3 min read
At the end of each month, I provide a recap of every dollar I earned and spent.
Related: May 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 June along with the previous three months. All numbers are post-tax.
|Monthly Income Streams|
|Ally Bank Interest||$9.64||$12.42||$14.22||$17.37|
Here’s my June income according to type:
Here are my June expenses generated from my Monthly Spending App:
Total June Spending: $1,886
Here’s a visual look at my total income, expenses, and net savings in June:
June Savings Rate: 64%
I saved 64% of my total income in June, which is a number I’m pretty excited about.
The bulk (88% / $4,670) of my income came from my 9-5 job, a small portion (11% / $577) came from the blog, and a tiny amount (1% / $59) came from stock dividends and interest.
The blog has become a reliable source of extra income each month, adding at least $500 to my bank account each of the past four months. This is by far my favorite form of income because I essentially get paid for something I would gladly do for free (and did for about a year).
If you told me even one year ago that I would be able to pay my rent each month entirely through blogging I would have laughed, but in a short amount of time that has become a reality and it’s an incredible feeling.
Related: If you’re interested in starting your own blog, check out my page here for a simple guide on how to get started.
My total spending this month came in at $1,886. My rent and car payment/insurance accounted for the bulk of this, coming in at about $1,000. Since these two core expenses are so low, I’m able to keep my total monthly spending fairly low without much effort.
My apartment lease is up in two months and I have my eye on a new one-bedroom apartment fairly close to where I currently live that has a $650 monthly rent. This means my housing and transportation costs will stay pretty consistent over the coming year at $1,000 per month and I should be able to continue to save 60%+ of my income.
Assuming the stock market doesn’t take a nosedive, I’ll likely be able to increase my net worth to $160k – $180k by next summer. At that point, I’ll have some serious financial flexibility and be able to contemplate quitting my job depending on what type of income I’m earning outside of my day job.
Until then, I’ll continue providing updates along the way.
That’s all for this month, thanks for reading 🙂
My favorite free financial tool I use is Personal Capital. I use it to track my net worth, manage my spending, and keep an eye on my monthly cash flow. It only takes a few minutes to set up and it makes tracking your finances simple and easy. I recommend trying it out.
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