February 2017 Finance Report

Here be all my finances for February. I spent most of the month living in Las Palmas de Gran Canaria, and also spent a week in nearby Tenerife and five days in Prague.

Income

Freelance web development 1€ 2,464$ 2,596
30DBC 2€ 1,423$ 1,500
3M1K 3€ 280$ 295
Cheap Flight Checklist 4€ 183$ 193
Book sales (via Amazon) 5€ 21$ 23
Book sales (via ndoherty.com) 6€ 9$ 10
Total Income€ 4,380
$ 4,616
Last Month€ 2,828$ 3,048

I was aiming to pull in at least $5k in February and ended up not far off. As mentioned though, $1,500 of that income will have to be refunded in March, which means I really only pulled in a little over $3k in February.

Summary

Total Income€ 4,380
$ 4,616
Total Expenses€ 3,656
$ 3,853
Profit/Loss€ 724
$ 763

Expenses

Food & Drink

Eating out€ 181$ 191
Groceries€ 225$ 237
7 Total
€ 406
$ 428
Last Month€ 375$ 404

Housing & Utilities 8

4 nights at Prague AirBnB 9€ 135$ 142
Cleaner for Las Palmas apartment 10€ 30$ 32
Total€ 165
$ 174
Last Month€ 813$ 876

Health Care 11

Symbioram 12€ 11$ 12
Total€ 12
$ 12
Last Month€ 0$ 0

Travel & Transport

Flights: Gran Canaria (LPA) to Prague (PRG) round-trip 13€ 429$ 452
Rental cars (including fuel) 14€ 184$ 194
Flights: Gran Canaria (LPA) to Porto (OPO) one-way 15€ 91$ 96
Prague metro€ 8$ 8
Buses in Gran Canaria€ 8$ 8
Taxis in Las Palmas€ 5$ 5
Total € 725
$ 764
Last Month€ 98$ 106

Business Expenses

MacBook Pro 16€ 1,289$ 1,358
ActiveCampaign mailing list software 17€ 398$ 419
Outsourcing 18€ 102$ 107
Cheap Flight Checklist expenses 19€ 68$ 72
MacBook Pro 1-year warranty 20€ 49$ 52
Domain renewals€ 31$ 33
PayPal fees€ 16$ 17
TransferWise fees 21€ 16$ 17
AIB government stamp duty 22€ 12$ 13
Phone credit€ 10$ 11
Virtual Post Mail 23€ 9$ 10
Skype credit€ 9$ 10
aText 24€ 5$ 5
Google Drive storage (100GB)€ 2$ 2
Amazon Web Services (more storage)€ 2$ 2
Gumroad fees 25€ 1$ 1
Total€ 2,019
$ 2,128
Last Month€ 1,882$ 2,029

Gifts & Donations

Flowers 26€ 20$ 21
Booze for the Wolfhouse 27€ 7$ 7
Busker in Masca (Tenerife)€ 2$ 2
Total€ 29
$ 30
Last Month€ 3$ 3

Books 28

Snow Crash ** 29€ 10$ 11
The Stranger ***** 30€ 9$ 10
Total€ 19
$ 20
Last Month€ 40$ 43

Clothing

Gloves 31€ 2$ 2
Total€ 2
$ 2
Last Month€ 2$ 2

Miscellaneous Expenses

Spanish lessons 32€ 147$ 155
Siam Park 33€ 37$ 39
Prague National Gallery 34€ 22$ 23
Czech Vodafone SIM 35€ 19$ 20
Lost bet 36€ 15$ 16
Prague Walking Tour 37€ 11$ 12
Netflix subscription€ 10$ 11
Entry to Prague tower€ 8$ 8
Head torch 38€ 7$ 7
Toiletries€ 2$ 2
Monthly banking fee (Dutch bank)€ 1$ 1
Public toilets€ 1$ 1
Total€ 280
$ 295
Last Month€ 283$ 305

Expense Summary

Business Expenses€ 2,019$ 2,128
Travel & Transport€ 725$ 764
Food & Drink€ 406$ 428
Miscellaneous Expenses€ 280$ 295
Housing & Utilities€ 165$ 174
Gifts & Donations€ 29$ 30
Books€ 19$ 20
Health Care€ 11$ 12
Clothing€ 2$ 2
Total Expenses€ 3,656
$ 3,853
Last Month€ 3,496$ 3,768

I was aiming to keep my expenses under $2.5k for the month so I failed miserably there. I didn’t account for purchasing that new laptop, and traveling to Prague on a romantic whim wasn’t exactly cheap.

Biggest Regret?

Definitely my biggest regret is that $6k freelance video project that I’ve had to bail on. I regret taking it on in the first place and wasting so much of the client’s time and mine, and for ultimately disappointing them and leaving them reeling to find a replacement for me.

Where That Leaves Me

I had €9,582/$10,329 to my name at the end of January.

Taking into account all my February income and expenditure, and the most recent exchange rates – I have accounts in EUR, HKD and USD – my total bank and cash balances now work out to €10,169/$10,716. 39

Outlook For March

Well I owe that client I bailed on a $3k refund, so that puts me $3k in the red right out of the gate :-/

Fortunately I don’t have any other big expenses looming. I’ll be traveling in Portugal and Spain for a couple of weeks mid-month, so there will be some cost involved there (accommodation, car rental, etc.), but that trip also means I won’t be paying rent in Gran Canaria for two weeks. All told, I should be able to keep all my other expenses under $2k for the month.

As for income, I’ve already got $1,300 on the books, and I’m hoping some things I’m working on for 3M1K will boost sales there later in the month. I’ll aim for at least $2.5k total.

