At the end of each month I provide a recap on all the income I earned from dividends (brokerage account only), blogging, side hustling, and working at my good ol’ 9-5 as a data analyst.
I also provide a summary of my monthly expenses and visualize them using the free financial app Wovelo.
Related: September 2017 Income Update
The reason I share my raw monthly income and expenses is because I have always found it beneficial (and inspiring) to see the real numbers behind a blogger’s financial journey. I love talking about how to get better with money, but it’s helpful to show a behind-the-scenes look at how I’m actually managing my own money.
Here’s what my income looked like in October along with the previous three months. All numbers are post-tax.
|Monthly Income Streams|
|Ally Bank Interest||$2.07||$3.94||$6.37||$4.42|
Here’s my October income broken down by type:
Here’s are my October expenses:
Plugging these numbers into Wovelo I can see that my rent (the big green circle) takes up about half of my monthly spending, my food expenses are another 1/4 of my overall spending, and every other expense is fairly small in comparison:
Here’s what my income, expenses, and net savings looked like in October:
October Savings Rate: 77%
My 77% savings rate this month slightly topped my 73% savings rate from last month. Overall this was a great month with predictable income from my 9-5 job, over $500 in blog income, and over $160 in dividends from stocks and REIT’s.
I have taken a brake from statistics tutoring because I’ve been spending more time blogging and doing other activities in the evenings, but it’s a side hustle I can easily pick back up if I choose.
By far the most exciting part of this update is my passive income, which totaled $694 this month. My rent, utilities, and internet combined were only $679 in October, which meant I could have paid my core bills purely with passive income. That’s honestly an incredible feeling.
As the blog continues to grow and I invest more of my earnings into dividend-paying assets, my passive income will continue to ramp up over time.
My expenses were slightly above $1k this month again, which I’m perfectly content with. When my core bills are less than $700 it’s ridiculously easy to have a high savings rate. Through sharing an apartment, embracing minimalism, and cooking most of my meals at home, it feels completely natural to have nearly an 80% savings rate. I don’t feel like I have to deprive myself at all to save a majority of my income, which is a great feeling.
Looking ahead, I plan on continuing to save around 80% of my monthly income, growing my passive income, saving up $100k by next summer, and potentially reaching my financial launching point.
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.
You can also sign up to have my most recent articles sent straight to your email inbox for free ?
Disclaimer: I am NOT a registered investment adviser, investment professional, brokerage firm or investment company. Readers are advised that information on the website is issued solely for information purposes and not to be construed as an offer or recommendation to buy, hold, or sell any securities. All information, opinions, and analyses included are based on sources believed to be reliable, but no representation or warranty is made concerning accuracy, correctness, timeliness, or appropriateness. Please consult with an investment professional before investing any of your money.
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.