At the end of each month I provide a recap on all the income I earned from dividends (brokerage account only), blogging, side hustling, and working at my good ol’ 9-5 as a data analyst.
I also provide a summary of my monthly expenses and visualize them using the free financial app Wovelo.
Related: September 2017 Income Update
The reason I share my raw monthly income and expenses is because I have always found it beneficial (and inspiring) to see the real numbers behind a blogger’s financial journey. I love talking about how to get better with money, but it’s helpful to show a behind-the-scenes look at how I’m actually managing my own money.
Here’s what my income looked like in October along with the previous three months. All numbers are post-tax.
|Monthly Income Streams|
|Ally Bank Interest||$2.07||$3.94||$6.37||$4.42|
Here’s my October income broken down by type:
Here’s are my October expenses:
Plugging these numbers into Wovelo I can see that my rent (the big green circle) takes up about half of my monthly spending, my food expenses are another 1/4 of my overall spending, and every other expense is fairly small in comparison:
Here’s what my income, expenses, and net savings looked like in October:
October Savings Rate: 77%
My 77% savings rate this month slightly topped my 73% savings rate from last month. Overall this was a great month with predictable income from my 9-5 job, over $500 in blog income, and over $160 in dividends from stocks and REIT’s.
I have taken a brake from statistics tutoring because I’ve been spending more time blogging and doing other activities in the evenings, but it’s a side hustle I can easily pick back up if I choose.
By far the most exciting part of this update is my passive income, which totaled $694 this month. My rent, utilities, and internet combined were only $679 in October, which meant I could have paid my core bills purely with passive income. That’s honestly an incredible feeling.
As the blog continues to grow and I invest more of my earnings into dividend-paying assets, my passive income will continue to ramp up over time.
My expenses were slightly above $1k this month again, which I’m perfectly content with. When my core bills are less than $700 it’s ridiculously easy to have a high savings rate. Through sharing an apartment, embracing minimalism, and cooking most of my meals at home, it feels completely natural to have nearly an 80% savings rate. I don’t feel like I have to deprive myself at all to save a majority of my income, which is a great feeling.
Looking ahead, I plan on continuing to save around 80% of my monthly income, growing my passive income, saving up $100k by next summer, and potentially reaching my financial launching point.
That’s all for this month, thanks for reading 🙂
My favorite free financial tool I use is Personal Capital. I use it to track my net worth, manage my spending, and keep an eye on my monthly cash flow. It only takes a few minutes to set up and it makes tracking your finances simple and easy. I recommend trying it out.
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