Financial Update: July 2018 is here!

Financial Update: July 2018 is here!

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.

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