Welcome to the new monthly status report! Now that I am no longer employed by anyone, I figured it was time to change up the format of the status reports. I didn’t want to get rid of them entirely as I feel it’s important to share what transitioning to self-employment/Financial Independence looks like.
I’m going to break out my personal spending still, but it’s going to be on a higher level than I had been doing considering I split some expenses with my boyfriend now.
Other sections include expenses and income for various endeavors, like separate sections for blog spending, rental expenses and income, and any other side hustles I have.
Disclaimer: some links may be affiliate links. They help offset the cost of keeping this blog running!
Why do I do a monthly status report?
I find it best to do a monthly status report for a few reasons.
- It helps me evaluate how I did the previous month. Did I spend a lot of money on something? Why? Did I earn a bunch of money on something? Can I do that again?
- It helps keep me accountable. How can I make an extra purchase knowing I’ll have to explain myself to all of you? Talk about awkward when the blogger can’t walk the walk and talk the talk.
- I want to prove this crazy thing called financial independence works!
- It provides an example of real world budgeting and expenses. Some of the people I talk to haven’t ever seen a proper budget or seen one put into action, and part of the purpose of this blog is to lead by example!
I use Mint to help me track my spending and keep an eye on my accounts. I also use a really awesome and super in-depth spreadsheet. So many formulas….. Some people use Personal Capital and others use You Need a Budget (YNAB). Whatever tool (or combination thereof) works best for you and your needs is the best one for you, since everyone and their budgets are different.
July 2018 Personal Statement:
Notes: I’m happy my spending stayed low-ish for July. I spent a fair amount, but like I said in the last post, it’s more than the money. At this rate, I’ll be able to hang onto this self-employment thing for at least a few more months.…
July 2018 Blog Statement:
- ConvertKit: $8.70
- Teespring: $55
July 2018 Rental Statement:
July 2018 Money Makin’ Endeavors Statement:
- Etsy: $67.62
- Interest: $1.58
Combine it all together and.…
Net worth: $212,209
Notes: My net worth didn’t actually go up that much, but I decided since I’m selling The Dingle House for $99,900 I might as well up date the house line in my spreadsheet. I’ll be the tiniest bit sad to see it go down when I sell the house, but it will be so eclipsed by the happiness I’ll feel getting rid of it that I don’t think I’ll notice.
Drug dealers suck.
Until then, I’ll enjoy the artificial boost to my bottom line!
Thanks for reading! What did your month look like? Did you stick to your budget?
Love it! Thank you so much for sharing. I love monthly spending posts and it’s super cool to see what’s happening now that you work for yourself. If you don’t mind me asking, what are the expenses that make up the $95.00 you spent on your blog?
As for me I did pretty well this month. We had a few friends staying with us so I went out to eat and drink more than usual. I also started hosting my blog, which had some start up costs, BUT this month should be lower. It should all even out. Current trajectory for the year shows that I might overshoot my spending goal by a little, but since I’ve already cut my expenses 40% overall I’m not worried about being over 2%. Trying to learn to chill out over here!
Must feel so great to be out of the landlording-to-drug-dealers business!
Wait- you are selling the rental? How did I miss this? Tell us more! Good luck!
Cooper @ Two Corporate Millennials says
You’re in the middle of the grind Gwen. Keep getting after it and look for the opportunities that come from being “gritty”.
Gentleman's Family Finances says
I’ll keep an eye on your progress – I would hope you can increase the ETSY and other income. You’ve taken a brave step forward and I’ve got my fingers crossed for you.
Good Luck says
You have drawn down your entire taxable account, most of your cash, are losing money blogging, and lost money renting. I guess you could Roth Ladder it for awhile and/or live off the sale of the rental for a bit, but you need to actually start making money soon. Good luck!
Gwen [Fiery Millennials] says
Hey look a troll! Thank you, commenter who was too scared to leave their email. I am well aware of the state of my finances and realize more than anyone my need to get more cashflow. Too bad I can’t just shake the magical money tree and get more!
Aww, best of luck. Hopefully getting rid of the dingle house will free up mental and financial space for some more remuneration.
Gwen, do you plan to go back to the corporate world or what is your plan going forward? I’m also trying to start my own business but i have been too scared to leave my 9 to 5.
I am also curious how you and your boyfriend decide to split finances. I do not ask my girlfriend to pay rent since she does not make a lot of money and she moved to be with me. However, it seems this may not be wise in the long term. What are your thoughts on that?
I’m sorry to hear that your real estate investment has not worked out the way you would have hoped.…are you going to give real estate another shot in a different market? Invest more in your business pursuits?
Can’t wait to see what’s next for you.
I’ve been a bit stagnant myself, focusing more on dating than anything else, which has had it’s own set of challenges while lacking a job or profitable entrepreneurship.…