunately, at the same time, we received our children allocation update for the upcoming year. Since we made more money last year than the previous years, the government is cutting down on my allocations based on the fact that I am making too much. We are never making too much money 😉
On top of that, I had to review my gasoline expense since the oil barrel keeps going up! I used to put $50 a week and we are now at $60.
So basically, my raise and my new frugal habits only helped us to maintain our budget after the cuts from the government and the increase of the price of gas.
But there is still hope!
The web company I recently created is already making money online with a few website and we should be able to withdraw $300 per month each (me and my partner) shortly. That would be a great step in creating passive income. I would be happy if we could get $500 a month each at the end of this year. I would be half way to my main goal of $1,500. A good bonus and I could be set ;-D
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