July 2016 Finance Report

Well hello there o’ legendary email subscriber. This is my July finance report, prepared and delivered to you from the fine city of Berlin.

As usual, I’ll share with you all the details of my finances below, along with a few notes that I think you’ll find interesting.

Diving in…

July Income

July 2016 income

Freelance web development 1 € 934 $ 1,043
3M1K 2 € 647 $ 722
Coaching 3 € 144 $ 161
VAT refund € 138 $ 154
Google Adsense 4 € 76 $ 85
Sale of bicycle 5 € 60 $ 67
Sale of blender € 30 $ 33
Book sales (via Amazon) 6 € 27 $ 30
Wandering Earl affiliate payment 7 € 6 $ 7
Sale of yoga mat € 5 $ 6
Total Income € 2,067
$ 2,308
Last Month € 3,030 $ 3,375

I knew July would be a tough month for income, given that I was jumping around between Germany, Ireland and the Netherlands and spending more time than usual offline. But I managed to reach my goal of €2k so I’m happy enough.

July Expenses

July 2016 expenses

Food & Drink

Eating out 8 € 460 $ 514
Groceries € 111 $ 124
Total € 571
$ 638
Last Month € 351 $ 391

Housing & Utilities

1 night at Aston City Hotel, Amsterdam € 66 $ 74
3 nights at Berlin Airbnb € 53 $ 59
1 night at Hotel Casa 400, Amsterdam 9 € 31 $ 35
Total € 150
$ 167
Last Month € 422 $ 470

Personal Taxes

Total € 0
$ 0
Last Month € 0 $ 0

Health Care

Health insurance (monthly payment) € 101 $ 113
Total € 101
$ 113
Last Month € 101 $ 113

Travel & Transport

Flights: Amsterdam to Berlin (AMS-SXF) round trip 10 € 140 $ 156
Flights: Berlin to Dublin (TXL-DUB) round trip 11 € 130 $ 145
Ov-chipkaart 12 € 110 $ 123
Train: Berlin to Amsterdam € 59 $ 66
Irish driver’s license renewal fee 13 € 55 $ 61
Bicycle repair 14 € 33 $ 37
Berlin metro € 30 $ 33
Taxi to Cork airport € 15 $ 17
Bus: Dan Helder to Texel ferry (round trip) € 6 $ 7
Ferry to/from Texel € 5 $ 6
Total € 583
$ 651
Last Month € 63 $ 70

Business Expenses

Taxes 15 € 807 $ 901
Accountant: AGC Associates 16 € 328 $ 366
Outsourcing 17 € 130 $ 145
Mackeeper 24-month subscription € 72 $ 80
ActiveCampaign 18 € 40 $ 45
PayPal fees € 36 $ 40
Teamwork project management software 19 € 22 $ 25
Phone credit € 20 $ 22
MemberMouse 20 € 18 $ 20
Virtual Post Mail 21 € 18 $ 20
Stripe fees (for 3M1K payments) € 15 $ 17
TransferWise fees 22 € 12 $ 13
Lyca SIM card 23 € 8 $ 9
Ticket: Awakened Creatress 24 € 5 $ 6
Google Drive storage (100GB) € 2 $ 2
Amazon Web Services (more storage) € 1 $ 1
Total € 1,534
$ 1,713
Last Month € 2,125 $ 2,367

Gifts & Donations

Busker at the Tiergarten 25 € 1 $ 1
Total € 1
$ 1
Last Month € 60 $ 67

Books 26

Total € 0
$ 0
Last Month € 0 $ 0

Clothing

Total € 0
$ 0
Last Month € 265 $ 295

Miscellaneous Expenses

Skydive 27 € 199 $ 222
Skydive video 28 € 115 $ 128
Eye test 29 € 25 $ 28
Toiletries € 15 $ 17
Internations party entry in Amsterdam € 10 $ 11
Netflix subscription € 9 $ 10
USB card 30 € 8 $ 9
Berlin nightclub entry € 6 $ 7
Quarterly banking fee (Irish bank) € 6 $ 7
Personal credit card fee € 4 $ 4
Amazon movie rental: Zoolander *** € 3 $ 3
Photo/video with silver soldier at the Tiergarten 31 € 2 $ 2
Monthly banking fee (Dutch bank) € 1 $ 1
Total € 403
$ 450
Last Month € 108 $ 120

