In June I managed to save over $4,000 of my income for myself after all expenses were paid. That doesn’t mean that my net worth grew during June, however, as I explained earlier today. While I was able to add to my savings and investments, poor performance in the stock market caused my accounts to decline, which I hope is a temporary situation.
This post contains a look at my income and expenses for the month of June, though some lines are ignored to present a report that is a mix between an income statement and a cash flow report. I don’t bother with unrealized gains or losses here, but I don’t include money transferred to savings as an expense.
Continue reading this article to see my financial data for the month of June.
Answers to Frequently Asked Questions.
The report is made with Intuit Quicken and Microsoft Excel. Here’s an income and expense report Excel template.
Explanation and Details.
My business income is now lower than it was a year ago. This is mainly due to my removal a few months ago of certain forms of advertising. The experts in online advertising have said that removing text link ads would pay off in the long run, so I’m still following this advice. I have seen what changes in Google’s search results can do to a website that has built up a significant audience — and revenue — over several years, and I plan to avoid that if at all possible.
I originally set a goal to determine by the end of June if my “side business” (blogging on Consumerism Commentary as well as a few other online endeavors) would be sustainable as my only source of income. Due to the volatility over the past few months, my decision is to stick with the status quo. Having extra time to devote to my online projects would be very helpful for writing better articles and building more sustainable income, but it’s a risk that I can’t afford to take. This very fact may hold be back from continuing to be a leader in the community as other bloggers make the jump to devote 100% of their working time to their online projects.
My expenses weren’t out of the ordinary this month. The biggest hits come from the Hoover SteamVac I purchased and my estimated federal tax payment.
I don’t believe July will be that much different. I expect a lower business income and no out-of-the-ordinary expenses.
Updated April 13, 2011 and originally published July 2, 2008. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.