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.
May 2018 Personal Statement:
Notes: Phone was near zero thanks to Google Fi and their generous referral program. If you use my link to sign up for their plans (which I HIGHLY recommend!), you’ll get $20. I would get some, but I hit the cap 🙁 Still definitely worth recommending though even if I’m not getting anything other than satisfaction from recommending it. Other expenses were pretty reasonable, even though I did spend a bunch on travel. I’m thankful for my Priority Pass and cache of Ultimate Rewards points. I definitely could have spent way more without those two things!
May 2018 Blog Statement:
- ConvertKit: $17.40
- Amazon: $10.72
May 2018 Rental Statement:
May 2018 Money Makin’ Endeavors Statement:
- Freelance writing: $40
- Interest: $3.05
Combine it all together and.…
Net worth: $201,668
Notes: I find it interesting to see what has changed in my spending. Now that I only move my car about once a week, my auto expenses have plummeted, which is awesome. My food budget has gone down significantly. If I hadn’t been out on the road so much in May, they’d be even lower. However, most of my food budget will be written off as a blog expense since I didn’t buy food unless I was out to eat with people or buying food for a meetup. That will come in handy come tax time.
I also find it interesting my net worth went up a smidge (on paper since these are unrealized gains and losses). Even though I don’t have very much money coming in right now, my investments are still doing their compounding thing and chugging along. Go investments, go!
I’m still including my pension in my net worth calculations since it is still an asset, even if I can’t cash it out now like I had planned. I’ve been told I need to watch the mail and wait for the chance my former employer offers an early cash out option. I guess I’m only kind of counting my chickens before they hatch 😉
Thanks for reading! What did your month look like? Did you stick to your budget?