Savings Report for May 2019 | Monthly report documenting how much money was saved.
I began documenting my monthly savings earlier this year to show that it doesn’t take much to give yourself options.
My goal is to prove that a dividend income portfolio can be built over a 10 to 15 year window by consistently paying yourself first.
Now that May 2019 is in the books, it’s time to discuss how much money was contributed to the dividend business.
$537.70 Saved in May 2019
Although it was below last month’s total, it’s still another $537.70 in the bank.
Most of this month’s savings was the result of an automatic pay cheque deduction to participate in the matching share contribution plan provided by my employer. I’m extremely lucky to have it. I’ve learned a lot about investing through stock sharing plans.
Otherwise, I am holding on to cash in anticipation that my career may change soon.
$2,409.27 Saved in 2019 YTD
The RTC portfolio is up another $2,409.27 from savings this year. That’s without including dividend income received or portfolio returns.
Dividend income is up by more than $114 annually as a direct result of saving money. The $2,409.27 saved was invested so now it pays me over $114 annually.
On the other hand, I still need to save $3,590.73 more in order to reach my $6,000 target. This could be a challenge now if my career does end up changing.
Monthly Savings Report for May 2019 | $537.70 | Concluding Thoughts
The next few months are about to become extremely interesting.
For the first time since my year off, my consistent salary could be replaced by a higher paying but less consistent job. If offered, I will be accepting a part-time job. This could drastically alter my ability to save money. At first I was worried about that.
But the more I thought about it, the more I realized this is exactly what I want. It gets me closer to the life I’m chasing now. I want more time to spend on blogging, photography and I want more life outside of work. This potential job, which is for a reputable organization, would allow me to work at least one day less per week. Plus it pays significantly more per hour.
On top of that, I’d have the opportunity to explore income opportunities with this blog again, and I’d be able to reveal my stock holdings. The most optimistic way of describing this job opportunity is that it’s like a year off on steroids.
I might not work much some weeks at all, but I’d have to utilize that time for blogging.
Anyways, I don’t want to get too ahead of myself here. But the challenge of having to manage money differently has me salivating. I feel more in control of my life already and that has provided me with new energy.
Hopefully this works out well and I will be able to continue these monthly savings reports in the future.
I am not a licensed investment or tax adviser. All opinions are my own. This post contains advertisements by Google Adsense. Otherwise, all links in this post are internal links and links to RTC social media accounts.
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Dividend Income Update #24 | May 2019
