FINANCIAL THOUGHTS - Am I going to be blogging on Hive just to be able to keep addings.

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This seems to be a possibility that I will need to get ready for - blogging to be able to eat. Not just to feed myself of course, but to feed everyone in the family. From the 3 cats to myself, my wife and my 3 children.

This is not due to losing my job or because of some unmanaged debt that I need to get under control. Nope. This actually stems from getting a company perk that was not budgeted for and now I will have to somehow manage to pay for it all.

So what happened?

There were guys at my place of work who are insisting on joining a Union and one of the biggest things they want from the small business they work for is a Provident Fund.

So the company we work for is going ahead and will be providing a Provident Fund even before a Union can force them to do so. However, both your employer and you, the employee must contribute to the fund.

Not only will my employer need to FIND 7% of staff salaries as an additional cost to company, I myself will be paying 7% of my GROSS income towards the provident!

This is huge, seeing as I still have to pay an income tax, an unemployment fund and there is a medical deduction as well. I am used to getting my NETT income in at a certain amount.

If 7% of gross is coming off my salary then I fear that the real impact on my budget will be more than 10% of my income will be deducted to pay towards this fund.

The company will struggle to find 7% this year which means no increases in our pay can be expected. Meanwhile, all my expenses go up with the inflation.

My budget for 3 kids, 2 adults, and 3 cats does NOT have 10% leeway in the budget. I use all of the budget money and then yet I STILL do not have enough all the time.

I am very thankful of Hive and that I am able to blog and earn. When I run my budget there is not much I can count out on. I can't cut. I do not HAVE extras.

Thus the only place I am able to cut myself some slack is of course... the food budget. Eating cheap meals and soups will get me a certain distance and then I will need to blog for my supper!

I need to do what I can to ensure that I have a decent monthly income from Hive that will be added to my budget money. It is about 7 weeks to go till the pawpaw really strikes the fan.

I will need to work hard and earn as much as possible as fast as possible.

Let's see what I can do!

Thank you for reading.

Cheers!
@zakludick

Hive South Africa

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25 comments
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Go for it - you've got a great network, which is a big help. The only thing I'd suggest is to try to avoid pulling down everything you earn - maybe cap yourself at 50%. That way, increased HP will continue to grow your earnings in the long term. Also, HBD is your friend !

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Indeed. I do not want to ever need to power down the HP. I would love to keep sticking a certain portion of HBD into savings per month... I have targets.

Another target I would love to achieve is to have enough HBD to get in the income I would lose in interest! But... that's quite a bit of HBD... lol

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I would suggest waiting a bit for Hive to rise before staking the HBD. HBD should always be around $1 and Hive went to $3.41. If you are staking now you are giving the opportunity up of making a big difference by converting at a higher price. If you have to maybe use the liquid to get by and try not to power down.

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I will definitely not power down.... that is really a last resort type of thing.

I see what you mean about Hive at a low price rather than hoarding HBD... but should I sell HBD for Hive or just set my post payout to 100% HP?

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(Edited)

I would leave it at 50/50 as this gives you the liquid in HBD and gives you options of either cashing out that or powering up. I plan to convert Hive at the right time but that is definitely not now as I am throwing 8 x or more in value away.

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Indeed. I see the value in that! Thanks!

I have $232 HBD in savings at the moment. I would like to not touch this fund and let it gain compound interest over a long time.

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I understand that as I swapped mine when Hive was at 30c or thereabouts for over 3 Hive each which should when timed right give me a 10 x more return on the number of HBD I can buy back. Just think 80 Hive could cover the 242 HBD you have when it bounces back up and what you have now could be turned into at least 6 or 7 x what you currently have. Keep what you have though and grow your HP as then you choose at the time to add more.

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Indeed. But you will need to be able to hold for when there is a bounce-back in Hive prices. It is inevitable but not certain. So.... good to have liquid to play with but not so good when I might need a few hundred Rands ar the end of the month.

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Yes and why having liquid is important for you right now so the 50/50 is your best option.

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That is really tough at this time in the economy, but you will be saving for the future. Hopefully both you and @clairemobey can get the most out of HIVE going forwards.

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I am hoping so. I will have to blog hard to get it done!

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It's wonderful to see that you're managing your funds in a proactive manner! Even though budgeting and financial planning can be intimidating, taking the time to evaluate your present financial condition and set financial objectives for the future is a crucial first step toward financial security.

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Indeed. I think I am heading in the right direction. I will just have to work hard at it!

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Of course 🥂

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Oh my goodness, I'm sure this is a bitter pill to swallow at the moment, and I've totally been there where you look at the budget and ask yourself, Where else can I cut? Nope, nothing, really! There should be some decent savings on your PAYE, though, so keep that in mind as well, and I'm happy to help you calculate that. I'm also sure that you will find a way to make it work.

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PS I love how you call Claire your wife. You two are just such an amazing couple, and you and your beautiful family truly have a special place in our hearts.

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