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I missed last months income report! However, I am back with June’s stats, income, expenses, and more. Just as a quick note before we dive in, I never want you to feel like I’m sharing these to brag or throw money in your face. I think personal finances and earning money is just that, personal. You should never feel lesser than if you aren’t making the money I make.
I am sharing these with you in hopes that you can find ways to run your business for less, see that it’s possible to earn an income online (and not be spammy or scam people), and that you don’t need a special degree or qualifications to do what I do. So with that, let’s get into June’s income report.
June 2020 Income Report: In The Month Of June, I Made A Total Of…
Here is how I earned this money:
- Clients + Writing: $3,194.09 (I am a project manager and course launch expert that works one-on-one with some clients. This month was low because I stopped working with two clients since my projects were done and they officially launched their courses, which is a very good thing!)
- Products: $1,401.66 (This includes my new membership program, Part-Time Profit.)
- Consulting Calls: $0 ( I took away consulting calls at the end of May to focus on my new membership program. I may bring them back, but for now they’re gone. I just couldn’t devote hours every day on the phone.)
- Blog (including ads, affiliates, sponsorships, etc): $194.19 (Covid-19 really brought affiliate sales and more down, for me and for many other bloggers. THIS is why it’s so important to have multiple streams of revenue!)
Now, this is ONLY the money I actually saw in my bank account in the month of June. Since I invoice at the end of the month, all of those invoices that were paid (even if paid on the last day of June) won’t show until July. This helps me plan my spending and also keeps me from spending money I don’t have.
This was one of the lowest months I’ve had in the last two years. But, I’m totally okay with this for a few reasons.
- I save money each month just in case.
- I have always “averaged” out my months in business to live off of the lowest amount of money possible.
- I was doing a LOT behind the scenes, and cut out many things that usually make me money so I could dedicate more time to the projects I needed to.
Overall, I’m still happy with this income. This is still more than what my husband and I used to make, combined. And, I get the perks and freedoms of owning my own business, so it’s not a total loss when my income dips!
April 2020 Income Report Expenses
Now, just because I earned $4,789.94 in the month of June, 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 $960 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 left me with about $3,829 (rounded down). But I’m not done with my expenses yet!
In the month of March, I also paid these expenses:
- Contract Labor: $0 (I didn’t contract any services this month that are reflected. However, I was invoiced and paid that bill July 1st, so you’ll see an increase next month!)
- 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.
- Vimeo: $84. I bought the Vimeo subscription so I could upload all of my trainings and videos for my Part-Time Profit members to view at their leisure.
- Memberpress: $149. Normal price is $249 but they offer you a deal for your first year. I got this to connect to my new membership site to make membership admin work easy!
In total, my expenses equaled out to $326.98!
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: $341.98
After taxes and my expenses, my actual profit (aka what I kept in my account) for the month of June was: $3,487.02
How Do I Spend My Take-Home Income?
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 June, I spent $3,218.18. This money was pretty much just our normal bills. Thankfully, unlike April, we didn’t have any huge emergencies or something that took money away from savings. In fact, it was such a chill month, which makes me just slightly suspicious (enter in evil laughing). I actually didn’t save any money this month. The leftover money was donated to an organization I’m proud to be a part of. Although I typically don’t talk about donations, I do actually donate money. It’s actually part of our “bills”. I just don’t like talking about it because I feel like giving should be done because you truly enjoy doing it, not because you want attention.
June 2020 Highlights
Now, let’s talk about what I did in the month of June, so you can see that running a business and living life is much more than numbers!
- I took a step back in my business to work on things behind the scenes, as well as mourn a death in the family, deal with Covid-19 (which is still a big deal!) and support my people in the BLM movement, Pride Month, and more. It’s been a lot dealing with everything, but I also know that if I don’t step up and fight for those I love, what does that say about me?
- My husband and I enrolled in our next semester of college! If you didn’t know, I am going back to school, and so is my husband!
- I finally launched my new membership site, Part-Time Profit, which has been years in the making and months in development.
- I spent time with my sister, who recently graduated from MOS school and his making her way to her new station for the next 3 years.
June 2020 Income Report: Wrap Up
Well, there you have it, my June 2020 income report, what I did in June, and how my money was spent!