Aside from getting to earn and save 10 BCH before the year ends, I still have other savings goals that I'm working on to achieve every day, week, and month.
In an article that I have published last January titled "My 2022 Financial Goals", I have shared there the 4 major Financial Goals that I strive to accomplish this year.
My whole year goal is to earn and save 10 Bitcoin Cash from my blogging earnings from read and noise, and from my staking, trading, and farming earnings on SmartBCH. My monthly goal is to save 2,500 pesos or about $50 for my future Cebu Trip, which is scheduled for this coming September. My weekly goal is to save 1,500 pesos or approximately $30 for the Future Travel Fund that I'm building intended for my future travel goals. And lastly, my daily goal is to save 250 pesos or $5 which is intended for my additional Savings Fund.
To be honest, I haven't updated my monitoring notes for these different financial goals for over a month now because when the price of Bitcoin Cash was dumped, I couldn't find the courage to convert my extra BCH intended for these goals. I just felt like it would be a waste to convert them at such a low price. So I didn't mind if I was already behind with my different fiat goals.
And just last March 20, I sent 1 BCH to my Binance account which I planned to trade to take advantage of the volatility of the crypto market.
After receiving the 1 BCH, I immediately set a sell order limit with the price of $320 and it was sold shortly. I planned to buy it back after the price dips for at least $5 to $10 for a quick profit, however, because I didn't have any idea that the price of BCH would slowly pump at that time and it almost reach $400, I couldn't buy back the 1 BCH anymore.
I waited for a few days for the price to come down but it's still trying to stay on the price of $380 level.
And because I'm somehow impatient to wait for the price of BCH to drop to my selling price for me to buy my 1 BCH back, I have decided to just sell the revenue I got from selling BCH, including the $36 that I earned from the harvested CAKE earnings on Pancakeswap. I originally had 357 BUSD but I traded it for 356 USDT as the fiat price of it is higher.
Then I went on to the P2P Trading on the Binance platform and picked one buyer that uses GCash as the mode of payment. This is now my 2nd time trying the P2P Merchant and I'm really amazed at how fast the transaction is.
And after the transaction was finished, I immediately opened my GCash wallet app and checked my notebook for the days and weeks that I didn't get to save for my different fiat savings goals.
Monthly Goal: Save 2,500 pesos ($50) for my future Cebu Trip
I didn't miss saving $50 for February so I only saved 2,500 pesos or $50 for this month, March. I still have more than 5 months to save up for my upcoming solo trip to Cebu so that means I still need to grind and hustle for this goal.
Weekly Goal: Save 1,500 pesos ($30) for my Future Travel Fund
The last time I got to save $30 for my Travel Fund was last March 06 so that means I have to start saving 1,500 pesos or $30 from March 13. So for the 6,000 pesos ($120) that I deposited, I saved for 4 weeks from March 13 until April 3.
Daily Goal: Save 250 pesos ($5) for my Savings Fund
This is quite a challenging goal, which is why the last time I got to save for it was still last February 25. And since I have enough funds for it already, I made sure to save up for those days that I missed saving $5 a day. So I deposited 8,500 pesos or $170 intended for my savings from February 26 until March 31.
In total, I saved up 17,000 pesos ($340) for these different fiat goals and it all came from the 1 BCH and Cake earnings that I sold. I still have around 1,000 pesos left from the money that I got but I'll just probably use it for personal expenses.
I know some of you would think that I should have just held the BCH instead of selling it into fiat as there is a bigger profit in it, especially when the price pumps. I actually also think that way but I'm quite hard-headed, and I also like to accomplish these goals. I think I also have enough BCH saved up already when the price pumps so I'll have no regrets.
Anyway, this is how I spent the money I got for selling 1 BCH. I actually didn't spend it, instead, I also saved it up but in the form of fiat currency or PHP.
Well, that's all for this blog and a quick update about my savings goals.
Cheers and Happy Saving! 🥂
It's always the same, the price goes up after you sell it. It is the unwritten rule of crypto against unlucky users.