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 🙂

 

Red pill or the Blue pill ?

Is it just me or is the Matrix real ? … ‘What is he talking about?’ I hear you say. Well you will have to excuse me there, I lost myself for a moment, for some reason The Matrix is playing on the office tv. Actually, it feels quite appropriate right about now. When I’m sat in this office I feel like Neo in a way, not in the slow-mo, ass-kicking way of course, but in a similar way to how Neo can see things other people can not. You probably think I’m crazy, but indulge me for just a moment, lets see how far the rabbit hole goes.

Im sat at work gazing out of the window as the sun shines down (if you live in england you will know this is a rare thing, so you have to make the most of it), its the first monday morning since our last pay day, only 3 days prior. Now I would have thought that this would leave everybody in a positive mood coming into the week, as everyone must be flush with cash having only just got paid. But wait a minute, what is that I can hear just over there, ‘I don’t know where my money goes, I’m already counting down the days till next pay day’. EXCUSE ME! Did I miss hear what my colleague just said? At this point I’m sure your saying to yourself ‘of course you miss heard Mr. Blogging For My Life, that is impossible, your colleague was only paid 3 days ago!’. I wish this were true, I really do. However, this is something that I hear said in my office all too frequently from the same group of people. The same group of people that drive the brand new fancy pants BMW’s, or the new super duper Mercedes Benz. Now from that last sentence alone, I’m sure it has become clear to you as to why these people don’t seem to have any money month after month after month. And yet for my colleagues, they are blind to it, spending hours every month moaning about paying bills with money they don’t seem to have, and wondering when their lottery numbers are going to come in, because as iv been told by my colleagues may times before, ‘thats the only way you’ll ever get to retire in a job like this’.

Now, it may have just become clear to you as to why I feel like I can see things in this office that others cannot, and it has nothing to do with me being ‘The One’.

Im sure you will agree with me when I say that what my colleague has expressed to me is simply not true, which is why I find it so disheartening that my colleagues actually believe that the lottery is their only way out and that everyone must simply struggle on until the stars align and their numbers are announced, walking around blind to their own self-destructive spending habits, making the same mistakes time after time again. If only they could see that their situation is simply a choice, a decision that they are fully in control of, similar to the decision of ‘The red pill or the blue pill’. I wonder what my colleagues would do if faced with such a decision. The blue pill would represent staying in their current situation and continuing to believe they have no way out. However the red pill would represent a completely different path in life, a path where there is self-awareness and disciple, and an abundance of money just waiting for them round the corner, the only condition to it is that they must set out and follow a strict budget each month, one which covers all the necessary expenses and leaves plenty of money left over for saving/investing. This is something that I know works and what I would advise anyone to do if they want to get a good grip on their own financial situation. The problem for my colleagues though, is that choosing to take the red pill, the alternate path, would mean that they would need to stop living the fancy pants lifestyles that they keep trying to convince us all is the only way, the cars would need to go, the fast food breakfast’s & lunch’s that are consumed on a daily basis would have to be swapped out for a cheaper alternative, dare I say it, a homemade lunch. But as I write this, and as you read this, I think we both know that those changes are never going to happen. We both know that in a months time I will be subjected to the same conversation of money woes and lottery hopes. But that does not mean that you or I have to choose that same path too, we also have our own decision to make.

So put yourself in that situation and think about the decision at hand, what path are you going to choose for your own life…

The Red pill or the Blue pill ?

 

Monthly income/expenses – March 2017

As part of this blog, I’ve decided that I should start to document my monthly income and expenses, as I feel this will help regarding my progress (or sometimes lack thereof) towards my goal of achieving financial independence. This first report will hopefully give me a good base to start from, not only in terms of keeping a close eye on my expenses, but also hopefully will show an increase in my income over the coming months as I plan to lower my expenses in any way that I can, and invest the extra money in the peer-to-peer lending platform Saving Stream, that for the past 2 years has given me solid returns.

