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.
June 2018 Personal Statement:
Expenses:
| Housing: | $700 |
| Phone: | $32 |
| Food: | $205 |
| Auto: | $32 |
| Pet: | $50 |
| Health/Fitness: | $155 |
| Shopping: | $90 |
| Travel: | $42 |
| Gifts: | $0 |
| Support: | $0 |
| Total: | $1,306 |
Notes: My spending plunged by 50%! I did a much better job at controlling my spending in June. I am so grateful I don’t have to worry about paying off student loans, credit cards, or a car payment. I would be infinitely more stressed than I am now, which doesn’t look good on me at all. I would much rather be relaxed and unconcerned about finances!
June 2018 Blog Statement:
Income: $8.70
- ConvertKit: $8.70
Expenses: $109
June 2018 Rental Statement:
Income: $0
Expenses: $1,350
June 2018 Money Makin’ Endeavors Statement:
Income: $252.18
- Freelance writing: $200
- Survey: $50
- Interest: $2.18
Expenses: $18
Combine it all together and.…
Income: $260.88
Expenses: $2,585
Net worth: $197,615
Notes: Compared to May, my income tripled! Woo! I find it hilarious I stopped freelance writing, but then an offer came along that I couldn’t refuse so I made $200. Life has a funny way of working sometimes.
I will look back on these months with amusement one day. I plan on my income chart looking like my net worth chart some day. Super tiny little bumps on the left, and soaring stacks month after month on the right.
You’ll also notice my taxable account went down from May. I had to sell most of my stocks in the account and cash out. I was running out of money fast and needed a cash infusion. One day I will fill that account with 10x that amount of money. I will not be broke forever.
Despite all the cash I’m still spending, my net worth only dipped 2%. Not too shabby, all things considered.
Thanks for reading! What did your month look like? Did you stick to your budget?
Hey Gwen, really enjoyed reading your monthly status report and seeing how you were doing. I can’t believe your rent is $1,350 per month Just seems a bit high (from a young guy FI perspective).
Anyway, hope you crush your goals next month. You make FI realistic for the younger generation!
Rent is $700 a month to my boyfriend and my rental mortgage payment is $700.
I Look forward to these posts every month. Keep it up!
Congratulations on keeping your expenses so low this month! It’s not an easy thing to do. We failed at keeping our expenses low in June. But we achieved some decent savings rate anyway.
Keep it up!
The Poor Swiss recently posted…June 2018 – Insurance month!
How do you make money from ConvertKit?
Affiliate links! Someone signed up using my link and they give me something like 20% of the cut every month. It’s awesome!
Did I miss something about your rental? I thought your units were all filled but you’re showing $0 income there.
My rental is 1/3rds filled at the moment. The PM keeps the payment and sends me a bill for the extra money I owe him. So.… no money coming in right now.
These are the issue with being an absentee landlord and the agency problems with PM’s.
Great job on the spending Gwen!
You’ve completely gotten one side of the equation down, now time to work on getting the income up. I am confident that it will come, especially if you attack it like you have been the spending.
Keep your chin up and keep getting after it!
Thanks Cooper!
Hey Gwen!
Your budget really helps me to gauge where I’m at and it’s awesome you don’t have a car payment! Just wondering what is included in your health and fitness line item?
Mostly things like sports fees, health insurance, and misc medical supplies like bandaids and medicines.
Gwen do you plan on withdrawing out of investment accounts? Increasing income? Why was rent income 0?
Thanks for being so transparent! We are basically in the same situation financially and would be very curious to know your plan going forward.
I don’t want to take any money out of my tax advantaged accounts. That’s tomorrow money. I did take money out of my taxable investment account. I planned on making money but it hasn’t really manifested yet. Rent income was $0 because my tenant painted his unit for me in exchange for a month of rent. My plan going forward is selling the rental property and pivoting on my plans to make money. My expenses will plummet without the rental so I’ll be able to cover the gap a lot easier now.
Thanks for the reply Gwen, as well as being so transparent. The fact that you have options to even sell a property or two to keep your current invested assets working for you is an accomplishment. Thanks for being transparent, it very much helps everyone.