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|
|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|
|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|
|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|
|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.
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.
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.
- 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 ;-)
- 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.
- This is my premium course that teaches people how to start an online freelancing business.
- 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.
- This is for ads on my YouTube videos over a three month period.
- I don’t proactively seek coaching or consulting work, but occasionally people reach out and ask for it and I’m happy to oblige.
- I sell my Cargo Ship Diaries book direct via this website.
- 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>
- 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.
- This is actually payment for two months up front, in exchange for a discount.
- €10 per week.
- I’m currently covered by World Nomads travel insurance.
- This is for a week-long trip in mid-February. Heading over with some friends to climb Mount Teide and have some other adventures.
- 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.
- 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.
- As with the coliving, I paid for two months in advance here.
- 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.
- Membership software for the 3M1K website. Usually $20/month but I decided to switch to their annual payment plan.
- 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!
- Bought this to help with a client project.
- I’ve effectively shut down my business in Ireland, but forgot to cancel this. D’oh!
- Bought this as an easy way to link to the product I launched at the end of the month.
- 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.
- Some freelance clients pay me via TransferWise and I lose a bit in the transfer. Still way better than PayPal though.
- 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.
- 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.
- I use Gumroad to process payments for my book The Cargo Ship Diaries and now also for the Cheap Flight Checklist.
- 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.
- This is The Little Prince in Spanish. Slowly working my way through it.
- 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.
- 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
- 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.
- Yup. Decided to give this a go for a month. Don’t think I’ll be renewing it though.
- 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.