Today I’m glad to announce a new feature in WiseCash, named Yearly (Income) Goal — a fun-to-use motivational tool bringing you actionable advice to set your pace or earn more:
What do you get by using Yearly Goal tracking?
Visibility and control over your pace. That, and the motivation provided by a fun positive feedback loop (which is already a great benefit in itself!).
For instance, you may want to work with a regular pace and make sure you earn just what is required each month, to remain slightly above the goal trend line (gray dotted line).
Or you may prefer to work really hard and reach 100% in 4 months, so that you can take 8 months of holidays or work on your own product.
Or, you may just want to make sure you can catch up if you are late, and look for gigs or increase your daily rate early on so that you finish the year in good shape.
I want you to know where you stand exactly so that you make informed decisions, and this is a great extra tool to achieve this!
By the way, be sure to check out the Bootstrapper Daily Rate Calculator to figure out your daily rate.
How to use Yearly Goal in practice
You decide what is your yearly goal (maybe based on past typical expenses + expected profit, including VAT if applicable) and give it to WiseCash, which essentially does a running total of the income entries you entered.
Only entries already marked as paid are taken into account.
As long as you remain above the gray dotted line, you are on track to reach or exceed your goal.
My fiscal year doesn’t start in January!
Go to the settings and adjust the first month of your fiscal year there.
I started using WiseCash in the middle of the year, what do I do?
If so, you do not have the income data for before, you can either create a fake income entry in the past to simulate your past income, or just set a lower, pro-rated income goal matching what you want until the end of the current year.
As usual, feedback is warmly welcome and I will iterate on the feature. Email me if you have anything to suggest!
Thanks for sharing this article around!
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