Ill start with my expenses report first…

March 2017 – Expenses

  • Mortgage – £408.11
  • House insurance – £15.81
  • Council tax – £149
  • Gas/Electric – £63
  • Water – £25
  • Car finance (my fiancee’s car) – £188.22
  • 0% Loan payment – 70.83
  • Entertainment – £131
  • Fuel – £160
  • Food – Approx £340 (for two people)

Grand total – £1,550.97

 

March 2017 – Income

  • Full-time job – £2,550
  • Peer2Peer Lending – £220.95
  • Qmee – £16.72
  • TopCashback – £17.48
  • Valued Opinions – £48
  • Other – £13.30

Grand total – £2,866.45 – Expenses = + £1,315.48

So there we have it, after all my bills were paid in march, I was still left with the above + figure which I’m quite pleased with. However, having put some much needed thought into it, I know for a fact that I am wasting money throughout the month on little things here and there which certainly eat away at the ‘expenses deducted’ figure over the course of the month, which means for April I am going to have to keep a much closer eye on what is going out, and see if I can track down exactly where I am leaking money and patch up those little holes. And as for the income side of things, I’m quite pleased with this, however it is obvious to see at this point that I am a long way from where I am aiming to be, which is to eventually have secondary incomes (passive income) covering my full list of expenses.

So for now it is back to the day job, but I am confident in saying, it will not be forever!

Simple ways to earn extra income

Have you ever caught yourself daydreaming, wishing you were able to make a little extra money on the side, but had no idea where to start ? If so, then I know exactly how you feel. I have always felt the need to earn a little bit of extra cash on the side to supplement my income. Not only does it give me more ways to save money, but it also allows me to feel as if I am not 100% dependant on my day job, which to me is crucial, because one day (hopefully not too far in the distant future) I want to be able to generate enough money to allow me to cover all of my living expenses and retire without the need of full-time employment. This is why I have put together a short list of online things (what I like to call ‘Side Hustles’) that I currently use that will be able to help you generate a little extra cash on the side of your day job, just as they do for me. No need to thank me now, you can thank me later when you have so much money you don’t know what to do with it all 😉

So without any more waffling, lets get this list started and get you hustling for some extra cash!

Lendy (formerly known as ‘Saving Stream’) – Peer to Peer Lending platform –UPDATED JUNE 2017

Image result for lendy saving stream

This is without a doubt my favourite side hustle, it allows me to generate extra income on the side with very minimal effort. It is a peer-2-peer lending platform which specialises in the property market only, and allows the investor to achieve annual returns of anywhere between 8% – 12% (the higher % loans carry an increased risk of default) depending on which loans you invest your money into. All interest is paid out on the 1st of every month, which means you don’t have to wait long to start making money. I have been using this site for nearly 2 years to date, I currently have just over £25,000 invested, and have achieved 12% returns annually on my invested capital by only investing my money into the 12% loans. I am pleased to say I have had no defaulting loans and my last interest payment was £253!…Quite a nice addition to my regular income which I hope to keep growing over the coming months and years. This has all been achieved with very little effort on my part, which makes it all the more appealing for someone with a busy day job and not a lot of spare time to devote to making money on the side. If your interested in joining Lendy or just want to find out a little more, then feel free to click the picture above which will link you straight to their website or drop in on the comments section and hopefully ill be able to help you out.

*If you sign up with the above link and deposit £1000 or more to invest, you will receive a £50 bonus which will be added to your own account as a thank you for signing up via a recommendation link. Let me know if you do, as id love to hear your thoughts about it and share our experiences.

*Please remember, when investing in P2P platforms your capital is always at risk.

Qmee – Search, Earn and Save

Image result for qmee

This is another one of my favourite side hustles that I have been using for a long time. It is very simple thing to use, you just install their search feature onto your own browser (only compatible with Google Chrome, Firefox, Safari) and then carry on using the internet as you normally would. Whenever you search for something online you have the chance for Qmee to reward you for that search in the form of cash, normally in the region of 5p up to around a £1. Now this doesn’t seem like much at all but over time it certainly adds up, I know this because in the last 12 months alone I have earnt over £130 using it, so I can definitely say it works and fully recommend it. The other perk to Qmee is that it also gives you the option of completing online surveys, which again can range from from anywhere around 20p up to £1. This is one of the functions of the website I love using as the surveys are available regularly and are quick and easy to complete. Finally,  the best part about Qmee is when you are ready to withdraw your cash, there is no messing around or a threshold on how much you need to earn before you can withdraw like most similar sites. You simply connect your Qmee account to your PayPal account and withdraw the money instantly into it, meaning you can access the cash within seconds of earning it.

If you are interested in giving Qmee a try, click on the above logo and this will direct you straight to their website where you can find out all you need to know and sign up…AND… by using that link, it will also mean as soon as you make your first withdrawal into your Paypal, Qmee will credit your account with a 50p bonus! Feel free to thank me in the comments section 😉 and tell all your friends!

