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May 2020 Finance Report

Everything I earned and spent in Tbilisi

Below you’ll find all my finance details for May 2020.

I spent the entire month in Tbilisi, Georgia.

💵 Summary

May 2020 finance graph

Total Income € 6,130 $ 6,809
Total Expenses € 3,209 $ 3,564
Profit/Loss € 2,921 $ 3,245

🤑 Income

May 2020 income

Affiliate income (see below) € 5,748 $ 6,384
Patreon 1 € 176 $ 196
Flight refund: Valencia to Sofia (x2) 2 € 156 $ 173
eBiz Weekly Tip Jar 3 € 27 $ 30
Book sales (via Amazon) € 23 $ 25
Total Income € 6,130
$ 6,809
Previous Month € 4,284 $ 4,683

I was expecting my income to be about $5000 for the month, so May turned out better than expected.

👍 Affiliate Income

Affiliate payments in May came from…

Affiliate Related Content
Authority Hacker Authority Hacker Review
Commission Hero Commission Hero Review
Consulting.com Sam Ovens Consulting Accelerator Review
ConvertKit ConvertKit Pricing vs. Popular Alternatives
Earn More Writing Earn More Writing Review
George Kao’s Facebook Course n/a
Income School Income School Project 24 Review
SafetyWing Digital Nomad Travel Insurance
Tai Lopez Tai Lopez Social Media Marketing Agency Review

Here’s a progress chart for affiliate income since starting eBiz Facts…

Affiliate Income progress

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 looks more inconsistent month-to-month than it actually is.

💸 Expenses

May 2020 expenses

🍽 Food & Drink

Groceries € 330 $ 366
Eating out / Takeout € 194 $ 216
Total € 524
$ 582
Previous Month € 376 $ 411

🏡 Housing & Utilities

1 month at Tbilisi apartment € 360 $ 400
Cleaner € 17 $ 19
Total € 377
$ 419
Previous Month € 366 $ 400

💪 Health Care

Doctor visit € 101 $ 112
Medication € 89 $ 99
SafetyWing travel insurance (2 months) 4 € 67 $ 74
Total € 257
$ 285
Previous Month € 35 $ 38

🛫 Travel & Transport

2 days rental car in Tbilisi € 73 $ 81
Taxis in Tbilisi € 27 $ 30
Fuel for rental car € 25 $ 28
Electric scooters in Tbilisi € 3 $ 3
Total € 128
$ 143
Previous Month € 34 $ 37

💻 Business Expenses

Outsourcing 5 € 1,142 $ 1,268
PayPal fees € 164 $ 182
US LLC renewal 6 € 113 $ 125
Surfer subscription 7 € 54 $ 60
US LLC annual report filing € 47 $ 52
Ahrefs subscription 8 € 24 $ 27
Patreon fees 9 € 23 $ 26
Kinsta web hosting 10 € 20 $ 22
Skype credit € 18 $ 20
Transferwise fees € 16 $ 18
Zoom 11 € 14 $ 15
FlexJobs 12 € 13 $ 15
Dreamhost domain renewal 13 € 12 $ 13
YouTube Premium 14 € 11 $ 12
Adobe Photoshop monthly subscription € 10 $ 11
Google Drive storage (1TB) 15 € 9 $ 10
ManyChat 16 € 9 $ 10
Virtual Post Mail 17 € 9 $ 10
Phone credit € 7 $ 8
Copycall 18 € 5 $ 6
Amazon Web Services (storage) 19 € 4 $ 5
ClickBank fees € 2 $ 3
Upwork fees € 1 $ 1
Sendy 20 € 0 $ 0
SocialBee 21 € 0 $ 0
Teamwork project management software 22 € 0 $ 0
Total € 1,728 $ 1,919
Previous Month € 867 $ 948

🎁 Gifts & Donations

Gift for a friend € 37 $ 41
Effective Altruism Fund 23 € 9 $ 10
Monthly Love & Courage podcast donation 24 € 5 $ 6
The Guardian € 5 $ 5
Flowers € 4 $ 5
SamHarris.org subscription 25 € 4 $ 4
Patreon: The Blindboy Podcast 26 € 3 $ 3
Patreon: Úna-Minh Kavanagh € 3 $ 3
Total € 69
$ 77
Previous Month € 91 $ 99

📚 Books

Principles € 13 $ 14
Obviously Awesome € 1 $ 1
1984 € 0 $ 0
The Better Angels of Our Nature € 0 $ 0
The Handmaid’s Tale € 0 $ 0
Lost Hills € 0 $ 0
Start From Zero € 0 $ 0
True Fiction € 0 $ 0
Wool € 0 $ 0
Total € 14
$ 16
Previous Month € 9 $ 10

I used Amazon gift cards and a free trial of Kindle Unlimited for some of those books.

👕 Clothing

Total € 0
$ 0
Previous Month € 0 $ 0

🤷‍♂️ Miscellaneous Expenses

Toiletries € 27 $ 30
Clothes rack € 24 $ 27
Sunscreen € 18 $ 20
Kitchen supplies € 15 $ 16
Netflix subscription € 11 $ 12
Monthly banking fee (Hong Kong bank) 27 € 8 $ 9
Glovo subscription 28 € 4 $ 4
Laundry € 3 $ 3
Monthly banking fee (Dutch bank) € 2 $ 2
Glue € 1 $ 1
Total € 112
$ 124
Previous Month € 111 $ 122

💸 Expense Summary

Business Expenses € 1,728 $ 1,919
Food & Drink € 524 $ 582
Housing & Utilities € 377 $ 419
Health Care € 257 $ 285
Travel & Transport € 128 $ 143
Miscellaneous Expenses € 112 $ 124
Gifts & Donations € 69 $ 77
Books € 14 $ 16
Clothing € 0 $ 0
Total Expenses € 3,209
$ 3,564
Previous Month € 1,889 $ 2,065

I was hoping to spend less than $3000 for the month. Went a bit over, which isn’t a big deal. Need to be careful of lifestyle creep though with my income on the rise.

😢 Biggest Regret?

Nothing significant. I accidentally let my FlexJobs subscription renew but that was a minor expense.

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
Total € 6,614 $ 7,284

📊 Where That Leaves Me

I had €13,378 / $14,626 to my name at the end of April.

Taking into account all my May 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 €16,546 / $18,377. 29

🔮 Outlook For June

Expenses should be about the same overall. I’ll aim to keep it under $3500.

Income should be close to $7000.

📲 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.

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5 Comments

  1. Just came across your site after considering the ‘wealthyalliliate’ programme. Saw your very honest review and saved myself some dollar I think.

    Love the income reports, I find these great and motivating as I only started my blog last month. The design of the site looks great too!

  2. Hello Ndoherty, thanks for sharing your financial reports. I really loved the way you set up your website and your honesty and professionalism in your contents.

    I’d love to know about the tools you use in your website creation. I’d also want to get the Authority Hacker course.

  3. Some great book purchases this month! The Better Angels of Our Nature is a fascinating concept but it was such a long, quite academic read that I never finished it.

    The Handmaid’s Tale and 1984 are also brilliant classics that deserve their status in the literary canon, so you’ll enjoy those if you haven’t read them before!

  4. Looking good man! Do you think you will be crossing $10,000/ month by end of the year? It seems like your traffic and conversion rate is pretty steady and increasing?