Expense Summary

Business Expenses € 1,534 $ 1,713
Travel & Transport € 583 $ 651
Food & Drink € 571 $ 638
Miscellaneous Expenses € 403 $ 450
Housing & Utilities € 150 $ 167
Health Care € 101 $ 113
Gifts & Donations € 1 $ 1
Books € 0 $ 0
Clothing € 0 $ 0
Taxes € 0 $ 0
Total Expenses € 3,343
$ 3,733
Last Month € 3,495 $ 3,893

Oops. I was aiming to keep my expenses under €2k for the month, so I failed miserably. I wasn’t expecting the big tax bill, food and dining expenses were much higher than usual, and of course the spontaneous skydiving adventure cost a bit.

Biggest Regret?

Nothing particular this past month, but it’s about time I put my hand up and admit that registering my business in Ireland last year was an expensive mistake. I’ve lost out on a small fortune already due to taxes, VAT, and accounting expenses.

I now have an LLC registered in the USA and have switched all my business operations over, but it will take a few more weeks and a bit more money to wrap everything up neatly in Ireland.

Oh well. I tried. I failed. No matter. I’ll try again. I’ll fail again. But hopefully I’ll fail better.

Where That Leaves Me

I had €9,798/$10,914 to my name at the end of June.

Taking into account all my July income and expenditure, and the most recent exchange rates – I have accounts in EUR, HKD and USD – my total bank and cash balances now work out to €7,610/$8,497. 32

Outlook For August

I’m usually overly-optimistic with my predictions, so I’ll try be conservative this time around.

Income-wise, I have plenty of freelance work lined up so I’m expecting to pull in at least €3k that way. (I have approximately €2.5k already billed.) I’m working on some marketing strategies for 3M1K but I don’t expect any of that to come to fruition until September, so maybe I’ll only pull in another €500 here.

€3.5k total income is what I’ll shoot for.

As for expenses, I’ll be living quite cheaply in Berlin for most of the month, so that will help keep the purse strings tight. My trip to Dublin at the end of the month will cost a bit, and I expect business expenses will add up to about €1k.

I’ll pencil in €3k total for expenses and see how it goes.

Feedback Welcome

Thoughts? Questions? Speak up in the comments below.

Archived Finance Reports

I’ve been posting these monthly finance reports since January, 2011. You can view all my old reports via this page.

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About The Author

6 Comments

  1. Just wondering, how to you find your freelance work (which is quite a sustainable part of your income)? I guess the projects you do are often for different people/businesses, so you must spend quite some time trying to find these clients too? That seems like a tough job while you’re moving and busy with so many other things. Is there a strategy? A niche you focus on? People who help you with this? I’d love to read a bit more about that. 🙂

    1. Hi Elke. Most of my freelance work comes from referrals and repeat clients these days. I don’t usually have to go out and find clients. They mostly find me. I don’t have a particular niche though. I take what comes.

  2. Hi Niall,

    I’ve been keeping an expenses spreadsheet fort the last year (much to my other half’s dismay), and really appreciate your meticulous presentation. I’m really glad to see other travellers doing it. We’re currently away travelling Maylasia and Indonisia and I’m pretty sure have the finances to do so from keeping tabs on outgoings.

    I wondered what your thoughts were about insurance when you are in Berlin, will your Dutch insurance be accepted?

    1. I had my first 10 nights in the Berlin Airbnb paid for in June. I stayed with family for the 6 nights I was in Ireland, and then in a spare room at a friend’s apartment in Amsterdam for 5 nights. I also spent one night on bus from Amsterdam to Berlin at the beginning of July. Oh, and I didn’t move out of my apartment in Amsterdam until July 5th, and had that already paid for in advance as well.

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