Well hello there o’ legendary email subscriber. This is my June finance report, prepared and delivered to you from the fine city of Berlin.
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.
|3M1K 1||€ 2,123||$ 2,365|
|Freelance web development||€ 762||$ 849|
|Loose change 2||€ 109||$ 121|
|Book sales (via Amazon)||€ 36||$ 40|
|Total Income||€ 3,030
|Last Month||€ 6,487||$ 7,243|
I was aiming to pull in at least €3k in June, so happy enough overall. I was hoping to collect a bit more from freelance work but got a bit scattered and didn’t put in the hours. Thankfully, 3M1K picked up the slack.
Food & Drink
|Eating out||€ 184||$ 205|
|Groceries||€ 167||$ 186|
|Last Month||€ 390||$ 435|
Housing & Utilities
|10 nights in Berlin AirBnb 3||€ 382||$ 426|
|Cleaning fee for Amsterdam apartment||€ 30||$ 33|
|Rent for Amsterdam apartment 4||€ 10||$ 11|
|Last Month||€ 1,160||$ 1,295|
|Last Month||€ 0||$ 0|
|Health insurance (monthly payment)||€ 101||$ 113|
|Last Month||€ 101||$ 113|
Travel & Transport
|Lyfts in New Orleans 5||€ 30||$ 33|
|Bus: Amsterdam to Berlin||€ 29||$ 32|
|Streetcar trips in New Orleans||€ 4||$ 4|
|Total|| € 63
|| $ 70
|Last Month||€ 192||$ 214|
|Outsourcing 6||€ 634||$ 706|
|Taxes||€ 371||$ 413|
|Accountant: AGC Associates 7||€ 328||$ 365|
|Wyoming LLC Setup 8||€ 263||$ 293|
|Stripe fees (for 3M1K payments)||€ 104||$ 116|
|3M1K refund 9||€ 95||$ 106|
|Notary 10||€ 58||$ 65|
|Phone credit 11||€ 56||$ 62|
|PayPal fees (mostly for 3M1K payments)||€ 42||$ 47|
|ActiveCampaign 12||€ 41||$ 46|
|Teamwork project management software 13||€ 26||$ 29|
|TransferWise fees 14||€ 25||$ 28|
|UpdraftPlus Migrator 15||€ 23||$ 26|
|MemberMouse 16||€ 18||$ 20|
|iPhone charger||€ 14||$ 16|
|T-Mobile SIM card 17||€ 14||$ 16|
|Printing/scanning/photocopying||€ 6||$ 7|
|Virtual Post Mail 18||€ 4||$ 4|
|Google Drive storage (100GB)||€ 2||$ 2|
|Amazon Web Services (more storage)||€ 1||$ 1|
|Last Month||€ 1,828||$ 2,041|
Gifts & Donations
|Gifts for friends||€ 53||$ 58|
|Camp fire party donation 19||€ 5||$ 6|
|Newark airport charity box 20||€ 3||$ 3|
|Last Month||€ 127||$ 142|
|Last Month||€ 6||$ 7|
|Tuxedo rental 22||€ 168||$ 187|
|Espirit blue jeans||€ 40||$ 45|
|Guess blue shorts||€ 31||$ 35|
|Guess black v-neck t-shirt||€ 13||$ 14|
|Espirit green v-neck t-shirt||€ 13||$ 14|
|Last Month||€ 8||$ 9|
|Big black suitcase 23||€ 75||$ 84|
|Electric shaver 24||€ 11||$ 12|
|Toiletries||€ 8||$ 9|
|Netflix subscription||€ 8||$ 9|
|Amazon movie rental: Deadpool ****||€ 4||$ 4|
|Kitchen cleaning stuff||€ 1||$ 1|
|Monthly banking fee (Dutch bank)||€ 1||$ 1|
|Last Month||€ 142||$ 159|
|Business Expenses||€ 2,125||$ 2,367|
|Housing & Utilities||€ 422||$ 470|
|Food & Drink||€ 351||$ 391|
|Clothing||€ 265||$ 295|
|Miscellaneous Expenses||€ 108||$ 120|
|Health Care||€ 101||$ 113|
|Travel & Transport||€ 63||$ 70|
|Gifts & Donations||€ 60||$ 67|
|Books||€ 0||$ 0|
|Taxes||€ 0||$ 0|
|Total Expenses||€ 3,495
|Last Month||€ 3,954||$ 4,415|
My goal was to keep expenses under €3,000, so didn’t quite make it. Business expenses were what did me in; I failed to anticipate several there.
