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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.
And I’ll be honest, now that I’m typing this, I’m honestly getting a little worried about sharing. I usually don’t care if people judge me or don’t like me, but I also don’t want this income report to discourage someone or make someone believe they can’t do what I do.
Here’s the thing, I make pretty good money. And that’s not to brag. But for someone who hasn’t graduated college (yet, but I’m working on it!), and who never knew someone who made even close to six-figures a year, I’m so proud of myself. And I’m happy to call this business mine. I’ve worked hard for over four years in order to earn what I make and turn what was once a side hustle into a full-time gig.
I say all of that to say, if I can do this, you can too. If I would’ve started my income reports when I first started this whole thing, you would’ve noticed that I didn’t even make $50 bucks in my first month. So don’t get discouraged if you’re reading this when you’re just starting out.
And just know, ANYONE can start a business, but not everyone needs to do it full-time. If you’re happy with where you’re at, I’m happy for you. It’s totally cool to have a side hustle in addition to a full-time job or be a stay-at-home mom who has a hobby blog that makes her some extra cash. I’m not judging and I’m so proud of you!
Now, without further ado, my March 2020 income report!
March 2020 Income Report: In The Month Of March, I Made A Total Of…
Here is how I earned this money:
- Clients + Writing: $4,720.91
- Products: $1,249.04
- Consulting Calls: $1,970
- Blog (including ads, affiliates, sponsorships, etc): $273.47
Now, this is ONLY the money I actually saw in my bank account in the month of March. Since I invoice at the end of the month, all of those invoices that were paid (even if paid on the last day of March) won’t show until April. This helps me plan my spending and also keeps me from spending money I don’t have.
March 2020 Income Report Expenses
Now, just because I earned $8,213.42 in the month of March, 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 March, I added $1,700 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 a little over $6,500. But I’m not done with my expenses yet!
In the month of March, I also paid these expenses:
- Contract Labor: $216.74
- 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 for all of those, you may need to upgrade.
- Siteground: $167.40. I use Siteground to host my website, and I love them! I’ve been with them for three years and don’t ever plan on switching. Learn how to set up a blog/website in less than a day here.
In total, my expenses equaled out to $478.12, but that’s not all!
I also spent $741.53 on business expenses not having to do with my business directly. This included education and courses (I use Skillshare and also bought some courses from Ed2Go), a challenge that I took for business owners, and a few things that I bought from Creative Market to use in the next few months. These are considered deductible, 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: $1,219.65
After taxes and my expenses, my actual profit (aka what I kept in my account) for the month of March 2020 was: $5,293.77
How Do I Spend My Take-Home Income?
If you don’t know this about me, I’ve been a personal finance lover since I was a young girl. And I actually write about personal finance for some of my clients (check out this page to see who I’ve written for!).
Because of that, I tend to be very cheap…erm…frugal. I’ve learned that in order to make money I have to invest money in my business, but other than that, I try to live as frugally as possible. My family has everything we need and want, but we also don’t want for much.
Because of that, we’re happy, healthy, and content, and 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 if someone breaks a leg and we have to pay for a hospital stay. Which is why saving money is SO important to me.
So in the month of March, I spent $3,721.10 and saved $1,572.67 (well, we saved half and invested half). My husband and I are saving for a new to us car, as well as some dental work, so this money is really going to come in handy in the next few months!
March 2020 Highlights
Now, let’s talk about what I did in the month of March, so you can see that running a business and living life is much more than numbers!
- I hired a new virtual assistant. I hired her through my client’s “find a VA” service. She’s actually the reason I started my own business four years ago, and she has a great course that teaches you how to do exactly what I’ve been doing.
- I spent time with my sister. She’s in the Coast Guard and we haven’t seen each other in a year! She spent two weeks with us before going to her next station.
- I got a tattoo. This was before the pandemic better known as COVID-19 blew up, and it was a gift from my sister for my birthday.
- I celebrated my 26th birthday! We have been on stay-at-home orders for the last three weeks, so I wasn’t able to go out and celebrate like I typically do. But we ordered tiramisu from Walmart and I got to sleep in. So that’s a win in my book!
- I started planning my monthly membership offering. I’ve been wanting to offer this product/service for SUCH a long time, but finally got around to the planning stages in the month of March.
- I spoke at a virtual summit. I shared how I first started as a virtual assistant four years ago, and how I was able to grow it into a full-fledged business. I’ll be speaking at the live version of the event (hopefully) in September of this year, but we had to postpone the event due to COVID-19.
- I was on the phone, a LOT! Between calls with clients, consulting calls, and calls with friends and family, I spent a lot of time on Zoom and on the phone. Worth it though.
March 2020 Income Report: Wrap Up
Well, there you have it, my March 2020 income report, what I did in March, and how my money was spent!