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.
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