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Hello! If you’re new here this is my monthly check in with my five year financial plan. My big goal for the next five years is to build up multiple income streams. This plan is based on the premise that the average millionaires have at least seven income streams.
How do you benefit from these monthly check ins?
It’s easy to see how this check in helps me. It holds me accountable and it something that I can look back on to track my progress. That still doesn’t explain why you should care.
My hope is by sharing my monthly check ins I can show a clearer picture of what it takes to reach long-term goals. And share some tips and tricks I’m learning along the way.
What happened the past month?
The past month I have been trying to get my shit together. It not that my life is a huge mess right now I just want to accomplish things. There is a lot I want to do and I haven’t been doing any it. I’m letting little things stop me and I want to change that.
Not much has changed work wise. Still working part-time and I didn’t even pick up that many shifts this month. I did start a weekly cleaning job which is great though I don’t see a paycheck until next month.
Did I hit my goals this month?
Kinda. So this past month I tried to focus on making more money even if it isn’t sustainable for the long term. And I did good there.
I’ve started a cleaning job. I optimized my bank accounts to earn more interest. And I invested in a course which should help me set up some more income streams.
When it comes to other goals I mentioned in this post I’m also doing pretty good.
I’m ready for my taxes and insurance. I have enough money in my car fund for regular maintenance. And my emergency fund is over halfway to my goal.
I also worked on giving all the money I budget for that. To do that I set up some transfers so I will give automatically. Still, have some more money to give in this category so if you know of any good charities give me a shout.
My income streams
Back at the top for my biggest income stream this month is my day job clocking in at 91.79%. Not much to say about this one.
My second biggest income stream at 5.68% is babysitting. I spent a full day babysitting this past month. It a quick cash source which is what I need this month.
And my last one at 2.53% is my bank interest. This is higher than usual this month as a term matured and paid out. And as mentioned above I did try to set my accounts up to earn me the maximum amount of interest.
Then I do have some investments in retirement accounts which I don’t include here as I don’t count what they earn in my income and I don’t know how to report losses.
What did I do wrong this past month?
My main focus over the past month was increasing my income. And I did fairly well at that. But while doing that I neglected to budget.
I spent a lot of money this past month. And it some of it was well spent. I did buy a course which so far has been well worth the money. But I also spent a lot on stupid stuff like food and candles.
Writing that makes me feel so stupid. I didn’t want to say no this past month so I got everything I wanted. The kicker to all of this I didn’t make that much money this month so my net worth in YNAB actually went down.
How will I improve next month?
I’m going to budget better in November. In the last few months I been getting a bit cocky with my budget. I stop paying that much attention to it and did as I pleased.
There are two reasons I think that happened. First of all, I want to get to a point where I don’t have to watch my spending like crazy. And I want to be that person who can afford to treat others once in a while.
However, I need to remember that my goal not where I am.
Right now I need to watch my spending. I don’t have extra money, every dollar has a job. And that might mean saying no more often.
The second reason I failed at budgeting this past month was my budget needed some updating. I hate having lots of small categories. It’s getting me used to going over budget and just covering it from other categories.
I’ve done some work to change my categories to reflect my goals better. As well as simplify it so I know what goes categories my purchases fall under.
I really like my budget now so I will do a post in the coming weeks of how I organized my budget.
How can you apply this to your goals?
First up check in on your budget regularly. Think of your budget as a work in progress. Every time you budget you get a little better at it and learn more about how you can do this.
Remember that your budget should work for you. If you find small category helpful do that. If too many categories are confusing, simplify.
Whenever you find yourself not budgeting, try to understand why you aren’t budgeting. Then see what you can do to fix it. It’s your budget so don’t be afraid to change things.
You don’t get what you don’t ask for so today I’m asking for you to share my October 2018 Monthly Income Streams Report by pinning the image below. Thanks!