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After asking in my Instagram stories if people wanted to see an income report (follow me here if you aren’t already, I’d love to connect!), and getting 94% of people answering yes, I decided to actually put ALL of my income and business information out there. I completed my first monthly income report last month (you can view that here) and I’m back again for another one!
Just as a quick note, which I will probably include in my future reports as well: I work full-time in my business. It is not a side hustle and I am the sole income earner of my family. So don’t be discouraged by these numbers if you AREN’T making this money.
Also, I’m pretty much a team of one, although I do have a new virtual assistant that I work with, as well as another contractor on a regular basis. I don’t have a whole team of people working with me, so if my business income seems low to you, that’s why. I have no aspirations (right now at least) of having a gigantic team and trying to run a multi-million dollar company. I’m comfortable with where I’m at currently.
Okay, let’s get into my April 2020 income report!
April 2020 Income Report: In The Month Of April, I Made A Total Of…
Here is how I earned this money:
- Clients + Writing: $5,671.14 (I am a project manager and course launch expert that works one-on-one with some clients)
- Products: $2,556.35
- Consulting Calls: $3,940 (people book strategy sessions with me to learn how to set up the right systems in their business)
- Blog (including ads, affiliates, sponsorships, etc): $615.40
Now, this is ONLY the money I actually saw in my bank account in the month of April. Since I invoice at the end of the month, all of those invoices that were paid (even if paid on the last day of April) won’t show until May. This helps me plan my spending and also keeps me from spending money I don’t have.
April 2020 Income Report Expenses
Now, just because I earned $12,782.89 in the month of April, doesn’t mean I get to keep all of that!
In fact, 20% is automatically sent to my tax savings account. Based on what my accountant has told me, 20% is a great savings rate for me. I highly recommend talking to an accountant as a small business owner or entrepreneur, because you want to make sure you’re saving enough money to pay your taxes.
In the month of April, I added $2,600 to my business/tax savings account. That’s a bit more than 20%, but I like even numbers so I just rounded up. So that leaves me with about $10,000 (rounded down). But I’m not done with my expenses yet!
In the month of March, I also paid these expenses:
- Contract Labor: $629.02 (This was a bit higher this month because I am designing a website for my membership program, and needed some extra help.)
- Google Storage: $9.99 for 2TB of storage (you can also use Dropbox for storage, but I just love the ease of Google storage)
- Quickbooks Self-Employed: $25. I LOVE Quickbooks Self-Employed. It’s how I invoice clients, manage income and expenses, and pay my taxes easily online. Read more about how I use it here.
- Planoly: $9. I use this to schedule my Instagram content, including some stories. Read how I spend less time on social media because of Planoly here.
- Tailwind: $14.99. I believe they’ve raised the price based on the plan I have, but I’m grandfathered in because I’ve been with them for almost two years. I use Tailwind to schedule my Pinterest content.
- SendOwl: $15. I use SendOwl to store my products + get paid for my consulting calls.
- SmarterQueue: $20. I use SmarterQueue for Facebook and Twitter scheduling. You can also use it for Facebook Groups, Linkedin, and I believe, Instagram as well. However, if you need to schedule all of those, you may need to upgrade.
- NameCheap: $40 for two domain names, and I decided to buy them through NameCheap. This was my first time using them and I loved the experience! I’m building out my membership site since beta-testing is almost done, and also building out a course on my own domain.
- Domain upgrade with Siteground: I had to upgrade my Siteground account since I’m adding in two extra websites. Total cost came to $142.80
In total, my expenses equaled out to $905.80!
I also spent $15 to use my monthly subscription of Skillshare. This is considered a deductible business expense, but I obviously won’t recoup all of my money. I invest this money in education because I believe it’s important to continue growing as a business owner!
So total expenses equals out to: $920.80
After taxes and my expenses, my actual profit (aka what I kept in my account) for the month of April was: $9,277.09
How Do I Spend My Take-Home Income?
Like I said in my first income report, I’m a frugal person. I don’t like spending money if I don’t have to. Also, I never grew up with a lot of money, so making what I make has been a huge and sort of awkward adjustment for me. I know I’ve earned it, but it’s still hard to see that making this much money isn’t a bad thing and that I’m allowed to treat myself.
Even so, my family is happy, healthy, and content, and we don’t see the need to spend a lot of money from month to month. We actually live a fairly minimalist and non-consumerism lifestyle as more of a personal choice. We only spend around $3,000-$4,000 a month. Now, this includes health insurance (I use a health-sharing plan for my entire family), rent, groceries, and other bills. This doesn’t include one-off items, like our car breaking down. That’s why I try to save at least 15-50% of my income every month. You just never know what will happen!
In the month of April, I spent $4,567.94. This money included our normal bills, as well as about $1,500 for my dog who has epilepsy and liver issues. He needed a LOT of medication and work done in April so that $1,500 was spent on his vet bills. If we wouldn’t have had that expense, our bills would have totaled around $3,000 (which is typical for us). I saved $4,709.15 (well, we saved half and invested half, like we typically do). We use the Clever Fox Budget Planner to keep track of everything we spend and save.
April 2020 Highlights
Now, let’s talk about what I did in the month of April, so you can see that running a business and living life is much more than numbers!
- My family and I made plans to go on a two-week road trip with my sister when she gets out of her MOS school! Granted, this is all based on if the pandemic is clearing up or not, but I’m excited at the prospect. We haven’t had a vacation in over a year and it is much needed.
- I finished planning my monthly membership offering. I’ve been wanting to offer this product/service for SUCH a long time. I got beta-testers in March and we’ve been doing really well. I’ll officially open up my doors to Part-Time Profit in July.
- I brought on two new clients for course work, funnels, and marketing. I’m excited to see us grow their business!
- My daughter and I spent a LOT of time outside. We finally got some nice weather here in the midwest, so we started our patio garden and also spent a lot of time in our hammock.
- My husband and I passed our final inspection for foster to adoption! Placement may take a while (since our home is only big enough for one other kid, and it has to be a girl between certain ages). But we are ready to expand our family and my daughter is excited of having a sister.
April 2020 Income Report: Wrap Up
Well, there you have it, my April 2020 income report, what I did in April, and how my money was spent!