Financials Update: Mid-June 2018

Financials Update: Mid-June 2018

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!

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