3 min read
At the end of each month, I provide a recap of every dollar I earned and spent.
Related: June 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 July along with the previous three months. All numbers are post-tax.
|Monthly Income Streams|
|Ally Bank Interest||$12.42||$14.22||$17.37||$18.88|
Here’s my July income according to type:
Here are my July expenses generated from my Monthly Spending App:
Total July Spending: $1,999
Here’s a visual look at my total income, expenses, and net savings in July:
July Savings Rate: 67%
I earned a total of $5,990 in July through three income sources:
1. My day job income as a data scientist ($4,584)
2. Blogging income from ads and affiliate links ($1,044)
3. Dividend income from stocks and REITs ($362)
This was my second-highest blogging income month ever, which is a tremendous feeling. This was also my highest dividend income month ever. For perspective, here are my numbers for July 2018 compared to July 2017:
July 2018 combined blogging and dividend income: $1,407
July 2017 combined blogging and dividend income: $323
That’s over a 4x increase in only 12 months. I’m excited to see what these numbers look like in July 2019.
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 $1,999. The bulk of this spending came from only a few categories:
1. Rent ($611)
2. Car payment/insurance ($400)
3. Food ($313)
4. New Apartment Application ($200) – although $100 will be refunded when I move in, as I qualified for a 50% application.
My current apartment lease ends on August 31st. A few weeks ago I signed a new 12-month lease for an apartment closer to my work where the monthly rent is $878. This is slightly higher than I had hoped to pay, but it’s in a great location and it had everything I was looking for.
This means my big two expenses (housing and transportation) will hover around $1,300 per month over the coming year which will allow me to continue to save 60%+ of my income each month.
At the end of this next 12-month lease I expect my net worth to be over $150k, which will give me some serious financial flexibility.
Through blogging and dividends alone I typically cover 50% or more of my monthly expenses. I expect this number to increase over the coming months. 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.
Sign up to have my most recent articles sent straight to your email inbox for free ?
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.