Financial Update: Here comes August!

Financial Update: Here comes August!

I decided to change up how the financial updates look this week.

So, rather than walking through every single transaction piece by piece right off the top I’m going to give some overviews first.

With that said, if there’s anything you want to be added to the overviews or any suggestions for changes I could make to ensure the posts are easily readable let me know.

So let’s get into the financials for July 16 – July 31!

Total for all accounts except credit card
Opening Balance $497.70
Income $1,051.15
Expenses $916.19
Closing Balance $597.02
Profit $134.96

Personal

Personal Chequing TFSA
Opening Balance $368.62 $0.74
Income $100.01 $0.00
Expenses $450.35 $0.00
Closing Balance $18.28 $0.74
Profit -$350.34 $0.00

Business

Business Chequing Marketing Payroll Holding GST Holding
Opening Balance $128.34 $0.00 $0.00 $0.00
Income $915.50 $0.00 $0.00 $0.00
Expenses $465.84 $0.00 $0.00 $0.00
Closing Balance $578.00 $0.00 $0.00 $0.00
Profit $449.66 $0.00 $0.00 $0.00

Credit Card

Credit Card Student Loan
Opening Balance $1,022.54 $78,129.60
Payments $0.00 $100.05
Expenses $619.17 N/A
Closing Balance $1,641.71 $78,029.55
Debt Change Gain of $619.17 Lowered by $100.05

Bills

Payments Owing Overdue
TV/Internet $148.34 $309.87 $156.10
Phone $190.45 $148.71 $0.00

Expenses

Amount Spent
Groceries $64.71
Camping Supplies $38.29
Hosting/Blog Related $1.36
Business $137.55
Training $78.75
Eating Out $97.30
Pet Supplies $48.29
Gas $120.00
Amazon Prime $82.95
Charity, to be reimbursed $112.01

Comments/Things to note

Some steps were taken towards diversifying my income for this update, although the gains have not been realized quite yet. I recently participated in a study for respondent.io1This is a referral link and if you use it I may receive compensation.. Although this isn’t passive income it is income, specifically $50 USD. This will be added to my income on my next financial update as Paypal (whom they use for payments) takes 3-10 days to deposit the money.

This added income does accomplish the goal I set for myself the last update to make $40 outside of my regular work.

With that said, due to unforeseen work circumstances, i.e. having to take some training 2 hours away from my house over the weekend, I spent more on eating out and gas than I would have liked.

Third, the charity that I sit on the board of required some replenishment of supplies and since I didn’t have my organization debit card on me I had to pay for it out of pocket and get reimbursed. This took a larger amount than expected out of my available funds.

And finally, I didn’t heed the number one advice that everyone with a credit card should follow. Know when things renew. It’s sneaky how they can get you. I was planning on re-evaluating my Amazon Prime membership this month, however, I forgot and as such was forced to pay for another year.

Final Thoughts

I changed the financial update this time to be somewhat easier to read in my opinion.

It still covers all of the points I try to cover by doing these updates, however, I decided not to share the transaction-by-transaction breakdown of all of the money, instead grouping them into categories, as one would a budget.

If you like the new form please let me know. Same with if you don’t. I haven’t quite decided how in-depth I want to go as hopefully these reports get more complicated the longer I continue on my journey.

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