Below you’ll find all my finance details for May 2018.

I was in Moscow until May 6th, then based myself in Herceg Novi in Montenegro for the rest of the month, with a day trip to Dubrovnik in Croatia thrown in for the laugh.

Summary

Total Income € 7,588 $ 8,859
Total Expenses € 8,673 $ 10,125
Profit/Loss € 1,085 $ 1,266

Income

May 2018 income

Consulting / Project Management 1 € 6,826 $ 7,969
Coaching € 528 $ 616
Authority Hacker Pro affiliate payment 2 € 169 $ 197
Patreon 3 € 30 $ 35
Book sales (via Amazon) 4 € 22 $ 26
Cheap Flight Checklist 5 € 13 $ 16
Total Income € 7,588
$ 8,859
Last Month € 7,456 $ 8,999

Expenses

May 2018 expenses

Food & Drink

Groceries € 301 $ 351
Eating out € 265 $ 309
Total € 566
$ 661
Last Month € 474 $ 572

Housing & Utilities

3 Weeks at Kotor (Montenegro) Airbnb 6 € 737 $ 860
4 Weeks at Herceg Novi (Montenegro) Airbnb 7 € 730 $ 852
4 Nights at Scottish Highliands Airbnb 8 € 483 $ 564
3 Nights at Edinburgh Airbnb 9 € 268 $ 313
2 Nights at Lake District (UK) Airbnb 10 € 134 $ 156
2 Nights at York (UK) Airbnb 11 € 105 $ 123
Cleaner for apartment in Herceg Novi (two times) € 29 $ 34
Total € 2,486 $ 2,902
Last Month € 1,214 $ 1,465

Health Care

IMG Global Health Insurance 12 € 0 $ 0
Total € 0 $ 0
Last Month € 75 $ 91

Travel & Transport

Flights: Dublin to Gran Canaria (x2) 13 € 243 $ 283
Rental car: 7 days in Ireland 14 € 169 $ 197
Flight: Gran Canaria to Dublin 15 € 121 $ 141
Rental car: 3 days in Montenegro 16 € 101 $ 118
Fuel for rental car in Montenegro € 42 $ 49
Montenegro/Croatia border charge 17 € 30 $ 35
Taxi to airport in Moscow € 18 $ 21
Ferry in Montenegro € 5 $ 5
Taxi in Herceg Novi € 3 $ 3
Uber in Moscow 18 € 2 $ 2
Parking in Montenegro € 2 $ 2
Total € 735 $ 858
Last Month € 300 $ 362

Business Expenses

Coaching 19 € 4,283 $ 5,000
Annual US LLC renewal 20 € 214 $ 250
TransferWise fees 21 € 33 $ 39
Iubenda 22 € 23 $ 27
Dreamhost domain registrations and renewals € 23 $ 27
SmarterQueue 23 € 20 $ 23
Telepromter iPhone app 24 € 13 $ 14
Phone credit € 10 $ 12
Headphones € 10 $ 12
Skype credit € 8 $ 10
Virtual Post Mail 25 € 8 $ 10
Patreon fees 26 € 3 $ 4
Gumroad fees € 2 $ 2
Amazon Web Services (storage) 27 € 1 $ 1
ActiveCampaign mailing list software 28 € 0 $ 0
Elegant Themes 29 € 0 $ 0
Teamwork project management software 30 € 0 $ 0
MemberMouse 31 € 0 $ 0
Dreamhost web hosting 32 € 0 $ 0
Google Drive storage (1TB) 33 € 0 $ 0
Total € 4,652
$ 5,431
Last Month € 1,467 $ 1,771

Gifts & Donations

Flowers € 38 $ 44
Monthly Love & Courage podcast donation 34 € 5 $ 6
Waking Up podcast donation 35 € 2 $ 2
Total € 45 $ 52
Last Month € 51 $ 62

Books 36

Discipline Equals Freedom *** € 10 $ 12
Selfhood 37 € 0 $ 0
Total € 10 $ 12
Last Month € 20 $ 24

Clothing

Flip flops € 20 $ 23
3 t-shirts € 13 $ 15
Total € 33 $ 39
Last Month € 143 $ 173

Miscellaneous Expenses

Toiletries € 32 $ 37
Kitchen equipment € 21 $ 25
Ticket to visit the old city walls of Dubrovnik € 20 $ 23
Laundry € 18 $ 21
Flask € 13 $ 15
Netflix subscription € 11 $ 13
Kitchen scale € 10 $ 12
Monthly banking fees (Hong Kong bank) 38 € 7 $ 9
2 beach towels € 4 $ 5
Kitchen cleaning supplies € 3 $ 4
Amazon Movie Rental: Amelie **** € 2 $ 2
Hangers € 2 $ 2
Monthly banking fee (Dutch bank) € 1 $ 2
Public toilet € 1 $ 1
Birthday card € 1 $ 1
Total € 147 $ 171
Last Month € 118 $ 142

Expense Summary

Business Expenses € 4,652 $ 5,431
Housing & Utilities € 2,486 $ 2,902
Travel & Transport € 735 $ 858
Food & Drink € 566 $ 661
Miscellaneous Expenses € 147 $ 171
Gifts & Donations € 45 $ 52
Clothing € 33 $ 39
Books € 10 $ 12
Health Care € 0 $ 0
Total Expenses € 8,673 $ 10,125
Last Month € 3,862 $ 3,862

I was aiming to keep everything down around $8000 for the month.

Failed miserably.

Biggest Regret?

My biggest expenses in May were coaching and accommodation.

No regrets about the coaching. That’s been going great.

The accommodation is a bit much and I’ve vowed to travel less next year (or at least travel to less expensive places), but the upside there is that, with the exception of 6 nights in London, I now have all my accommodation paid for until the end of August.

Our day trip to Dubrovnik worked out quite expensive – about €200 total for the rental car, border fee, fuel, and food – but that town was definitely worth seeing, and I don’t think we could have done it any cheaper without accepting quite a bit of inconvenience.

2018 So Far

Here’s how I’m doing this year in terms of profit and loss:

January € 2,466 $ 3,070
February € 4,384 $ 5,346
March € 908 $ 1,107
April € 3,594 $ 4,337
May € 1,085 $ 1,266
Total € 1,499 $ 1,902

Where That Leaves Me

I had €15,533 / $18,747 to my name at the end of April.

Taking into account all my March 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 €14,854 / $17,340. 39

Outlook For June

I’ll earn less from consulting work as I’ll be taking some holidays at the end of the month. I should pull in about $6,000 there still though.

I plan to relaunch my Freedom Business Builder course (formerly 3M1K) at the end of the month, and people have been emailing me asking when they can join that, so there should be a few signups right away. Not sure what to expect in terms of income, but $1000 before July hits would be a good start.

Expenses should be way down from May.

I have to pay freelancers about $1,500, I’ll likely be investing a few hundred dollars in Facebook ads, and I’ve already spent about €750 for accommodation in London. But nothing major beyond that.

If I keep everything under €4,000 I’ll be happy, though I expect it will be more like €5,000.

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.