January 2017 Finance Report

Here be all my finances for January. I spent the entire month living in Las Palmas de Gran Canaria.


30DBC 1 € 1,392 $ 1,500
Freelance web development 2 € 586 $ 632
3M1K 3 € 438 $ 472
Chase Sapphire Reserve credit 4 € 233 $ 251
Google Adsense payment 5 € 78 $ 84
Coaching / Consulting 6 € 74 $ 80
Book sales (via ndoherty.com) 7 € 15 $ 16
Book sales (via Amazon) 8 € 12 $ 13
Total Income € 2,828
$ 3,048
Last Month € 4,140 $ 4,355

I was aiming to pull in at least $2.5k in January and beat that easily enough.


Total Income € 2,828
$ 3,048
Total Expenses € 3,496
$ 3,768
Profit/Loss € 668
$ 720
January 2017 finance graph


Food & Drink

Eating out € 136 $ 147
Groceries € 239 $ 258
9 Total
€ 375
$ 404
Last Month € 410 $ 431

Housing & Utilities

2 months coliving in Las Palmas 10 € 773 $ 833
Cleaner for Las Palmas apartment 11 € 40 $ 43
Total € 813
$ 876
Last Month € 236 $ 248

Health Care 12

Total € 0
$ 0
Last Month € 108 $ 114

Travel & Transport

Flights: Gran Canaria (LPA) to Tenerife (TFN) round-trip 13 € 84 $ 91
Taxis in Las Palmas € 8 $ 9
Rental car 14 € 4 $ 4
Buses in Gran Canaria € 2 $ 2
Total € 98
$ 106
Last Month € 196 $ 206
World Nomads
The Cheap Flight Checklist

Business Expenses

Outsourcing 15 € 766 $ 826
2 months coworking a CoworkingC 16 € 300 $ 323
Teamwork project management software 17 € 240 $ 259
MemberMouse 18 € 199 $ 215
Consultation with US tax attorney 19 € 139 $ 150
UpdraftPlus Premium 20 € 88 $ 95
ActiveCampaign mailing list software € 45 $ 49
PayPal fees € 19 $ 20
Irish business credit card annual fee 21 € 19 $ 20
Domain registration: cheapflightchecklist.com 22 € 13 $ 14
Book: The Subtle Art of Not Giving A F*ck 23 € 12 $ 13
TransferWise fees 24 € 11 $ 12
Phone credit € 10 $ 11
Virtual Post Mail 25 € 9 $ 10
CoworkingC Pitch Night 26 € 5 $ 5
Gumroad fees 27 € 2 $ 2
Postage € 2 $ 2
Google Drive storage (100GB) € 2 $ 2
Amazon Web Services (more storage) € 1 $ 1
Total € 1,882
$ 2,029
Last Month € 814 $ 856
Active Campaign

Gifts & Donations

Food for homeless dude outside supermarket € 3 $ 3
Total € 3
$ 3
Last Month € 81 $ 85

Books 28

Tools of Titans ***** € 15 $ 16
At Home *** € 12 $ 13
Genghis Khan and the Making of the Modern World **** € 11 $ 12
El Principito 29 € 2 $ 2
Total € 40
$ 43
Last Month € 34 $ 36


Shoelaces € 2 $ 2
Total € 2
$ 2
Last Month € 51 $ 54

Miscellaneous Expenses

Spanish lessons 30 € 127 $ 137
Ticket for CoworkingC carnival party 31 € 70 $ 75
California Sports Club 32 € 40 $ 43
Toiletries € 17 $ 18
Tinder Plus 33 € 14 $ 15
Netflix subscription € 10 $ 11
Monthly banking fee (Dutch bank) € 2 $ 2
Laundry detergent € 2 $ 2
Kitchen cleaning supplies € 1 $ 1
Total € 283
$ 305
Last Month € 215 $ 226

Expense Summary

Business Expenses € 1,882 $ 2,029
Housing & Utilities € 813 $ 876
Food & Drink € 375 $ 404
Miscellaneous Expenses € 283 $ 305
Travel & Transport € 98 $ 106
Books € 40 $ 43
Gifts & Donations € 3 $ 3
Clothing € 2 $ 2
Health Care € 0 $ 0
Total Expenses € 3,496
$ 3,768
Last Month € 2,145 $ 2,256

I was aiming to keep my expenses under $2.5k for the month so I failed miserably there. It was a conscious choice though to pay for a few things in advance in exchange for discounts, which saves me money in the long run. All of those advance payments added up to about $1k.

Tools of Titans
At Home
Genghis Khan And The Making Of The Modern World
El Principito

Biggest Regret?

The client project I bought UpdraftPlus Premium for feel through, so that was a waste of $95. Hopefully I can use it on other projects. Also forgot to cancel my Irish business credit card and got stung with the €19 annual fee.

Where That Leaves Me

I had €9,780/$10,288 to my name at the end of December.

