SharePoint Calculated Column :: Set default date to first day of the current month

This is small requirement I received to make a date column in a list and make it to
default to the first day of the current month.
I'm sure that for most of you it will not be something difficult to do, but for those struggling here are the steps:
1. create a date type column.
2. In the default value of this column to the following formula
=DATE(YEAR(Today),MONTH(Today),DAY("1-Apr-2008"))
instead of "1-Apr-2008" you might want to use any date that reflects the first day of the month, DAY() function will extract the needed number 1.