It is now June 20, meaning it is time to recap this month’s financials from June 1 – June 15, 2018. So let’s get into it.
Financials Overview
Income Statement
Income: $2,795.10, all from my primary job
Accounts Receivable: $359.10
Expenses: $1,952.85
Net profit w/ Accounts Receivable: $1,201.35
Net Profit w/o Accounts Receivable: $842.25
Account Balances
Business Chequing: $1,076.18
GST Holding Account: $0.00
Payroll Holding Account: $0.00
Marketing: $0.00
Personal Chequing: $0.86
Personal Savings: $0.00
TFSA: $0.74
Transfer Savings: $0.00
Credit Card Amount Owing: $1,654.14
Bills
Cell Phone: $190.45 owing, $0.00 Overdue
Internet/TV: $148.34 owing, $0.00 Overdue
Student Loans: $100.00 owing, $0.00. Overdue
Rent: $0.00 owing, $0.00 Overdue
Repaying Roommate Loan: $0.00 owing, $0.00 Overdue
So this is a good overview showing briefly what has happened over the first half of the month, and as shown profits are already beginning to be found, and progress is being made compared to where I started. With that said, as this post covers the period up until the end of the day, June 15, only one bill had yet been paid other than rent. So let’s look at a more detailed, transaction-by-transaction breakdown to try and figure out what’s working and what isn’t.
Financials Transaction Details
I haven’t decided how I want to do this section of the updates yet, but this week 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 1: $1,092.00, paycheque
June 5: $590.10, payment of an account receivable
June 12: $25.00, the return of an unclaimed e-transfer
June 15: $1,113.00, paycheque
Total: $2,795.10
Business Chequing Expenses:
June 1: $800.00, rent
June 1: $350.00, payment of roommate loan
June 1: $103.40, benefit payment
June 2: $5.00, dump fee
June 2: $41.98, dog food
June 5: $100.00, transfer to personal chequing
June 5: $400.00, credit card payment
June 9: $3.11, drink while travelling
June 9: $9.82, breakfast for roommate and I
June 9: $60.00, gas
June 12: $2.46, pictures
June 12: $1.98, coffee
June 15: $6.69, breakfast for roommate and I
June 15: $60.00, gas
June 15: $5.50, ice
June 15: $2.91, I don’t remember
Total: 1,952.85
Payroll Holding Account
No Transactions
GST Holding Account
No Transactions
Marketing Account
No Transactions
Personal Chequing Income
June 5: $100.00, a transfer from the business account
Total: $100.00
Personal Chequing Expenses
June 5: $21.17, lunch
June 6: $12.99, Dropbox
June 6: $26.82, Barkbox
June 7: $9.36, logo design (Looks great doesn’t it?)
June 8: $9.28, groceries
June 9: $19.82, dinner
Total: $99.44
Personal Savings
No Transactions
TFSA
No Transactions
Transfer Savings
Overall all 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 5: $400.00
Total: $400.00
Credit Card Expenses
June 2: $4.00, non-profit operating charge, reimbursed at year-end
June 5: $8.50, parking
June 5: $348.00, payment of internet/tv bill
June 6: $3.50, fee
June 12: $1.75, fee
June 12: $15.25, insurance
June 12: $27.26, interest
June 13: $68.99, video game
June 13: $29.00, fee
Total: $506.25
Things to Note
So now that the nitty-gritty is out of the way (don’t worry, I’ll be making a graphic for that soon so that it’s easier to look at and follow) I’m going to dive deeper into some transactions I did correctly, and some I shouldn’t have made.
The first transaction to note, that I’m sure everyone saw is $68.99 on a video game. This was a frivolous purchase, I will admit. Occasionally those can be fine, we all need a shot of endorphins, but not this early in my financial restructuring process. 1/10 to me on this one.
Second to note is, including interest and insurance (cost depends on balance), I paid $76.76 in fees to my credit card! That is an astronomical amount! Definitely have to focus on getting that down and reducing that unnecessary overhead. 5/10 to me on this one. Working to decrease it, but I need to do it faster.
Third to note is that I spent a total of $62.59 on eating out, coffee, etc. this month. That may seem like a lot but overall it is actually a decrease. a rather large decrease! I used to go and buy coffee every single morning at $1.98 every time, most of the time also getting a bagel with it. Because of this drastic cut, I am giving myself a big old 10/10 on this one. there is still room to improve, but overall I’m trending very much in the right direction!
One final thing to note is that this month my expenses will likely be higher than normal as I’m paying off all of the overdue bills I owed from previous months. As soon as these bills are caught up I’m positive I can continue growing my profit and accomplishing my goal at a faster rate.
I will see you on Friday with a great article about how I track all of these expenses without having 8 tabs open on my browser, so make sure to check back for that!