Taking into account all my January 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 €9,582/$10,329. 34

Outlook For February

I’ll aim to keep expenses below $2.5k again, which should be doable. Income should be close to $4k from freelancing alone, so I’ll aim to $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…



  1. This is payment 1 of 4 for a new freelance project I’ve taken on. Not my usual web development work; this will be very video-centric. I can’t say much more about it right now, but all will be revealed in due time ;-)
  2. I spent more time than usual working on freelance projects in January but won’t see most of the payoff until February. <br /><br />You can find links and details for my latest web dev projects here.
  3. This is my premium course that teaches people how to start an online freelancing business.
  4. I get $300 travel credit per year with this card, and through a little hiccup I had the balance of it credited to my account in January.
  5. This is for ads on my YouTube videos over a three month period.
  6. I don’t proactively seek coaching or consulting work, but occasionally people reach out and ask for it and I’m happy to oblige.
  7. I sell my Cargo Ship Diaries book direct via this website.
  8. I currently have two books for sale on Amazon:<ul><li><a href=”http://amzn.to/2aQDUxf” target=”_blank”>The Cargo Ship Diaries</a></li><li><a href=”http://amzn.to/2axMNxQ” target=”_blank”>Disrupting the Rabblement</a></li></ul>
  9. Did fine here. Under €400 is what I usually aim for. 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.
  10. This is actually payment for two months up front, in exchange for a discount.
  11. €10 per week.
  12. I’m currently covered by World Nomads travel insurance.
  13. This is for a week-long trip in mid-February. Heading over with some friends to climb Mount Teide and have some other adventures.
  14. This is next to nothing because the cost was split between a bunch of us. We used the car to go on a little road trip around Gran Canaria.
  15. 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. This expense was more than usual in January because the way the weeks fell I paid my assistant three times instead of the usual two.
  16. As with the coliving, I paid for two months in advance here.
  17. I use this to manage my freelance and personal projects. Handy for communicating with clients and contractors and keeping everything organized. I usually pay $25/month but decided to switch to their annual payment plan.
  18. Membership software for the 3M1K website. Usually $20/month but I decided to switch to their annual payment plan.
  19. I have a one-person LLC registered in the US, which means there’s no corporate tax; the tax burden is passed to the individual. But as a non-US citizen or resident I wasn’t sure if that meant I was on the hook to pay personal income tax there. So I hired a tax attorney to find out. He confirmed that I’m not obligated to pay any taxes in the USA. Score!
  20. Bought this to help with a client project.
  21. I’ve effectively shut down my business in Ireland, but forgot to cancel this. D’oh!
  22. Bought this as an easy way to link to the product I launched at the end of the month.
  23. Bought this for a winner of the giveaway I ran a few months back. She never received the paper copy we sent so bought her the Kindle edition.
  24. Some freelance clients pay me via TransferWise and I lose a bit in the transfer. Still way better than PayPal though.
  25. 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.
  26. Little event organized by the coworking space here in Las Palmas where I got up and gave a short pitch for the Cheap Flight Checklist.
  27. I use Gumroad to process payments for my book The Cargo Ship Diaries and now also for the Cheap Flight Checklist.
  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. This is The Little Prince in Spanish. Slowly working my way through it.
  30. 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. Aiming to do at least 3 hours of focused speaking practice each week.
  31. This will be happening in March. €70 gets me a spot on a parade float and all food and drink included. It’s times like this I wish I still drank alcohol :-P
  32. This is a little place near the beach in Las Palmas where you pay €40/month and then you can use their equipment (surf boards, wetsuits, skateboards, basketballs, etc.) as often as you like. I mainly use them for surfing, and it works out way cheaper than renting for €10/hour.
  33. Yup. Decided to give this a go for a month. Don’t think I’ll be renewing it though.
  34. 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.


  1. Markus

    Hey Niall, what about youtube? Do you monetize your videos? How good is that for online income?

    • Niall Doherty

      Hey Markus. I have ads on my videos but that generates about $1 per 1000 views, so $1k for 1 million views. Most people making big money on YouTube aren’t doing it via the basic YouTube ads. More through sponsorships. And I don’t have nearly enough subscribers to land a sponsor yet.

  2. Nancy L

    I didn’t see any income post for the cheapflight checklist. Did that start in Feb.
    As always fascinating to see how you manage to make it all work. Thanks

    • Niall Doherty

      Thanks, Nancy. Yeah, the payments haven’t come through for the Cheap Flight Checklist yet. You’ll see them in the next report 🙂

  3. Addie

    There is usually a grace period for getting your annual fee back if you cancel your credit card. Call and ask…the last time I didn’t it was 90 days

  4. David

    Hey! It’s my first time in this page. I’m just wondering what motivates you to publish all your personal and business data to the public.

    I’m also a web developer and have similar expenses as you.

    • Niall Doherty

      Hey David. Publishing all this data keeps me honest and accountable. I can’t lie to myself or anyone else about how much I’m spending or how I’m spending it. And it also pushes me to try earn more. Can’t say that there’s any downside really, apart from the time it takes to put these reports together!

  5. McDaid

    Hi Niall. How you getting on? Just found your YT/website today. Have you thought about adding your Kindle books to createspace to sell paperback versions?

    And any luck on Tinder? haha

    • Niall Doherty

      I deleted Tinder a couple of weeks ago!

      And yeah, I’ve considered doing the createspace thing but really don’t think there’s much of a demand for paperback versions of my books. I think I’ve only been asked about that twice over the years.


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