Transfer Tuesdays

By | September 24, 2022
Transfer Tuesdays

It’s difficult to stay motivated. Think about New Year’s resolutions. Usually, most people are pumped every year to start resolutions, but somehow they end up not fulfilling their goals. Why? I imagine it’s because, in part, the motivation they had went away. Or their goals changed. Or life happened. But regardless, it’s hard to stay disciplined with financial goals. Accountability helps a lot. I’ve experienced this during one of my New Year’s resolutions where I was able to get out of credit card debt in part because I had an accountability partner. I plan to keep myself accountable by posting my progress here. So, with that said, welcome to Transfer Tuesdays.

I am a huge fan of the YouTube channel, Pennies Not Perfection. In that channel, Mary announces her goals, and on a regular basis, she tracks her progress on the channel. This includes her version of Transfer Tuesdays. Every Tuesday, she transfers a certain amount of money to her bank account to help meet whatever goal she is focused on. I plan to do the same thing with my recently announced $200 Envelope Challenge.

Why Tuesdays?

The name, “Transfer Tuesday” has a nice ring to it. But, that is not the only reason why I’ve chosen Tuesdays as the day to transfer funds towards meeting the $200 Envelope Challenge. The main reason has to do with my rideshare payout schedule.

As you may recall, my goal is to complete the $200 Envelope Challenge in 16 months, and if I’m able to do that, I would have saved an additional $20,000 towards the down payment on my condo. The main source of funds that will be used to complete the project is rideshare. That is, I will drive for Uber and Lyft and use the proceeds to fund the $200 Envelope Challenge.

Generally speaking, both Uber and Lyft payout is on Tuesdays. Technically, I can withdraw funds anytime, but I choose to just wait every week to get paid on Tuesdays. Given the payout schedule, it makes sense to transfer funds on Tuesdays.

My goal is to post on my progress every Tuesday (or the day after).

Finally, by transferring funds every Tuesday, I hope to develop a good financial habit that will benefit me in the long run.

My Progress To-Date

I made my first transfer last week on Tuesday, September 13, 2022. At the time, I didn’t realize that I wanted to keep track of my progress on this blog.

It’s also not a bad time to emphasize that my main project is saving $50,000 over the course of the next 16 months, and reaching my goal on this $200 Envelope Challenge is going to be VERY difficult.

But, I am hoping to have fun along the way and the more I add color to my tracker, the more motivation I get.

Here is my progress so far:

As you can see, my first savings was $50 which was transferred to my Qapital account. This amount is after taxes. So basically, with rideshare, I try to budget 30% for taxes and then save the remaining 70%.

Each one of the cells in red represents an envelope in which I must deposit the amount displayed on that envelope. For purposes of this project, I can never deposit exactly $50 again because that slot is filled. There will be times when two or more slots are filled in based on the amount transferred on a Tuesday. There may also be times where I contribute a small amount from my salary to ensure that the exact amount needed is transferred to Qapital.

Regardless, the goal is to fill in at least one slot every Tuesday!

Final Thoughts

I am excited about tracking my progress. While there is no guarantee that I will stay motivated, I can already see that I have a little extra energy to do rideshare. I just love it when I highlight a red-cell green.

My goal is not to overdo it. I do rideshare part time after a long day at work. I also don’t live in a very busy market for doing Uber and Lyft and so sometimes I turn the app off after waiting too long to get a ride. A modest goal of mine is to get $20 to $25 per day during rideshare. But even that is sometimes tough.

Hopefully, with consistency, I will be able to fulfill this challenge in the time allotted. But even if I don’t, every little bit helps.

What did you think of this post?

Let me know your thoughts by commenting below.

2 thoughts on “Transfer Tuesdays

  1. Pingback: Transfer Tuesday - September 27, 2022 - Dividend Portfolio

  2. Pingback: Transfer Tuesday - October 4, 2022 - Dividend Portfolio

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