I outsourced some client work during the month and the contractor didn’t do a great job so I had to hustle and get it done myself, spending more than a dozen hours at it. Those are hours I could have used to work on other freelance projects and earn another several hundred yoyos, so that stung a bit.
Lesson learned: check in with a contractor after their first 2 hours of work to make sure they’re on track, rather than leaving them alone for a week and assuming it’s all going according to plan.
Where That Leaves Me
I had €9,579/$10,695 to my name at the end of May. After applying the most recent exchange rates (I have accounts in EUR, HKD and USD), those totals shifted a little to €9,582/$10,673.
Taking into account all my June income and expenditure, my total bank and cash balances now work out to €9,798/$10,914. 25
Outlook For July
Expenses should be down a good bit. Business expenses won’t be nearly as high and my accommodation is mostly paid for already. I’ll aim to keep everything under €2k, which might be a bit of a stretch but I think it’s doable.
Income is tougher to predict. I plan to get back to regular freelance work but I’m unlikely to see the fruits of that until August. 3M1K always has the potential to generate a lot of revenue, but unless I get a bunch of new leads into the sales funnel, I doubt I’ll even earn €1k there. If I manage to pull in €2k the entire month, I’ll be doing pretty well.
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 my premium course that teaches people how to start an online freelancing business.
- I was collecting all my loose change in a jar for ~13 months and finally cashed it in. It’s like free money :-)
- Looks like I have an apartment lined up from August in Berlin so I’ll be AirBnb-ing it in the meantime.
- Rent on my Amsterdam apartment is €1,160 and I paid a €1,150 deposit last year. The landlord agreed to have the deposit cover my last month’s rent. So I just had to pay the €10 balance.
- First time I’ve ever used either Lyft or Uber. Loved it!
- I have an assistant helping me with 3M1K and I also hire some other freelancers every now and then to help me out with client projects.
- Think I’m paying my accountant too much? You’re not alone. I addressed this in a previous report.
- I registered an LLC in the US so I can base my business over there and save big on admin and taxes. The guys over at Flag Theory set everything up for me in less than a week, great service. They’re experts on offshore business setup, so give them a shout if you need any help with that or have any questions.
- A member of my premium course decided not to pursue freelancing and requested a refund.
- Needed to get a document notarized to verify my account with Virtual Post Mail (see below).
- Higher than usual this month as I bought credit for a new SIM card in the USA as well.
- Software for my mailing list.
- I use this to manage my freelance and personal projects. Handy for communicating with clients and contractors and keeping everything organized.
- TransferWise is changing the game for me in terms of sending/receiving money abroad. PayPal used to be my go-to for that purpose, but their fees and exchange rates are ridiculous. TransferWise uses real exchange rates and a flat fee of €2 for every transfer.
- Software for my web dev business.
- Membership software for the 3M1K website.
- Had to buy this in New Orleans as the SIM card I bought there last year expired after six months of non-use.
- Trying out 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.
- I went to a perhaps-not-totally-legal camp fire party somewhere near Amsterdam and the organizer collected donations to help with police fines and such.
- Offloaded my loose change before leaving the US.
- You can see all my book recommendations and what I’m currently reading over on Goodreads. I buy many books via Amazon affiliate credit so you won’t always see my book purchases listed here.
- For the wedding I attended in New Orleans
- I decided to quit being a backpacker and go with a wheeled suitcase instead for my upcoming travels so I don’t have to revert to owning only two pairs of shoes.
- The shaver I brought with me to the US wouldn’t work with the lower voltage so I bought a cheap one at Walgreens.
- Note that these totals are never quite right. For example, there’s money in my business account that’s earmarked for VAT so it’s not really mine. But I couldn’t be arsed figuring it all out perfectly and the above figures are close enough so let’s roll with them.