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Financial Update: Mid-July 2018 – Progress!

Mid-July Financials

It is now July 18, meaning it is time to recap this month’s financials from July 1 – July 15, 2018. So let’s get into it.

Financials Overview

Income Statement

Income: $3,381.60, $2,881.60 from my primary job, $500.00 as compensation for working with a friend

Accounts Receivable: $634.73

Expenses: $3,027.25

Net Profit w/ Accounts Receivable: $989.08

Net Profit w/o Accounts Receivable: $354.35

Account Balances

Business Chequing: $128.34

GST Holding Account: $0.00

Payroll Holding Account: $0.00

Marketing: $0.00

Personal Chequing: $368.62

Personal Savings: $0.00

TFSA: $0.74

Transfer Savings: $0.00

Credit Card Amount Owing: $1,022.54

Improvement in Credit Card Debt: $479.10


Cell Phone: $339.16 owing, $190.45 Overdue

Internet/TV: $304.44 owing, $148.34 Overdue

Student Loans: $100.05 owing, $0.00 Overdue

Rent: $0.00 owing, $0.00 Overdue

Repaying Roommate Loan: $0.00 owing, $0.00 Overdue

This overview looks much better than the last one. Progress was made in many places, most notably in eating out and gas, both of which were reduced this month. I also decided to fully pay off the loan I got from my roommate a while ago.

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

July 3: $110.00, a transfer from the personal account

July 14: $1,197.00, paycheque

Total: $2,795.10

Business Chequing Expenses:

July 1: $276.83, transfer to the personal account

July 3: $103.40, benefits payment

July 4: $15.59, medication

July 7: $27.27, fish filters

July 7: $40.00, gas

July 14: $78.00, gas

July 15: $600.00, credit card payment

July 15: $400.00, transfer to the personal account

Total: $1,549.01

Payroll Holding Account

No Transactions

GST Holding Account

No Transactions

Marketing Account

No Transactions

Personal Chequing Income

July 2: $1,060.50, paycheque

July 2: $276.83, a transfer from the business account

July 2: $500.00, a gift from a friend for services rendered

July 2: $160.00, friends repaying their portion of previous camping costs

July 15: $400.00, a transfer from the business account

Total: $2,397.33

Personal Chequing Expenses

July 2: $50.00, gas

July 2: $1,050.00, fully repaying the loan from the roommate

July 2: $1.00, e-transfer fee

July 2: $800.00, rent

July 2: $110.00, a transfer to the business account

July 2: $1.00, e-transfer fee

July 5: $12.05, groceries

July 10: $40.00, NSF Fee

Total: $2,064.05

Personal Savings

No Transactions


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

July 15: $600.00

July 12: $91.62, annual fee refund

Total: $691.62

Credit Card Expenses

July 1: $17.00, annual charity domain renewal, reimbursed at year-end

July 1: $15.99, a pack of 4 charging cords for my phone

July 9: $37.99, mat for the office chair

July 12: $30.52, interest

July 12: $14.96, insurance

July 12: $55.56, annual business tool renewal

July 13: $29.00, over limit fee

Total: $201.02

Things to Note

So now that the nitty-gritty is out-of-the-way (don’t worry, I’m still working on 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.

First, this month appears to be the first one with major change and I am very proud of that. Profits will decrease significantly when the bills are paid up to current, which will happen when the credit card reflects the payment, but overall still very good.

Secondly, credit card debt has continued to decline. This may be the first month in a while I am not charged for being over my limit, and even though the bills will be put on it I hope to continue the downward trend in the future.

Thirdly, even though I had some unexpected expenses come up, ie. my phone charger breaking, and my chair mat getting worn though I was able to immediately replace them rather than having to wit for a paycheque. Something I wouldn’t have previously been able to do

Fourth, with the payment from my friend for the work I did, I decided to completely eliminate the loan I had from my roommate, freeing up an additional $350.00 a month, which will go a long way to eliminating that credit card debt!

Finally, this update I spent a total of $0.00 on eating out! I also began walking or biking to many places around town, meaning I only spent $168.00! This may seem like a large number for many people who live in an urban centre but as someone who lives 15-20 minutes away from all but a handful of stores, this is quite remarkable!

Financial Goals

Rather than keep my goals in my head, or in vague terms I’m going to begin documenting them at the end of these updates so that I can be held accountable to them.

So, my goal before the next update is to spend less than $30.00 eating out and spend less than $150.00 on gas, as well as generate $40.00 of additional income outside of my primary job, OR generate one more client for my primary job. This is much harder and usually takes a long time but the extra income would amount to at least an additional $200.00 a month.

Enjoy the summer and I’ll have another article posted this Friday, 8 AM EST!

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