Well hello there o’ legendary email subscriber. This is my February finance report, prepared and delivered to you from the fine city of Amsterdam.
As usual, I’ll share with you all the details of my finances below, along with a few notes that I think you’ll find interesting.
Food & Drink
|Groceries||€ 181||$ 196|
|Eating out||€ 127||$ 138|
|Last Month||€ 276||$ 301|
Still coming in well under my monthly target of €400. I rarely dine in restaurants, instead eating the majority of my meals at home. Most of my “eating out” expenses are coffees and drinks with friends.
Housing & Utilities
|1 month’s rent for Amsterdam apartment||€ 1,160||$ 1,258|
|Last Month||€ 1,160||$ 1,258|
Yup, I could save quite a bit on rent by sharing an apartment, but I’m happy to pay a premium for my own place in a central location.
|Last Month||€ 0||$ 0|
Now that I’m staying in one place long enough to be considered a resident, I’ll soon be on the hook to pay taxes. At some point I should set myself up so I’m putting money aside each month :-/
|Health insurance (monthly payment)||€ 101||$ 110|
|Last Month||€ 101||$ 110|
Travel & Transport
|Total|| € 0
|| $ 0
|Last Month||€ 15||$ 16|
|Accountant: AGC Associates||€ 410||$ 445|
|iDevAffiliate (for 3M1K)||€ 82||$ 89|
|Thrive Landing Pages (used here and here)||€ 60||$ 65|
|PayPal fees (mostly for 3M1K payments)||€ 50||$ 54|
|ActiveCampaign email marketing||€ 42||$ 46|
|Stripe fees (for 3M1K payments)||€ 37||$ 40|
|Domain registrations||€ 25||$ 27|
|Business credit card annual fee||€ 19||$ 21|
|MemberMouse (for 3M1K)||€ 18||$ 20|
|Buffer social media management||€ 10||$ 11|
|StartDock business lunch||€ 5||$ 5|
|Google Drive storage (100GB)||€ 2||$ 2|
|Gumroad fees (for sales of The Cargo Ship Diaries)||€ 1||$ 1|
|Amazon Web Services (more storage)||€ 1||$ 1|
|Last Month||€ 1,194||$ 1,300|
Think I’m paying my accountant too much? You’re not alone. I addressed this in a previous report.
Gifts & Donations
|Last Month||€ 13||$ 14|
|Open (Andre Agassi’s autobiography) ****||€ 12||$ 13|
|Missing You ***||€ 10||$ 11|
|Blaize And The Maven||€ 1||$ 1|
|Last Month||€ 9||$ 10|
Listed above are only the books I paid for last month. I also get books as gifts and via rewards credit. You can see all my book recommendations and what I’m currently reading over on Goodreads. I usually get through a book a week.
|Last Month||€ 218||$ 237|
|Salsa classes (x4)||€ 44||$ 48|
|Toiletries||€ 23||$ 25|
|Sleeping pills||€ 14||$ 15|
|Vrog Freerunning training session||€ 13||$ 14|
|Netflix subscription||€ 8||$ 9|
|De Nieuwe Anita entry||€ 8||$ 9|
|Language cafe entry||€ 4||$ 4|
|Tip jar at Mezrab||€ 3||$ 3|
|Monthly banking fee||€ 3||$ 3|
|Last Month||€ 124||$ 135|
|Housing & Utilities||€ 1,160||$ 1,258|
|Business Expenses||€ 762||$ 826|
|Food & Drink||€ 308||$ 334|
|Miscellaneous Expenses||€ 120||$ 130|
|Health Care||€ 101||$ 110|
|Books||€ 23||$ 25|
|Clothing||€ 0||$ 0|
|Gifts & Donations||€ 0||$ 0|
|Taxes||€ 0||$ 0|
|Travel & Transport||€ 0||$ 0|
|Total Expenses||€ 2,474
|Last Month||€ 3,110||$ 3,386|
I didn’t set a goal for expenses in February, but I’m happy enough with how everything shook out.
|3M1K||€ 2,518||$ 2,731|
|VAT refund||€ 138||$ 150|
|Freelance web development||€ 45||$ 49|
|Credit card rewards credit||€ 44||$ 48|
|Book sales (via Amazon)||€ 17||$ 18|
|Book sales (via ndoherty.com)||€ 16||$ 17|
|Total Income||€ 2,778
|Last Month||€ 54||$ 59|
I didn’t have a goal set here either. 3M1K did quite well for its first month, but I’d like to get generating €3k/month consistently.
I think my worst financial decision in February was the initial pricing structure of 3M1K. I launched it at €97/month, but many people responded that they didn’t like signing up for an indefinite monthly payment and would be more likely to buy if I offered lifetime access for an upfront fee.
So I made the change.
Unfortunately, not many of those people who said they’d sign up if I offered lifetime access for an upfront fee actually went ahead and signed up once I offered them lifetime access for an upfront fee.
Goes to show that what people say they want and what they actually want are two very different things :-/
Still, I suspect that I would have seen a few more signups if I had come out of the gate with the lifetime access.
Where That Leaves Me
I had €4,767/$5,191 to my name at the end of January. After applying the most recent exchange rates (I have accounts in EUR, HKD and USD), those totals shifted a little to €4,946/$5,364.
Taking into account all my February income and expenditure, my total bank and cash balances now work out to €5,026/$5,451.
Outlook For March
I’m going to try keep expenses under the €2,500 mark again. Whether or not that’s a realistic mark will depend on how my tax situation shakes out. It’s proving very difficult to get straight answers about where I should pay my personal taxes without paying a fortune for advice.
Income is tough to call, too. Part of me hopes/expects 3M1K to take off at some point and make me rich, but realistically I expect it to generate €2k this month. I’m taking on select freelance projects again though, so if all goes well there I might be able to finish the month with at least €3k in my pocket.
Thoughts? Questions? Speak up in the comments below.
Archived Finance Reports
I’ve been posting these monthly finance reports since January, 2011. You can view all my old reports via this page.