3 min read
At the end of each month, I provide a recap of every dollar I earned and spent.
Related: April 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 May along with the previous three months. All numbers are post-tax.
|Monthly Income Streams|
|Ally Bank Interest||$7.52||$9.64||$12.42||$14.22|
Here’s my May income according to type:
Here are my May expenses:
|Car Payment & Insurance||$400|
Here’s a visual look at my total income, expenses, and net savings in May:
May Savings Rate: 65%
My savings rate in May was lower than my usual 75% for a couple reasons:
1. My “dining out” expenses got a little out of hand this month at $304. Normally I keep this number under $150, but I went out for social occasions far more than usual in May.
2. The three-year lease ended on my Honda Civic and I decided to get a loan for it for $11,000. The monthly payment along with the insurance is about $400 per month, which feels like a lot, but it’s not bad considering I’ll be able to pay it off in only three years. I decided to get a loan for this car instead of buying a cheaper used car simply because I plan on keeping it for hopefully 10+ years. It also gets great gas mileage and it’s extremely reliable.
Due to this added expense, my typical monthly expenses will be around $1,800 – $2,000 moving forward. I hope to keep increasing my income over the coming months so I can get my savings rate back up to 70% or higher.
Income Outside of My 9-5 Job
The blog had another nice month, bringing in $783 in total income through a combination of affiliate link earnings (Personal Capital and Bluehost) and Mediavine ad revenue.
Related: If you’re interested in starting your own blog, check out my page here for a simple guide on how to get started.
This month was a little slow for stats tutoring, but I still managed to bring in $60 with one client I found via Facebook.
In total, I earned $957 through blogging, tutoring, dividends, and interest this month, which covered almost 50% of my total expenses. Over time, I hope to be able to consistently cover 100% of my expenses through income streams outside of my day job.
My apartment lease is up in a little under three months and I have decided to stick with my current company. This means I’m currently looking for a new apartment elsewhere in Cincinnati. Ideally I’d like to find a studio apartment with a monthly rent under $1,000.
Housing is by far my biggest monthly expense so I plan on keeping it fairly low if possible. I have always thought that no matter how big your living space, you naturally get used to it. This means I’d rather live in a smaller place with a lower rent because it would only take a few weeks for it to begin to feel normal.
Over the next 12 months I plan on continuing to save a huge chunk of my monthly income, increasing my side hustle earnings, and enjoying the slow, steady net worth climb to $100k and beyond.
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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