January is over. We are now that much closer to spring. Woohoo.
After everyone’s awesome suggestions (thank you!) on what to do for fun during the winter, I made some progress.
Over the weekend I cleaned out my refrigerator, prepped food for the week (I’m doing a ten day energy challenge I’ll tell you about it after it’s over,) cleaned up and organized my office space, found an awesome book for free on Kindle, and did a lot of dancing with the girls. We also colored like a gazillion pages.
January Work From Home Income
January’s income was lower than last month and definitely not at the $60k/year range. But that’s okay!
I am still waiting on some payments from December and since I get paid for work from the previous month it’s looking like February is going to be pretty. darn. good. I expect to crack the $4k mark and hopefully just continue to go up from there!
January’s income came to $3,437.67 (As a reminder these are payments that I actually received.)
It broke down like this:
- Freelance Work (Blog Management, VA work, and Freelance Writing) $2,262
- Blogging $1,175.67
To break it down a little further the blogging income came from…..
- Google Adsense $601.69
- Media.net $311.11
- Affiliate Sales – $82.27
- Sponsors – $180
Business expenses for the month of January came in at $70.93 (These were Long Tail Pro, Hootsuite, Aweber, Askimet and Viral Woot.)
Net income(well, before taxes) for January was $3,366.69.
P.S. If you’re interested in starting a blog too, check out How to Start a Blog for Only $12 per Year. This post walks you through setting up your own WordPress blog through GoDaddy, my favorite hosting company.
Saving, Spending, and Taxes
I want to start getting a little more detailed with my saving and spending so that I can look back throughout the year and be able to easily see where all of my money went.
First of all, I’m still waiting on all of my tax documents but I can tell you right now that I’m going to owe. (Tax documents, you’re more than welcome to take your time getting to me!)
I put $900 back for SE taxes for January. **Sheds tears** Oh boy it really sucks to have to hold such a big portion of your income back. On the other hand it still beats the heck out of working for $11.50/hour. I need to just suck it up and get over it.
Okay so let’s break this spending and saving down:
Net Income $3,366.69
- Saved for Taxes – $900
- Straight to Down Payment Savings – $912.80
- IRA Contributions – $250 ($100 by me $150 by a client. Isn’t it awesome to have a freelance client who contributes to retirement? Pretty darn great!)
- Money Spent in January $1,303.89
About These Numbers
Gotta pay taxes. It sucks but hey, what can you do?
My Google Adsense and Media.net income has went to savings for a while now. (There were a few months last year where I needed the money and spent it instead.) Since this income has been growing over the past few months it’s been easy to just ignore it and let it flow into savings.
Speaking of savings, if you remember I started saving for an investment property last year which I changed to a down payment for a house of my own. All of that money will go to down payment money. *However* I’m going to owe taxes.
I don’t want to touch my emergency fund so whatever I owe will be taken out of the initial investment property savings account. Whatever is left over, if any, will be merged with the down payment amount.
On the spending side, things were fine there. I don’t feel great or horrible about it. No big expenses came up so it was a pretty normal month. Keep in mind that I have $0 debt and no rent or mortgage payment either. That makes spending a low amount pretty easy.
Staying Goal Focused
I am feeling really good about the goals I set for the year. Last year I went way overboard and set too many goals that didn’t mean a thing to me. This year I WILL earn $60k and save $20k. I might have to play catch up a little later in the year but I’m going to do it. I know I can, so I’m not letting myself make excuses!
Every time I feel myself slacking off I just look at local real estate listings and immediately feel my motivation coming back!
Right now this is the house keeping me motivated. (Even though it’s out of my price range.) I’d love to find something on such great property with a smaller house! This house is on 24 acres of woods and I love the setting!
Every time I don’t feel like working I look at this house, think about how great it would be to raise girls my there, and voila, I feel like working again!
Are you still focused on the goals you set for the year?