May 2016 Finance Report (subscribers only)

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 Content Builder upgrade 9 € 26 $ 29
Teamwork project management software 10 € 26 $ 29
MemberMouse (for 3M1K) € 18 $ 20
Phone credit € 15 $ 17
PDT Mastermind Talks 11 € 6 $ 7
TransferWise fees 12 € 2 $ 2
Google Drive storage (100GB) € 2 $ 2
Amazon Web Services (more storage) € 2 $ 2
Gumroad fees (for sales of The Cargo Ship Diaries) € 1 $ 1
Total € 1,828
$ 2,041
Last Month € 1,038 $ 1,189

Gifts & Donations

Wedding gift 13 € 52 $ 58
Book: Flavors of Life (x2) 14 € 40 $ 45
Donation to Colombia house building project 15 € 26 $ 29
Beer for bike shop 16 € 9 $ 10
Total € 127
$ 142
Last Month € 0 $ 0

Books 17

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

Clothing

Tailor 18 € 8 $ 9
Total € 8
$ 9
Last Month € 71 $ 81

Miscellaneous Expenses

Strong Viking 2016 19 € 67 $ 75
Keukenhof ticket (bus + entry) 20 € 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 21 € 2,689 $ 3,002
Affiliate payment: Secrets of a Six-Figure Upworker 22 € 308 $ 344
VAT refund € 149 $ 166
Book sales (via Amazon) € 37 $ 41
Sales of The Cargo Ship Diaries (via ndoherty.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. 23

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.

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11 Comments

  1. Michael Hayden

    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 !!

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

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