Below you’ll find all my finance details for June 2020.
I spent the entire month in Tbilisi, Georgia.
I’ve been tracking everything I earn and spend since January 2011, just a few weeks after quitting my day job. Every month since, I’ve published one of these finance reports.
Sharing this info publicly keeps me accountable and hopefully gives you some insight into how I earn a living online.
Patrons get to see each new report before anyone else.
💵 Summary
Total Income | € 8,026 | $ 9,017 |
Total Expenses | € 3,632 | $ 4,080 |
Profit/Loss | € 4,394 | $ 4,937 |
🤑 Income
Affiliate income (see below) | € 7,423 | $ 8,339 |
Coworking Bansko resell (3-month pass) 1 | € 329 | $ 370 |
Patreon 2 | € 205 | $ 230 |
eBiz Weekly coffee fund 3 | € 44 | $ 49 |
Book sales (via Amazon) | € 25 | $ 28 |
Total Income | € 8,026 |
$ 9,017 |
Previous Month | € 6,130 | $ 6,809 |
I was expecting my income to be about $7000 for the month, so June turned out better than expected.
👍 Affiliate Income
Affiliate payments in June came from…
(Btw, I don’t necessarily recommend everything I earn affiliate income from. Sometimes I’ll write a bad review of something and people will still sign up to it via my link. Humans are weird like that.)
Here’s a progress chart for affiliate income since starting eBiz Facts…
Note that, to keep things simple for myself on a day-to-day basis, I practice cash accounting rather than accrual accounting.
“Under the cash method of accounting, sales are recorded when cash is received, and expenses are recorded when cash is sent out. It’s straightforward and intuitive. The problem with the cash method, however, is that it doesn’t always reflect the economic reality of a situation.” – Accounting Made Simple
The economic reality of affiliate marketing is that some companies pay their affiliates every month, while others have irregular payment schedules. As a result, my affiliate income can look more inconsistent month-to-month than it actually is.
💸 Expenses
🍽 Food & Drink
Groceries | € 355 | $ 399 |
Eating out / Takeout | € 267 | $ 300 |
Total | € 622 |
$ 699 |
Previous Month | € 524 | $ 582 |
🏡 Housing & Utilities
1 month at Tbilisi apartment | € 400 | $ 450 |
Cleaner | € 14 | $ 16 |
Total | € 415 |
$ 466 |
Previous Month | € 377 | $ 419 |
💪 Health Care
SafetyWing travel insurance (1 month) 4 | € 33 | $ 37 |
Doctor visit | € 27 | $ 31 |
Medication | € 19 | $ 21 |
Masks | € 6 | $ 6 |
Total | € 85 |
$ 96 |
Previous Month | € 257 | $ 285 |
🛫 Travel & Transport
Taxis in Tbilisi | € 44 | $ 49 |
1 day rental car in Tbilisi | € 30 | $ 34 |
Fuel for rental car | € 14 | $ 16 |
Electric scooters in Tbilisi | € 6 | $ 6 |
Total | € 94 |
$ 106 |
Previous Month | € 128 | $ 143 |
💻 Business Expenses
Kinsta web hosting 5 | € 820 | $ 921 |
Outsourcing 6 | € 679 | $ 763 |
PayPal fees | € 273 | $ 307 |
Surfer subscription 7 | € 52 | $ 59 |
Patreon fees 8 | € 26 | $ 30 |
Ahrefs subscription 9 | € 24 | $ 27 |
Internet service at Tbilisi apartment | € 15 | $ 17 |
Dreamhost domain renewal 10 | € 14 | $ 16 |
Zoom 11 | € 13 | $ 15 |
Transferwise fees | € 12 | $ 14 |
YouTube Premium 12 | € 11 | $ 12 |
Adobe Photoshop monthly subscription | € 10 | $ 11 |
Google Drive storage (1TB) 13 | € 9 | $ 10 |
Virtual Post Mail 14 | € 9 | $ 10 |
Phone credit | € 7 | $ 8 |
Amazon Web Services (storage) 15 | € 5 | $ 6 |
Copycall 16 | € 5 | $ 6 |
ClickBank fees | € 4 | $ 5 |
Sendy 17 | € 0 | $ 0 |
SocialBee 18 | € 0 | $ 0 |
Teamwork project management software 19 | € 0 | $ 0 |
Total | € 1,989 | $ 2,235 |
Previous Month | € 1,728 | $ 1,919 |
🎁 Gifts & Donations
Various gifts | € 89 | $ 100 |
Flowers | € 10 | $ 11 |
