Welcome to Transfer Tuesday. This is my new project where I drive for Uber and Lyft during the week and save the income towards the down payment of another beachfront property. I call this project, the $200 Envelope Challenge. Transfer Tuesdays are a way for me to be accountable. It’s also pretty motivating too. I am confident that if I can keep up with Transfer Tuesdays, I should be able to meet my goal of saving $20,000 by December 2023. So, without further adieu, let’s see how much rideshare income I earned last week. This should not be a long post.
Rideshare Income
Over the past week, I earned $259 after taxes and rounded up. I typically save 30% of the income for taxes. So, before taxes, the amount earned is $362 (rounded up). It’s ok though. Uncle Sam has to be paid and so I set that money aside. I anticipate that my tax rate will be less than 30% and so I will get some of that money back at tax time. In addition, I received a $5 cash tip, which brings the total to $259!
Technically, I did receive tips as part of the $259. So, in future posts, I may separate these from the amount I save for taxes.
Of the $259, $8 came from Uber and $251 came from Lyft. Part of the reason why I made so much with Lyft this past week is because I got one ride that was a longer trip! I’ll take it.
Here is my spreadsheet that I used to track my progress:
So, you might notice a couple of things. First, I added a pink color to the chart to reflect previous payments. Additionally, the current payment is reflected in green. Next week, the green payments will turn pink.
Moreover, this week, I was able to color in two cells on the spreadsheet and not just one! I am very excited that the most expensive cell of $200 has been highlighted. I am really trying to highlight the most expensive cells as soon as possible because my motivation to complete this project is high right now. Thankfully, I have time to get a few more expensive cells knocked out before December 2023.
During times when I can’t drive as much, I will focus on the less expensive parts of the chart then.
Final Thoughts
I continue to be excited about this project. What really helps is that my initial quota is to make $25 per day doing rideshare Monday – Thursday. That’s not overwhelming. Sometimes I make that and sometimes I don’t. Sometimes, I make a lot more than that, and other times I make zero. So, it all balances out at the end, but that’s the bare minimum that I want to do on those days.
I don’t really have a set goal for the weekends. I can make a lot more money if I drove all day, but alas, I have many competing interests. In fact, one of my personal goals is to get better at chess, and that generally requires a lot of personal study time. However, I suspect that the more I highlight my spreadsheet, the more I will want to drive for Uber and Lyft to generate rideshare income for this project.
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