Hive Savings Goal Status Update May 2024 and Challenge Progress Update

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. In the last month I kick started a personal challenge which involves in putting aside a 5 dollar bill to be saved when I receive one and saving it up.

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	6515 HP

In my March update, I reached 6107 HP. Today I have reached 6515 HP with a delta to main goal is 2485 HP, with about 7 months to go based on main goal timeline and 6 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 continue to try to hit 400HP per month in order to be able to meet this target. Pass few months have been closing in the range of 350HP-ish and as we approach more into the year, the goal becomes seemingly tougher to hit.

Performance to Plan

Layer 2 Token Management
It is important to review my sources of layer 2 tokens 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 0.05 HIVE per week.
Holding DAB tokens - The amount I have yields me 0.009 HIVE per day.
Holding SIM tokens - The amount I have yields me 0.021 HIVE per day.
Holding BRO tokens - The amount I have yields me 0.006 HIVE per week.
This totals up to 0.566 HIVE per week an increase of 0.4 HIVE per week as compared to last month. A strong improvement and definitely something to continue to work on.

SWAP.HIVE Sources:
Staking DRIP tokens - The amount I've stake yields me 0.0014 SWAP.HIVE per day.
Holding BBH tokens - The amount I have yields me 0.00089 SWAP.HIVE per week.
This totals up to 0.01069 SWAP.HIVE per week. There is a continuous increase from last update but still not very significant.

I am really glad that these tokens bring extra value to me due to the hive/swap.hive passive income which is very important in building up the base in HP and further boost HP growth, especially during curation. My take is, spend some time, screen through all your layer 2 tokens periodically and find stuff that you don't really need, repurpose directly in HP or into these tokens that generate passive Hive.

Curation
This is one important aspect of gaining HP and working towards my goal, not only do we get HP from curation, we also gain layer 2 tokens which again can be repurposed as mentioned above to more valuable passives as mentioned in the above paragraph.

Writing
Contributing to the community is the best way to increase savings. Sharing good content to the community not only shares knowledge, bring awareness to issues or even some interesting contest that is being held in the community, but also gets rewarded for the time and effort to prepare the content.

5 Dollar Note Saving Challenge

Source of Image

If you've read my post last month, I started a new personal challenge which is called the 5 dollar challenge. And I would like to update what had happened since the month of April.

Key to this is to create a small restriction on self to spend small denomination of money for reckless purchases. After starting this, I found it a little tougher as concurrently there is an effort by my country to move towards higher adoption of cashless payment and this results in the lack of liquid cash moving around which means less opportunity to get 5 dollar notes.

This did not set me back, I did not forcefully use cash transaction but I pay according to what is more accepted by the vendor. So in the month of April, I still manage to accumulate 7 pieces of 5 dollar notes which I think is not a bad attempt for this first month saving $35. I will continue the personal challenge to see how much I can save by the end of this year.

Closing
We are moving very quickly into the middle of 2024, I will need to accelerate my HP growth so that I can meet my goals that I set. Shrewd trading and consistent curation/content writing will become essential here. Fellow savers, let's continue saving strong and work towards the goals that we've set in the start of the year!

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.