~Year One Plan (11/1/12-11/1/13)~

I have an entrepreneurial spirit so the one good thing about being a single mother is that I have full control over how I manage my money. I will let my ambition flow in hopes that my paycheck will grow! At this point I am the only one who can hold myself back.

So here is the basic gist of my one year plan. I am very hopeful that after one year I will have diversified my income and saved a good chunk of change to further pursue my dozens of business ideas. I’ll keep ya posted!

“One half of knowing what you want is knowing what you must give up before you get it.”

Slash Expenses

• Low cost housing
• Limit buying lunch at work to once a week
• Limit gas money to $50/week or less
• Stop food waste (eat leftovers and whatnot)
• Keep my pay as you go phone = $25/month
• Shopping as at consignment shops for clothing
• Taking advantage of free entertainment

Increase Income

• Keep both of my current jobs for 1 year
• Take side projects as they come (bookkeeping and building websites for local businesses)
• Make enough internet income to replace one of my jobs (eBay ,craigslist, blog, and niche sites)

Saving Plans

• Save $5,000 for emergency fund
• After emergency fund is complete put 10% of my income into a Roth IRA
• Look into certificates of deposits to earn high yields that I can then put into savings. Cd rates Discover are the best options I’ve seen so far
• After EF put 10% of my income into “business plans” account
• Pour anything left over into the “business plans” account