July 2014 Financial Update

July 2014 Financial Update

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July Financial Update
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If you’re new to Budget Breakaway, each month I reflect on the previous month’s financial progress and calculate my total earnings from side hustles. I analyse any activities that may have had an impact on my finances and check up to see how far I have climbed towards my long term goals.

This month we brought in the newest member of the Budget Breakaway family; you can find out all about our new kitten Bruno and how he’s impacted our budgets here! July was a a successful side hustle month indeed! Here’s the breakdown:

Side Hustle Income – £268.07

Fiverr – £23.74
In June I set up a gig on Fiverr called ‘I will say your greetings message and do a backflip‘. I’ve actually doubled the income on this gig in July by utilising gig Extras including ‘I will complete your order in 24 hours’ . I’m still looking to list another gig so that I can double this income.

Business Consultancy Services – £180
By far the best earner for me month on month, I am currently looking to expand my client base and have a couple of leads lined up to multiply this income.

Parkour Coaching – £63
In my spare time I coach and perform parkour across the midlands.

Blog Advertising – £1.33
As a trial I have installed Google Adsense here on Budget Breakaway.

Total Side Hustle Income: £268.07

Review of My July Goals

1. Generate £250 in Side Hustle income – Complete!

As above, my total side hustle income was £268.07; looks like I’m going to have to set the bar even higher for August!

2. Make my first deposit of £643 into the mortgage fund – Failed

Due to delayed payments in July, I could only deposit £400 into the mortgage fund this month; this puts me £243 short of my target. However, these should catch up with me throughout August so I can set the bar higher in the following month.

3. Post another gig on Fiverr – Failed

Looks like another goal to be set through to August; watch this space!

Goals for August 2013

1. Generate £260 in Side Hustle income

As last month was so successful it’s time to raise the bar again; I’ll be looking to raise £260 in side hustle income next month.

2. Deposit £800 into the mortgage fund

Given I failed my mortgage deposit goal in July I’m looking to make up for this in August. I’m therefore looking to get super frugal and deposit £800 into my mortgage fund next month.

3. Post another gig on Fiverr

A goal that I failed in July but am still super eager to complete in August. Watch this space for my next Fiverr gig!

What were your goals for July? Did you have a successful month?

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4 COMMENTS

  1. Have you ever thought about posting some Hourlies on PeoplePerHour offering your services? You could potentially add even more to your side hustle income especially if you have something unique to offer. I love it. I need to give Fiverr more attention but I just can’t seem to find the time atm as I’m overwhelmed with work – not that that’s a bad thing!

    • Hey Bex!
      No haven’t used People per Hour before but will certainly consider it and let you know how I get on 🙂
      Glad to hear you’re keeping busy!

  2. The Fiverr gigs sound hilarious, I can’t believe people pay money for that kind of stuff!? I’ll have to have a creative brainstorm and see if I can think of any.

    Random question – how does all the side gig income get treated with respect to tax? Have you set up a Ltd company and putting it all into “corporate profits” or do you have to fill out a self employed tax return at the end of the year? (As you can probably tell… I have practically no side gig income right now, need to step up the game on that one!). Appreciate this could be quite a long winded topic so maybe an idea for a future post?

    Cheers!

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