Hive Savings Goal Status Update March 2024

Foreword
Good day to all. Another month has passed and it's time to take stock of how things are in terms of my savings on Hive. Also with the closure of February, first No Save Month of the year.

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	5749 HP

In my February update, I reached 5484 HP. Today I have reached 5749 HP with a delta to main goal is 3251 HP, with about 9 months to go based on main goal timeline and 8 months to go based on secondary goal timeline. To achieve my secondary goal, it will mean that I in the remaining 8 months, I will need to get 400HP per month in order to be able to meet this target. Will need some consistency to make sure that goal is on track and nothing derails.

Performance to Plan

Layer 2 Token Management
I reviewed my sources that increased my liquid Hive and SWAP.HIVE and started planning to get them into a better state for better passive drips.

Liquid Hive Sources:
Holding EDS tokens- The amount I have yields me 0.04 HIVE per week.
Holding DAB tokens - The amount I have yields me 0.002 HIVE per day.
Holding SIM tokens - The amount I have yields me 0.009 HIVE per day.
Holding BRO tokens - The amount I have yields me 0.005 HIVE per week.
This totals up to 0.122 HIVE per week.

SWAP.HIVE Sources:
Staking DRIP tokens - The amount I've stake yields me 0.001 SWAP.HIVE per day.
Holding BBH tokens - The amount I have yields me 0.0003 SWAP.HIVE per week.
This totals up to 0.0073 SWAP.HIVE per week.

While this is not a big amount or in how my buddy puts it, it doesn't move the needle, building up the passive tokens can slowly build up a strong base. And to note, most of these tokens continue to grow based on some of the other tokens that I own. Else I can also repurpose some of the tokens into the tokens mentioned above to build up the passive. Imagine growing this to 1 HP/SWAP.HIVE per day, in a month, we can easily clock 30 HP which aids in curation. There are many layer 2 tokens that sometimes are just left hanging, why not repurpose into these ones.

Curation
With the increased in HP that is built over the days and months, why not put them into good use. A little hard to measure how much was actually curated, but the key here is to be consistent, curate as we explore the various communities. My way of doing is to curate as much as a day of voting power recharge.

Writing
Contributing to the community is the best way to increase savings. But this does not mean spamming. Sharing good content to the community not only shares knowledge but also gets rewarded for the time and effort to prepare the content.

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.

The No-Buy Month of February had ended. It was really good as I really get to review my expenditure. Measuring wants versus needs become the most important to do during the No-Buy Month. There were many things that almost crossed the line of wants to self justify as needs which will hinder the spirit of doing this No-Buy Month.

Hence, when I completed my review, it is good to do a buddy check with your spouse or good friends to have them as a neutral party to vet through your expenditure review. They will be able to detect any form of self justified needs and keep you in check. For me, what I avoided was a tonne of unnecessary grocery which might end up being in the stockpile, no new clothes bought, public transport instead of driving and of course converting air condition usage to ceiling fan usage instead.

Closing
In a blink of an eye, 2 months just passed us for 2024. Key is really to stay focus, streamline portfolio, focus and work on things to generate more passive. Though the goal looks a little tough, I am certain that if I make savings from a goal to become a lifestyle, then it will always be 2nd nature to look for opportunities to save up.

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.