It is now July 4, (Happy Independence Day to any readers from the United States!) meaning it is time to recap this month’s financials from June 16 – June 30, 2018. So let’s get into it.
Financials Overview
Income Statement
Income: $642.08, $642.06 from my primary job, $0.02 from interest earned in my chequing account
Accounts Receivable: $124.10
Expenses: $1,381.90
Net Loss w/ Accounts Receivable: $615.72
Net Loss w/o Accounts Receivable: $739.82
Account Balances
Business Chequing: $276.83
GST Holding Account: $0.00
Payroll Holding Account: $0.00
Marketing: $0.00
Personal Chequing: $89.24
Personal Savings: $0.00
TFSA: $0.74
Transfer Savings: -$11.50
Credit Card Amount Owing: $1,501.64
Improvement in Credit Card Debt: $152.50
Bills
Cell Phone: $190.45 owing, $0.00 Overdue
Internet/TV: $304.44 owing, $148.34 Overdue
Student Loans: $0.00 owing, $0.00 Overdue
Rent: $0.00 owing, $0.00 Overdue
Repaying Roommate Loan: $0.00 owing, $0.00 Overdue
This overview does look slightly worse than the last one. This is partially due to the lower income (I get paid on the 15th and 1st, so they both end up on the same update) and partially due to spending more than I brought in. With that said, there are some positives to look at. I have decreased the amount I owe on my credit card by $152.50, I have paid my student loans, and I have a small amount of leftover money in accounts. So let’s look at a more detailed, transaction-by-transaction breakdown to try to figure out what’s working and what isn’t.
Financials Transaction Details
Similar to the last update, I’ll try breaking it down by account first, then delving into important transactions to explain and analyze them more in-depth.
Business Chequing Income
June 21: $359.10, payment of an account receivable
June 22: $282.96, payment for advertising services
Total: $2,795.10
Business Chequing Expenses:
June 16: $40.18, Air pump for an air mattress
June 16: $64.58, payment of camping fees
June 16: $50.00, payment towards father’s day gift
June 16: $800.00, transfer to personal chequing
June 17: $17.12, activity while camping
June 21: $49.90, business expense, printing
June 21: $29.46, business expense, envelopes
June 21: $171.13, business expense, stamps
June 24: $20.00, cash withdrawal
June 26: $133.29, vehicle repairs and maintenance (we alternate who pays)
June 27: $17.75, business expense, additional stamps
June 29: $48.00, gas
Total: $1,441.41
Payroll Holding Account
No Transactions
GST Holding Account
No Transactions
Marketing Account
No Transactions
Personal Chequing Income
June 18: $800.00, a transfer from the business account
June 30: $0.02, interest earned
Total: $100.00
Personal Chequing Expenses
June 18: $5.01, groceries
June 18: $60.00, gas
June 19: $4.28, coffee
June 19: $201.00, credit card payment including e-transfer fee
June 20: $4.07, coffee
June 21: $2.52, slushy
June 21: $2.69, groceries
June 22: $7.38, groceries
June 22: $23.26, lunch
June 22: $40.00, gas
June 23: $13.49, lunch
June 23: $41.02, movie theatre
June 25: $100.05, student loans payment
June 25: $60.00, gas
June 25: $79.37, home repair
June 26: $6.48, breakfast
June 27: $2.09, coffee
June 28: $24.05, dinner
June 29: $16.23, dinner
Total: $692.99
Personal Savings
No Transactions
TFSA
No Transactions
Transfer Savings
Overall all the money that went into this account immediately left as it was just a credit card payment, which will be covered next.
Credit Card Payments
June 19: $200.00
Total: $200.00
Credit Card Expenses
June 24: $3.39, Business app
June 25: $14.95, Hosting
June 28: $19.17, Charity expense, reimbursed at year-end
June 28: $9.99, Google Music
Total: $47.50
Things to Note
So now that the nitty-gritty is out-of-the-way (don’t worry, I’m almost done making the graphic for the overview at the beginning) I’m going to dive deeper into some transactions I did correctly, and some I shouldn’t have made.
The first, and most obvious thing to note is that I reduced my credit card debt, this is a huge step forward for me, as I have always struggled with leaving it maxed. I also significantly lowered my spending on it, keeping it to essentials.
Secondly, I spent a large amount on gas this month, $208.00 to be exact. Part of that is due to the fact that I travelled 400 km to make a trip to Edmonton, my nearest major city. I also travelled 400 km to Drumheller for a camping trip, but even excluding the approximate cost of $100.00 for these trips, $108.00 is a lot to spend on gas, and an expense that could easily be lowered. Especially in the summer. I will have to work on that.
Third, coffee and eating out continues to be a slight crutch for me. I have improved since I began this journey but noticed a slight slip back into my old ways this update. I spent a total of $96.47 on eating out unnecessarily last month, this is $33.88 higher than the last update and I will need to re-focus my efforts.
One final thing to note is that the update for the 16-30 of the month will always be a negative in terms of profit. Since I get paid on the 1st and 15th this update will always be positive in terms of profit. Overall my goal is to have these two numbers combined result in a profit, and I will begin tracking that next month.
I will see you on Friday with a great article about which bank is ideal for the Canadian consumer! Check it out here.
