3 min read
At the end of each month, I provide a recap of every dollar I earned and spent.
Related: July 2018 Income & Expenses
I share these numbers because I have always found it insightful to see the real numbers behind a blogger’s financial journey. I love talking about how to earn more and save more, but it’s helpful to provide a behind-the-scenes look at how I’m actually managing my own money.
Here’s what my income looked like in August along with the previous three months. All numbers are post-tax.
|Monthly Income Streams|
|Ally Bank Interest||$14.22||$17.37||$18.88||$24.84|
Here’s my August income according to type:
Here are my August expenses generated from my Monthly Spending App:
Total August Spending: $2,334
Here’s a visual look at my total income, expenses, and net savings in August:
August Savings Rate: 58%
I earned a total of $5,492 in August through three income sources:
1. My day job income as a data scientist ($4,584)
2. Blogging income from ads and affiliate links ($790)
3. Dividend income from one REIT and interest from my savings account ($117)
Related: If you’re interested in starting your own blog, check out my guide here that shows the exact steps I followed to create this site.
My total spending this month came in at $2,334. The bulk of this spending came from a few categories:
1. Rent ($611)
2. Car ($400)
3. FinCon Plane Tickets ($287)
4. Miscellaneous expenses related to a weekend trip to Michigan ($273)
5. Groceries ($255)
My current apartment lease ends today and I’ll be moving into a new apartment about 20 minutes away later this afternoon. The monthly rent on the new place is $878, which is higher than I am currently paying now so my monthly expenses will be a bit higher moving forward.
My monthly transportation and food costs will remain the same moving forward so my big three expenses of housing, transportation, and food will likely hover around $1,600 – $1,800 each month, which means I should still be able to save close to 60% or more of my income each month.
The good news is that I’m able to cover around 40-50% of my expenses each month through blogging and dividends alone. I expect this percentage to increase over the coming months as well.
Depending on what type of income I am earning outside of my day job by this time next year, I may no longer need the paycheck from a 9-5. Until then, I’ll keep providing monthly updates.
That’s all for this month, thanks for reading 🙂
My favorite free financial tool I’ve been using since 2015 to manage my net worth is Personal Capital. Each month I use their free Investment Checkup tool and Retirement Planner to track my investments and ensure that I’m on the fast track to financial freedom.
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Full Disclosure: Nothing on this site should ever be considered to be advice, research or an invitation to buy or sell any securities, please see my Terms & Conditions page for a full disclaimer.