January 2019 Monthly Income Streams Report

Is saving too much a thing? Should you be spending more?

This is my monthly check in with my five year financial plan. If you followed me for a while now feel free to skip the next few paragraphs.

So a while ago now I made a financial plan. Basically, my goal is to build multiple streams of income of which some are passive. If you want all the details of it to check out the post about my five year financial plan.

Why do I publicly post my monthly check-ins?

So often we see and hear about people reaching their goals after they reach them. Even if these people are being 100% honest they still have the benefit of hindsight. Of knowing how things worked out.

There is nothing wrong with sharing your story that way. But sometimes by sharing our stories this way we minimize the rough patches.

Reaching goals can be hard, it takes a lot of work. Things don’t also work out the way you want them to. It can be hard in times like those to think long term.

That why I share my monthly check-ins as they happen. Because I don’t know how things will work out. If I were to recap this after I reach my goals I could probably wrap it up into a neat and tidy story.

That not going to happen today. And that why I post these publicly so you can see exactly what it takes to reach long term financial goals.

What happened the past month?

January was about getting things done. I didn’t make new year resolutions instead I made myself a schedule. I already have enough goals I need to do things.

This past month has been normal and not too busy so I’ve taken the opportunity to work harder on my schedule things.

Something I did start in the past month was enrolling in Bank Boost. It a spending diet and an earning spree so I have also been putting a lot of time working on that.

Bank Boost has been helping me save more money. And I have been doing more free things. Like getting tickets from the library and using them. Actually using the gift cards I have. Joining a free meet up groups. It has been fun trying to do things for free.

Did I hit my goals the past month?

Since I took the Bank Boost course I did do a lot of saving this past month.

I manage to put a lot into my emergency fund it getting close now to being full. Hopefully, I will be able to top it off in February.

I also managed to put extra towards investing and my vacation fund. Plus I upped my monthly donations.

I didn’t hit any ones of these goals but I was able to save a lot of money this past month.

My income streams

Paycheck 63.48%

Just my normal work paycheck not much to say about this. I am working full time after a brief part-time stint other then that nothing has changed.

Bonus 28.46%

This is my year-end bonus from work. Super excited to receive this. Also, this is part of the reason I was able to save so much this past month I put it all towards savings.

Government Rebates 5.62%

I also got the government rebates this month. Totally forget I would get them so it was a nice surprise. Some extra money to put towards my savings goals.

Cleaning 2.29%

Cleaning office is something I do once a week and this is my paycheck from that. This past month hasn’t been the most exciting so nothing changed here either.

Bank Interest .14%

And coming in last as usual it’s my bank interest. I hesitated to include this as it so small compared to the rest. Does this truly count as an income stream or is it too little to bother noticing? This number is going up and this money did enter my budget.

What did I do wrong this past month?

Something I noticed this past month and its something I have done in the past is that I tend to either spend or save. Since I was doing Bank Boost this past month has been about saving. That means I haven’t been spending much. Even though Bank Boost recommends setting a fun budget and spending it all.

I tend to go to extremes. Either I’m saving and being miserly with my money. Or I spending it on everything and not putting anything in savings.

The problem with that is I often feel guilty for spending too much. I also feel bad if I don’t spend my money and only save I don’t want to become a miser.

I’m having trouble finding the happy balance between spending and saving.

How will I improve next month?

I’m going to try to spend all of my fun money. No matter what. February is shaping up to be a busy month. I going to be gone for a bit and there are lots of birthdays. So there should be lots of opportunities for me to spend my money.

I’m still trying to save but I want to take a more balanced approach to saving. I would like to be able to save without constantly depriving myself.

Here how I going to make this work. I know my monthly paycheck and for the most part, it doesn’t fluctuate. So what I’m thinking of doing is setting some monthly funding goals for all my savings categories. Each month every category would get that amount put in no more or less.

Hopefully setting things up this way will give me more money to spend.

I’m also going to put a set amount into my me fund and my social life fund. And that money I’m going to try to spend.

How can you apply this to your goals?

Balance is important. Saving should happen without having to deprive yourself. And that something worth learning.

As you can see I haven’t been doing good with balance lately. And I’m guessing other people could take a more balanced approach to savings.

Figure out exactly how much will be going to savings every month. And how much money you are going to spend every month. Then put that money into savings and spend the rest.

Save money but don’t forget to spend your money.

You don’t get what you don’t ask for so today I’m asking for you to share January 2019 Monthly Income Streams Report by pinning the image below.

monthly income streams report