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Published: June 8, 2016

11 Comments Finance Reports

May 2016 Finance Report

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

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…

May Expenses

may-2016-expenses

Food & Drink

Groceries € 217 $ 242
Eating out 1 € 173 $ 193
Total € 390
$ 435
Last Month € 321 $ 368

Housing & Utilities

1 month’s rent for Amsterdam apartment 2 € 1,160 $ 1,295
Total € 1,160
$ 1,295
Last Month € 1,160 $ 1,328

Taxes

Total € 0
$ 0
Last Month € 159 $ 182

Health Care

Health insurance (monthly payment) € 101 $ 113
Total € 101
$ 113
Last Month € 101 $ 116

Travel & Transport

Flights: AMS-ORK return trip in July 3 € 142 $ 159
Ov-chipkaart 4 € 50 $ 56
Total € 192
$ 214
Last Month € 648 $ 742

Business Expenses

Taxes € 735 $ 821
Accountant: AGC Associates 5 € 410 $ 458
Outsourcing € 280 $ 313
Stripe fees (for 3M1K payments) € 88 $ 98
PayPal fees (mostly for 3M1K payments) € 69 $ 77
Thrive Leads 6 € 59 $ 66
3M1K affiliate payment 7 € 49 $ 55
ActiveCampaign 8 € 40 $ 45
Thrive Architect upgrade € 26 $ 29
Teamwork project management software 9 € 26 $ 29
MemberMouse (for 3M1K) € 18 $ 20
Phone credit € 15 $ 17
PDT Mastermind Talks 10 € 6 $ 7
TransferWise fees 11 € 2 $ 2
Google Drive storage (100GB) € 2 $ 2
Amazon Web Services (more storage) € 2 $ 2
Gumroad fees € 1 $ 1
Total € 1,828
$ 2,041
Last Month € 1,038 $ 1,189

Gifts & Donations

Wedding gift 12 € 52 $ 58
Book: Flavors of Life (x2) 13 € 40 $ 45
Donation to Colombia house building project 14 € 26 $ 29
Beer for bike shop 15 € 9 $ 10
Total € 127
$ 142
Last Month € 0 $ 0

Books 16

Ryanair: How a Small Irish Airline Conquered Europe **** € 6 $ 7
Total € 6
$ 7
Last Month € 0 $ 0

Clothing

Tailor 17 € 8 $ 9
Total € 8
$ 9
Last Month € 71 $ 81

Miscellaneous Expenses

Strong Viking 2016 18 € 67 $ 75
Keukenhof ticket (bus + entry) 19 € 24 $ 27
Sunscreen € 10 $ 11
Netflix subscription € 9 $ 10
Toiletries € 9 $ 10
Mastermind meetup € 5 $ 6
Laundry € 5 $ 6
Cover charge for random bar € 5 $ 6
Kitchen cleaning stuff € 2 $ 2
Language meetup € 2 $ 2
Toilet entry at festival € 1 $ 1
Coat check at random bar € 1 $ 1
Monthly banking fee (Dutch bank) € 1 $ 1
Bin bags € 1 $ 1
Total € 142
$ 159
Last Month € 63 $ 72

Expense Summary

Business Expenses € 1,828 $ 2,041
Housing & Utilities € 1,160 $ 1,295
Food & Drink € 390 $ 435
Travel & Transport € 192 $ 214
Miscellaneous Expenses € 142 $ 159
Gifts & Donations € 127 $ 142
Health Care € 101 $ 113
Clothing € 8 $ 9
Books € 6 $ 7
Taxes € 0 $ 0
Total Expenses € 3,954
$ 4,415
Last Month € 3,561 $ 4,078

My goal was to keep expenses under €3,000, so obviously I went a bit overboard there. Business taxes were the main expense I failed to anticipate.

May Income

may-2016-income

Freelance web development € 3,293 $ 3,677
3M1K 20 € 2,689 $ 3,002
Affiliate payment: Secrets of a Six-Figure Upworker 21 € 308 $ 344
VAT refund € 149 $ 166
Book sales (via Amazon) € 37 $ 41
Sales of The Cargo Ship Diaries (via ebizfacts.com) € 11 $ 12
Total Income € 6,487
$ 7,243
Last Month € 3,624 $ 4,150

I was aiming to pull in at least €4k in May, with €5k as a stretch goal, so I did much better than expected. I didn’t foresee 3M1K doing quite so well, and more freelance payments came through than expected.

Biggest Regret?

No regrets this month. It was a good one 🙂

Where That Leaves Me

I had €6,383/$7,309 to my name at the end of April. After applying the most recent exchange rates (I have accounts in EUR, HKD and USD), those totals shifted a little to €6,405/$7,151.

Taking into account all my May income and expenditure, my total bank and cash balances now work out to €9,579/$10,695. 22

Outlook For June

Expenses should be down as I’ll have no business taxes and I’ll no longer be paying rent in Amsterdam. I’ll try keep everything under €3k, with €2.5k as a stretch goal.

Income will come way down as I only have a couple of small freelancing projects lined up and it’s unlikely that I’ll get enough new people signed up to 3M1K to match May. If I hit €3k overall I’ll be happy.

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.

About The Author
Niall Doherty – Founder and Lead Editor of eBiz Facts Born and raised in Ireland, Niall has been making a living from his laptop since quitting his office job in 2010. He's fond of basketball, once spent 44 months traveling around the world without flying, and has been featured in such publications as The Irish Times and Huffington Post. Read more...

11 thoughts on “May 2016 Finance Report”

  1. Hi Niall,
    You are fortunate to be leaving behind that con artist of an accountant when you go to Berlin :-))
    I’m looking forward to hearing about your experience in Berlin, I wish you all the best.
    I’m also surprised at that steep rent in Amsterdam !!

    Reply
  2. You have been doing fine in my opinion ,but you didn’t mentioned the “salsa class” and the “gym”!Did you stopped?

    Reply

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