Valued Opinions – Completing surveys online for cash rewards

Image result for valued opinions

Again, another one of my favourite online money making tools, however this one requires much less of an explanation. It is quite simply a site that allows the user to complete surveys online and rewards them with payments ranging from 50p up to £5 depending on the time it takes to complete each survey. The only downside to this site is it does not allow you to withdraw the money as cash, it requires you to put the money onto an online gift card such as Amazon, Love2Shop, Costa Coffee etc. Other than that little negative though, I find this site brilliant and easy to use, and I normally average around £40-50 pounds a month earnings through this site, so not bad really if you ask me, considering I complete 90% of the surveys whist I’m at work in my day job ….. 😉

If you fancy giving it a try, then just click on the logo and it will direct you to their website. Unfortunately I don’t have any sign up offers on this one yet, as I do not meet the required amount of users on my blog, but as soon as I do I will update this post.

TopCashback – Earn cashback on all your online purchases

Image result for top cashback

Last, but by no means least, we arrive at TopCashback. This site is probably the most widely known about site on my list of online money earners, so you may already know about or be a user of this site. Quite simply, you use this site when you shop for anything online, and it rewards you by giving you a % of cash back off the total amount of your purchase. Iv been using this site for around 10 months to date, and considering I am not a big spender, I have still managed to earn £158.75 in cash back for buying things I would have bought anyway, so its well worth signing up to this site. It also provides another way of earning cash through its referral system. For every person you refer and get to sign up, you will receive a bonus payment of between £5 – £20 depending on what they are offering for referrals at that time, so if you know other people who might be interested in this sort of thing then there is definitely money. And the best thing is it allows you to take all the money you earn as cash with no minimum withdrawal limits, either directly to your bank account or sent straight to your PayPal.

Feel free to sign up using my link above, by clicking on the TopCashback logo, and let me know what you think in the comments section below 🙂

So there we have it, my first list of online side hustles is complete. I really hope you can get as much benefit out of these online earners as I do, and hopefully together we can all ease the burden of full-time work and get ourselves on the path to financial freedom 🙂

Please share you experiences of any of the above in the comments below, or even better, if you have your own awesome side hustle, then please share that with us too!

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Welcome to my blog !

Blogging For My Life!

A little about me, I’m 24 years old, own my house, work for a telecoms company and I live in the UK. I have been thinking about starting some sort of finance based blog for a while now, having been following many blogs myself, such as Brave New Life and Mr Money Mustache, which I’m sure many people will be familiar with. The thing that always gets me when I read those blogs however is that everything is in USD $ , which makes things difficult when trying to compare my situation when I live in the UK. I have seen many people expressing similar frustrations on these blogs, which is what has given me the final push to get my own blog started from a UK point of view.

Before we get started I would quickly like to explain the name of my blog. I am not LITERALLY blogging for my life, I will still be working a full time job and have no intentions of quitting that anytime soon, however much I might want to. And just to clarify, its not that I hate my job because I can honestly say that I don’t, but the thought of working another 43 years until I reach the standard retirement age makes me feel queasy just thinking about it.

Now then, my aim for this blog is to write about all things Finance, along with anything else that takes my fancy, because at the end of the day, this is MY blog 😉 . The main goal I am focusing on at the moment, and have been for some time now, is to become ‘Financially Independent’. For anyone who isn’t too sure what that means, google sums it up quite nicely… *Financial independence is the state of having sufficient personal wealth to live, without having to work actively for basic necessities. For financially independent people, their assets generate income and/or cash flow from dipping into their assets that is at least as great as their expenses.* Now you might be wondering how I am going to achieve this, and I will go into a further breakdown of this in future posts, but for now I will just say that I am living frugally and saving/investing as much I possibly can into different money making avenues, such as stocks/shares and peer-to-peer lending. As I write this I am a long way off from achieving Financial Independence, however it is a goal that I am aiming to achieve before my 40th birthday giving me just under 16 years to achieve it. I feel if I start blogging about it, I can interact with other like-minded people online and share our journeys together. This will not only help me on my path, but it may also help others too. If I could help one person to become better with their finances and get them on the track to retiring early and off the hamster wheel of the day-to-day work life, then this blog will have been worth while.

I welcome any comments good or bad (naturally i would prefer good comments but after all, this is my first attempt at so-called blogging), and if anyone would like to share their own situation then I will be glad to reply and see if we can help each other along in our journey to becoming financially free!