Monthly Income/Expenses – May 2017

Its been a couple of months since I did my last post on income/expenses, I had hoped to post an update every single month, but I have been a little busy lately therefore I haven’t had chance to write on here as much as I would like to. However, I am back now so lets get into it. As some of you will already know, as part of this blog I’ve decided that I should document my monthly income and expenses, as I feel this will help regarding my progress towards my goal of achieving financial independence, whilst also giving the readers something to compare their own finances against. This will be my second report so hopefully this one will show I am making some progress towards my goal since my last update was over 2 months ago.

Ill start with my expenses first…

May 2017 – Expenses

  • Mortgage – £408.11
  • House insurance – £15.81 (This will be lower from next month as I will be renewing this at a lower rate which will be shown in next months update)
  • Council tax – £124 (Down from £149)
  • Gas/Electric – £52 (Down from £63)
  • Water – £25
  • Car finance (my fiancee’s car) – £188.22
  • 0% Loan payment – 70.83
  • Entertainment – £83.78
  • Mobile phone plans – £20.86
  • Fuel – £160
  • Food – Approx £360 (for two people)

Grand total – £1,508.61 (Down from £1,550.97) which means I have managed to reduce my bills by £42.36 since march.

 

May 2017 – Income

  • Full-time job – £2,665.96 (Up from £2,550 due to earning some commission at work)
  • Peer2Peer Lending (Lendy) – £276.06 (Up from £220.95)
  • Qmee – Approx £10, for some reason Qmee has stopped telling me my earnings total for the month so I have had to roughly calculate this myself (Down from£16.72)
  • TopCashback – £5.42 (Down from £17.48)
  • Valued Opinions – £56 (Up from £48)
  • Other – £13.65 (Up from £13.30)

Grand total – £3027.09 (Up from £2,866.45) – Expenses = + £1,518.48

So there we have it, after all my bills were paid in May, I was left with the above + figure which I’m very pleased with. I have managed to reduce my bills by a little over £42 which doesn’t sound like much, but it is good progress in the right direction. I have also managed to increase my income this month due to a nice little commission bonus at work and also a healthy increase on my Peer2Peer lending income due to investing more money into Lendy over the past few months.

Feel free to let me know what you think of my progress, should I be doing better? Or am I on track and making good progress? If anyone would like to message me their own situations I’d love to hear from you and Ill try and help you in any way I can.

Like and share if you enjoyed this post 🙂

 

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4 thoughts on “Monthly Income/Expenses – May 2017

  1. Hi, I’ve just stumbled across your blog and I’m curious to see how your story unfolds as I’d say our situations are probably not too far apart (considering the immense wealth of some of the other popular bloggers here!)

    I’m also aiming for financial independence and i’ll be gradually sharing my plans and progress on my blog in the coming weeks months and years. One thing I’m curious to know, well two things actually, what’s your understanding of S&S ISAs (or Investment ISAs)? I’ve found that this is a good starting place so if you haven’t already, do check them out.

    Also do you have any plans regarding real estate investment to get some rental income? I think rental income will form a large part of my financial independence goals but I’m curious to see how the governments plans on tax breaks and stamp duty will unfold – at least that gives me time to grow my first deposit or two!

    Liked by 1 person

    1. Hey Payslip Pauper, its great to see you found my blog. After having a read through you own posts it does seem like we are in pretty similar situations which i think is awesome as there’s a good chance we can help each other.
      I had an investment ISA for a couple of years when I first started work and I found it beneficial, however I dont currently have one open as im primarily focused on maximising my peer2peer income at the moment.
      And on the subject of real-estate, im currently in the process of writing my next post on that haha, but I do feel the same as you in regards to rental income. I havent set a timescale on it yet but I am definitely aiming to buy a second property in the near-ish future which will hopefully be the first of many rental properties in the years to come. Most people i look up to in regards to our goal of financial independence seem to use rental properties as a core part of their income portfolio so i do think it is something worth focusing on.
      Id just like to say thank you for taking the time to read my posts and leaving an awesome comment, and i look forward to talking in the future as i will definitely be following your journey!

      Like

      1. Good stuff, you’ve definitely got me interested in P2P lending. Lots of reading to do before I put any ££ down on it yet though. Although I will definitely use your sign up link if I decide to go with the platform you’re using!

        Looking forward to your next posts, and good luck!

        Like

      2. Glad to have sparked your interest in P2P lending, i personally think it is a fantastic tool to use in today’s world of terrible interest rates. If you do use my sign up link let me know and ill help you out anyway i can.
        I look forward to your posts and good luck to you also!

        Liked by 1 person

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