I ended May 2008 by spending $9,943 less than I earned, though I had some help from a $600 tax rebate and an incoming payment for a long-term advertising deal (which already finished its run).
In this post, I’ll take a look at my income and expenses for May to determine whether there are some opportunities for me to earn more and spend less. This report makes sense when viewed in conjunction with May’s balance sheet which shows my account balances and net worth as of May 31, 2008.
Keep reading to see the chart and explanations.
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.
As I hinted above, I managed to keep business income up in May, mainly due to a successful month with AdSense and the receipt of a payment for a long-term advertising deal. Again, I don’t expect this success to continue. While there are some negotiations for another long-term deal, it could be a while before the details are finalized. Additionally, I’m still far too reliant on traffic from one particular source for me to start making decisions based on recent income. I was hoping to determine by the end of June whether blogging full-time would be a feasible endeavor, but it looks like I am not confident of long-term stability. Unless something changes drastically this month, I will continue with my day job, as much as I’d like to quit and pursue a number of my interests full-time.
With that being the case, I need to focus on opportunities with my day job for advancement. I received a raise and promotion earlier this year, but there isn’t much room for real advancement in my current department.
Despite rising gas prices — I paid $40 to fill my Civic when at the turn of the century it cost $15 — my spending on fuel has remained fairly steady over the past few years. I must be driving fewer miles. That was definitely the case when I changed jobs two years ago and reduced my commute by about 50%, and since moving a year ago, I cut another 5 miles off the trip, but I appear to be driving less since the moves as well.
My tax expense is significantly lower than usual this month due to the tax rebate I mentioned earlier. I recorded this as a “contra-expense” rather than income partly because it’s not taxable and partly because it can be viewed as a portion of my tax payment being reimbursed.
I don’t foresee any extraordinary expenses in the month of June. I’d like to decide on some specifics surrounding my charitable giving this summer, so perhaps that might be my mental focus for the next few months.