Dividend season is upon us and makes coming up with my parcels of $1,000 SO much easier…it is a real “aha” moment as I see dividends being deposited into my account and statements showing dividend reinvestment with my number of units growing. Normally I would prefer to automatically reinvest my dividends as it removed all temptation to spend, however seeing these small but much appreciated dividends being paid where automatic reinvestment plans are not an option, is equally pleasing as I am proactively manually reinvesting these funds myself.
So this parcel of $1,000 came from a wide range of dividends, but also from selling some more clothes on High End, saving some money on beauty treatments (saved $40 but going my own spray tan job at home) and even finding $4.30 in coins in the park and over $9 in savings by shopping with my loyalty program at Woolworths. Everly little bit really adds up and is making this project feel even more empowering.
The money was invested in more Milton stock, increasing the passive income to $3,350 p.a. which is 83.75% of the way towards achieving my goal. The benefit of extending my deadline whilst I wait to be paid for the remaining weekend jobs that I did has been so worth while and given me the extra push (or kick) to stretch myself harder as only a few weeks now loom. This is why The $1,000 Project is so good as you control the rules, the goals and the outcome and get to revel in 100% of the pride and self satisfaction.
Canna Campbell is the founder and director of SASS Financial Services, a boutique financial planning firm. She is a Channel 9 Financial Commentator, founder of financial media platform SugarMamma.TV and best selling author of The $1000 Project and Mindful Money.