Effective Altruism Fund 20 | € 9 | $ 10 |
Monthly Love & Courage podcast donation 21 | € 5 | $ 6 |
The Guardian | € 4 | $ 5 |
SamHarris.org subscription 22 | € 4 | $ 4 |
Patreon: The Blindboy Podcast 23 | € 3 | $ 3 |
Patreon: Kawehi | € 3 | $ 3 |
Patreon: Úna-Minh Kavanagh | € 3 | $ 3 |
Total | € 129 |
$ 145 |
Previous Month | € 69 | $ 77 |
📚 Books
The Happy Body | € 14 | $ 16 |
Endurance: Shackleton’s Incredible Voyage | € 12 | $ 14 |
An Unsung Hero: Tom Crean – Antarctic Survivor | € 8 | $ 9 |
Total | € 35 |
$ 39 |
Previous Month | € 14 | $ 16 |
- See my book ratings and what I’m currently reading over at Goodreads
👕 Clothing
Hiking boots | € 107 | $ 120 |
Long sleeve shirt | € 13 | $ 15 |
Hiking hat | € 1 | $ 2 |
Total | € 122 |
$ 137 |
Previous Month | € 0 | $ 0 |
🤷♂️ Miscellaneous Expenses
Kitchen supplies | € 35 | $ 39 |
Toiletries | € 32 | $ 36 |
Badminton set | € 15 | $ 17 |
Netflix subscription | € 11 | $ 13 |
Monthly banking fee (Hong Kong bank) 24 | € 8 | $ 9 |
Umbrella | € 8 | $ 9 |
Quarterly banking fee (Irish bank) | € 5 | $ 6 |
Car phone holder | € 4 | $ 5 |
Cleaning supplies | € 4 | $ 5 |
Glue | € 4 | $ 5 |
iPhone armband | € 4 | $ 5 |
Glovo subscription 25 | € 4 | $ 4 |
Batteries | € 2 | $ 3 |
Monthly banking fee (Dutch bank) | € 2 | $ 2 |
Total | € 140 |
$ 157 |
Previous Month | € 112 | $ 124 |
💸 Expense Summary
Business Expenses | € 1,989 | $ 2,235 |
Food & Drink | € 622 | $ 699 |
Housing & Utilities | € 415 | $ 466 |
Miscellaneous Expenses | € 140 | $ 157 |
Gifts & Donations | € 129 | $ 145 |
Clothing | € 122 | $ 137 |
Travel & Transport | € 94 | $ 106 |
Health Care | € 85 | $ 96 |
Books | € 35 | $ 39 |
Total Expenses | € 3,632 |
$ 4,080 |
Previous Month | € 3,209 | $ 3,564 |
I was hoping to spend less than $3500 for the month. Went a bit over, mainly due to the web hosting upgrade which wasn’t planned but became necessary.
😢 Biggest Regret?
Nothing significant.
2020 So Far
Here’s how I’m doing this year in terms of profit and loss:
January | € 1,734 | $ 1,924 |
February | € 1,948 | $ 2,149 |
March | € 1,085 | $ 1,196 |
April | € 2,394 | $ 2,618 |
May | € 2,921 | $ 3,245 |
June | € 4,394 | $ 4,937 |
Total | € 11,008 | $ 12,221 |
📊 Where That Leaves Me
I had €16,546 / $18,377 to my name at the end of May.
Taking into account all my June 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 €21,039 / $23,636. 26
🔮 Outlook For July
Expenses will be around $4000.
Income will be around $15,000.
📲 How I Track All This
Curious as to how I track everything I earn and spend? Check this video…
💬 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.
Hello Niall
It is a wonderful life that you live truly ! Is it possible for anyone to start on a similar path ? I am trying to get started too but don’t know where and how to get started.
It would be wonderful if you could comment as how should I start Affiliate Marketing as a side hustle. I am willing to put in the required efforts.
Thanks
Hi, thanks for the comment.
For affiliate marketing, I’d recommend starting with the free training listed here.
That said, if you’re new to working online, I don’t recommend affiliate marketing. That’s tough for beginners. It would likely be easier for you to earn a living online doing freelancing or with a remote job initially.
I know that you have significantly increased your affiliate income the last few months, but what changes this month of July where you project your income to be $15K.
I believe that’s mainly the result of the last major Google update. That boosted my traffic a good bit, which means more people buying some of the tools/courses I’ve reviewed.