Feedback Welcome

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.

Curious as to how I track everything I earn and spend? Check this video…

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Footnotes

  1. I spent more time than usual working on freelance projects in January and this was the payoff :-) You can find links and details for my latest web dev projects here.
  2. This was payment 2 of 4 for a new freelance project I took on. It wasn’t to be my usual web development work; more video-centric stuff. As of this writing though, I’ve bailed on the project due to being overloaded with other commitments, and so I will need to refund this and last month’s payment ($3,000 total) in March. That will be a big dent to the finances, but seeing as how I’ve left them high and dry and set the entire project back several weeks, a full refund is the least I can do.
  3. This is my premium course that teaches people how to start an online freelancing business. I’ve been doing almost zero promotion of this in recent months but plan to change that in March.
  4. This is a short guide I released at the end of January. So far it’s sold 95 copies total, which ain’t bad at all. There were some expenses involved with producing this however (see below), and since I produced it with a partner I only receive part of the profits.
  5. I currently have two books for sale on Amazon:

  6. I sell my Cargo Ship Diaries book direct via this website.
  7. Under €400 is what I usually aim for, so close enough. Food prices are fairly average in the Canary Islands. Eating out can be expensive but I buy groceries and prepare most of my own meals.
  8. No rent payment this month as that was paid in advance back in January.
  9. I took a spontaneous trip to Prague to go see about a girl. More about that whole adventure in my recent Momentos.
  10. €10 per week.
  11. I’m currently covered by World Nomads travel insurance.
  12. Just some immune booster stuff to help ensure I stayed healthy while traveling.
  13. This was pricey because I booked it last minute on a romantic whim. Thought of it Sunday, booked it Monday, was in Prague by Thursday. Totally worth it.
  14. I spent money on three rental cars in February:

    • 6-day car rental in Tenerife: €92
    • 3-day shared SUV rental in Tenerife: €33
    • 2-day car rental for Portugal in March: €32
    • Fuel expenses: €27

  15. This will be via Madrid (MAD) in mid-March to meet up with that same lovely lady for a couple of weeks :-)
  16. For the geeks out there, it’s a 13-inch early 2015 model, with 8GB of memory, a 2.7 GHz processor, and 128GB of hard drive space (like this one on Amazon). I wanted double the hard drive space but couldn’t find a 256GB model in three different stores between Tenerife and Gran Canaria. I had a MacBook Air previously which I bought back in 2013 and had become very sluggish and couldn’t run on battery anymore. Hopefully I’ll be able to sell that in March for a little bit.
  17. Usually $45/month but I decided to switch to their annual payment plan and save in the long run.
  18. I have an assistant helping me with 3M1K and I also hire some other freelancers every now and then to help me out with various projects.
  19. As mentioned above, we had some expenses producing and selling this guide, such as Gumroad fees, this designer on Fiverr, cheapflightchecklist.com domain registration, and an SSL cert for secure payments.
  20. Decided to get this as I’ll most likely be back in the Canary Islands next winter so I can cash it in then if needs be.
  21. Some freelance clients pay me via TransferWise and I lose a bit in the transfer. Still way better than PayPal though.
  22. A banking fee, essentially, on my old Irish business bank account.
  23. This service allows me to receive old-fashioned mail in the USA without having a physical address there. They scan any mail received and email it to me, and can also forward along any important documents to another address I specify.
  24. This is a handy little Mac app that saves me having to type frequently-used text strings in full. For example, I can now type em1 on my laptop and those three characters are automatically replaced with my full email address.
  25. I use Gumroad to process payments for my book The Cargo Ship Diaries and now also for the Cheap Flight Checklist, although I’ve bundled the expense for the latter into an entry above.
  26. I gets real romantic sometimes.
  27. This is the great place I stayed while in Tenerife. Some friends of mine just opened it and let us crash there free of charge for a weekend and we bought them some booze for a launch party they were having. It’s the perfect place for team retreats. Check out their website and you’ll get a good feel for it.
  28. You can see all my book recommendations and what I’m currently reading over on Goodreads. I sometimes buy books via Amazon affiliate credit and gift cards so you won’t always see my book purchases listed here.
  29. Came highly recommended by Tim Ferriss but I wasn’t feeling it at all and quit about 20% through. Just not my cup of tea.
  30. This, meanwhile, is incredible. I started reading it again as soon as I was done. Not sure I’ve ever done that with a novel before. A haunting, thought-provoking read.
  31. Twas cold in Prague
  32. These lessons are via iTalki.com. Averages out to about $9/hour. I found a great teacher in Venezuela and sticking with him for the time being. Was doing at least 3 hours of focused speaking practice each week but going to take a break from it in March.
  33. They say it’s the best water park in the world, and they might be right. Absolutely epic. I’d gladly have paid twice as much for entry.
  34. Worth a visit if you’ve got a fun partner who’s game for mimicking the poses of all the statues with you.
  35. Was only in Prague for 5 days but glad I bought this. Made finding my way around much easier.
  36. I bet my flatmate that I could run up 18 flights of stairs faster than he could. He beat me by 20 seconds, so I had to buy him a burger :-/
  37. One of those free walking tours where you tip at the end. Twas grand.
  38. Bought this for a night climb to the peak of El Teide in Tenerife so we could watch the sunrise, but there was too much snow and they closed the trail :-(
  39. Note that these totals are never quite right and don’t really align with my profit/loss numbers each month. That’s because of the different currencies and money constantly moving around between my accounts, plus I have some investments that can make or lose money in any given month. But I couldn’t be arsed figuring it all out perfectly and the above figures are close enough so let’s roll with them.

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