I think it takes a little bit of guts to share your income and expenses openly with the world. But that said, I think there is value for both of us in reading this post. I will do a similar post every month.
General Thoughts on this Month: This was a rougher month with expenses, which I don't fully understand to be honest, but it CLEARLY hurt our savings percentage. I think a lot of our costs were "leftovers" from the holidays, but we are definitely attempting to tighten up a few things in February. We'll need to if I want to achieve even just one of my Passive Income Goals for 2017.
All of that said, the first month of the year is behind us and listed below is a detailed display of all income and expenses for the month of January 2017.
General Thoughts on INCOME:
1) Income continues to 'appear' high (at least to me!), but in reality be very low when you apply our debt and costs, etc.
Once there is actual 'excess' and not everything is plowed back into investments and debt repayments, we then should see the difference between our income and expenses. I said this in December, but I still strongly believe that your "system" is what is actually important (not your numbers), and I think our family's financial system is right. I think we are about 4 to 5 months out from really seeing and feeling the "difference."
2) Lending Club sales continue to offer around $100 or so income per month, which is nice. Here is a detailed description from June's report, explaining this number, as I unwind my Lending Club investment as quickly as I can. This number will eventually go to zero. It is best and easiest to consider this amount as 'income.'
3) Dividends were below my 2016 yearly average, but were up for the particular month (compared to last January) by ~12% YoY growth. Think we are moving in the right direction.
General Thoughts on EXPENSES:
1) Expenses were higher than I would have liked and higher than I can fully explain, to be honest. Kids were high, 'everything else' was high, shopping was high, groceries were high. Our total was high.
Where did all of this go? Despite our diligent tracking, sometimes this seems to happen. Can anyone else relate to this?
Post Takeaway - January typically is a rougher month, but I've got a lot of ground to make up in many areas now - Savings %, investing amount, debt payoff amount, etc. - if I am going to achieve ANY of my 2017 goals. All I can say is here's to a better February!
In conclusion, I am still very excited about 2017 as we transition away from debt repayment (around the ~May or June time-frame) and move much more towards investing. Our North Carolina Property will also go active during that time, which I am very excited about as well. Stay tuned.
What do you think? I'd love to hear your thoughts below.
Thanks for reading!
Passive Income Dude