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
Bills
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
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
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!
