Hey there! 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.
In the last week of June, we spent a frugal week in Scotland visiting family, going on long bike rides and enjoying some fantastic food. The best bit? Thanks to the generosity of family it didn’t cost us any more than an average week at home!
In previous weeks I’ve made a real effort to be especially frugal, only buying the bare essentials to ensure I can put as much towards the emergency fund as possible; after all, I did spend two-thirds of it on my car insurance premium last month!
This month was actually my first month without reading and reviewing a book. I must say it was a great decision to take a short break as my side hustle income has increased and I’ve felt more productive and less stressed. However, if you’re on the lookout for a good book to read, you can check out my book reviews here.
I’ve Filled My Emergency Fund!
One of my goals for 2014 was to create an emergency fund of £1950 to cover me for 3 months without work. Last month I set myself a rather ambitious goal of adding £777 to the fund with the aim of fully funding it at the end of July.
With some frugal living, ferocious side hustling and a fine stroke of luck I actually managed to deposit £1490 into my cash ISA this month which means my emergency fund is fully fueled!
Having a reliable emergency fund is very important to me as having no cash in an emergency is exactly what got me further into debt in the first place! A situation I plan on never being in again. Check out this post to find out why you should have some money stashed away for a rainy day! A full emergency fund is a huge step for me as just six months ago I was paying off my debt; I can now set my sights a little higher and begin saving for a deposit on our first mortgage!
Side Hustle Income – £273.42
Fiverr – £11.66
This month I set up a new gig on Fiverr; I had once set up a ‘finance article writing’ gig but as I’m not the fastest writer; I certainly wasn’t maximizing the value of my time. This time around, I wanted to sell something that I could complete in a tenth of the time but would still provide value to my audience. My latest gig? I will say your greetings message and do a backflip – check it out here!
Business Consultancy Services – £192 – By far the best earner for me month on month, finding a client of your own is the perfect earner for anyone that works in the digital industry. This also expands your skills at a faster rate to further benefit you at work. I’ll be looking for another client in the coming month’s to double this income stream.
Parkour Coaching – £12 – For those that don’t know, I spend the occasional Friday coaching parkour.
Blog Advertising – £57.76
Total Side Hustle Income: £273.42
My Net Worth – £2337.28
After clearing my debt at the start of this year I’d say I’ve now been in the green long enough to start tracking my net worth. I’ve began to diversify my assets and despite these meager beginnings I’m really looking forward to seeing my net worth grow over the coming months. The net worth breakdown:
Pension: £142.28 (‘Adventurously’ invested – up to 100% in shares)
Emergency Fund: £1950 (Cash ISA @ 1.75%)
Current Account + Joint Account: £245 (£10 per month generated from reward accounts)
Grand Total Net Worth: £2337.28
My Progress on Goals for June
All in all a very successful month with all of my goals complete and exceeded, needless to say, I’m very happy with this one!
Generate £240 in Side Hustle Income – Complete
Deposit £741 into my Cash ISA – Complete
Calculate My Net Worth – Complete
My Goals for July
1. Generate £250 in Side Hustle Income
Side-hustles were nice and high in June and I’d like to see this continue in July. I’ll be trying to add some more tools to my side hustle belt so keep watch as this all unfolds
2. Make my first deposit of £643 into my mortgage fund!
The next stage in my financial journey and a very exciting one! We’re looking to have built a large enough deposit for a 5% Help to Buy mortgage. For us to hit the target and have enough for furniture and additional moving cost I will be aiming to contribute £643 per month until the end of January. Wish me luck!
3. Post another gig on Fiverr
As well as being a quick and easy earner this month, it has also been great fun to come up with a product that will sell well on Fiverr and also keep me active! My latest gig has gone rather well so I’ll be looking to post another that has an equally low time investment to ensure the maximum return on investment on this platform.
How was your financial progress in June? Any goals for July?