Dear Hivers

Last month, I gave an update of my money makeover. Beginning today, I’m on the second month of my freedom from debt project. What do I want to achive this month ?.

1. Complete the $1,000 emergency fund.
   This is extremely important. I don’t want to dig into our savings account for stuff like car repairs, home repairs and any other emergency that comes my way. With an emergency fund amounting to $1,000 , my wife and I can pretty much deal with basic emergencies.

2. Take $2000 off my debt.
   I want to be more aggressive in paying off my debt. For this time period, I’ll pay off $2000 in debt. That will bring down my debt level by about 70% since I started this project. Thankfully, I have a pending project with a local company. I’ll provide social media management and web consultancy services to them. If I could finalize that, I believe I can be debt free by the end of this year! In addition to that, I also have another Social Media management client and a web development project under way.

3. Save at least $1000 for my business project.
   As I take on more projects, I will also need additional manpower. I need a content developer and a social media assistant. These people will help me pursue my projects more easily. And it will help me take on additional projects! $50 might seem small but at least I’m starting to beef up the money for my business. I do have some recurring costs but if I were to expand my operations, I will need at least $3000 to enable me to run the business for at least 6 months without any worries! Initially, I’ll be needing $1000 for my monthly operations. $30 is just a small contribution.. But if I keep dropping into it, it will definitely grow!

4. Save $75 on groceries.
   At the moment, our monthly spending on groceries is about $100. I intend to bring that down to $80 this month. Not really a tough thing to do. But it’s easy to overspend when you go to the grocery without a list. As I go there, I will need to do some backwork – creating a budget and sticking to it. Making a list of grocery items to purchase. Reviewing our past list and do away with other ones. It’s gonna be exciting. :)

5. Learn how to cook a “restaurant-worthy” meal.
   My wife and I often eat out. Just to have date night and all that. But to help us do away with too much eating out, I gotta learn how to cook some restaurant-worthy meal. Thanks to the Internet, there are a lot of websites I can learn from.

These are my goals on Month 2 of my Money makeover. By December 20, I will provide another update, which I hope will also help other guy out there.

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