The Dough Report, May 2016

Income Report May 2016

Hello & welcome to another edition of "The Dough Report", where I talk about how much I made and spent in the past month. Additionally, I like to branch out a little and also include thoughts on money, savings and all things financial in general. Why? Because I feel that apart from sharing how much we make, talking about everything else related to our finances is also slightly taboo. Let's change that! I'm curious to find out more about how everyone else is managing their money and I'm guessing you're too.

If you're new around here, it might be best to have quick read through the income reports I published previously to find out what exactly I'm doing here and why. Basically, each month I'd like to share the following: How much I earned, how much I spent/invested into my business and on what and what I learned during that month. So let's get to it.

May 2016 Earnings:

  • Social Media Projects: 1.877,50€
  • Copywriting: 1.257,50€
  • Consulting: 1.595,00€

Total Revenue (excl. VAT): 4.730,00€

May 2016 Expenses*:

  • Adobe Creative Suite: 8,50€
  • Google Apps: 4,00€
  • Mailchimp: 8,50€
  • FB Ads: 500,00€ (Hello, side project!)
  • AppSumo: 23,50€
  • Website Hosting: 46,10€
  • Phone & Internet: 45,00€
  • Flight and Airbnb London: 470€ (Hello, #letsdothisLDN!)

Total Expenses: 1.105,60€ (*Not included: social insurance, taxes, rent, utilities)

Net Profit: 3.624,40€

FYI: Please bear in mind that the sum you see above is definitely not the amount of money I get to spend this month, as at least 50-66% of it goes directly into a savings account set up specifically for future tax and social insurance payments.

As you can see, May's expenses were definitely a bit higher than usual - luckily, I was able to take on a few new projects, too. I decided to make it a priority to take more chances and invest in side projects close to my heart this year - which is how Vienna Food Tours actually came to life. We've done a few already and have sold even more tickets for June and July, so YAY! It's so much fun (plus so much delicious food) which makes all the work I put into it not knowing whether it will pay off or not totally OK. Not gonna lie, though: I was ready to throw in the towel from time to time. Which can also be said for #letsdothisNY, the guide Elisabeth and I wrote last year for everyone who wants to relocate their business to NYC. Even though there were quite a few phases of non-stop bitching, once it was done, it was all fine & dandy. Which is why we are currently working on a version for San Francisco/Silicon Valley as well as London (Hey, any excuse to go to London, right? Also, any excuse to go see Beyoncé in concert because #OBVS).

Here's an interesting thing: Turns out I don't mind spending hard-earned cash on things I believe will make me happy (...or at least teach me a valuable lesson because sometimes it's one OR the other, apparently). Turns out too that while a pretty new dress or the perfect Candy K lipstick dupe (it's ColourPop in Trap, FYI) will make me very happy indeed as well, the effects of that are not as lasting as investing in something that could potentially be much larger than me looking pretty. So I had a look at spending habits, gritted my teeth and vouched not to look into any shop (on- or offline) until summer sale was on. I also stopped working from cafés, buying coffee/juices on the go and ordering take-out at least once a week. I definitely did not stop ordering the bucket of popcorn when at the movies and I may or may not have talked myself into classifying a new pair of sandals as a "necessary purchase", but that's neither here nor there. I took way too long to make a playlist to keep me motivated on those days where I really just wanted to have a drink at 11am. I'll be honest: It didn't work all the time - but still, here I am with all my glorious passion projects and new ones already forming somewhere in the back of my head. 

ABOUT THE AUTHOR

Thanks for taking the time to read this! I'm Melinda and I offer creative and strategic coaching for passionate solopreneurs and freelancers. Connect with me on Twitter or sign up for my bi-weekly newsletters for more information and resources on #AFreelancersLife.