Several readers have asked what happened to my monthly budget updates.
I stopped publishing these updates back in February because I was wasting way too much energy tracking my expenses down to the dollar every month.
This doesn’t mean I’m against this type of budgeting.
Closely tracking your spending can be a powerful tool.
This exact strategy helped me regain control of my money, save a six-month emergency fund, and change careers.
But once you’ve reached a point of stability, and you’re generally happy with your monthly budget, I’d recommend diverting that energy toward earning more.
It’s easy to get wrapped up in the game of extreme frugality, but there’s a limit to how much you can save. By embracing an abundance mentality, you’ll find you’re a lot more willing to take risks on long-term growth.
It’s intimidating, but it’s made a huge difference for my finances.
Here’s a look at my latest net worth overshare:
Disclosure: This post may contain affiliate links.
Remember how I earned $2,228.55 in side income last quarter?
Quarter two was much less lucrative for a few reasons:
- I’ve started taking Certified Financial Planner® classes through Boston University’s online program.
- I want to focus on earning more money from Cashville Skyline.
- I’m no longer willing to sacrifice my physical and/or mental health for work.
Short-term sacrifices to meet long-term goals, right?
Over the past quarter, I’ve made a few investments in my business:
Social Warfare – Social Warfare is the only social sharing plugin you need. These buttons are both beautiful and lightning-fast. I especially love the ability to customize images and copy for each channel (including Pinterest). Other cool features? Shareable quotes, Twitter cards, and social proof.
Tailwind – Tailwind is my go-to Pinterest scheduler. I’ve grown my Pinterest traffic significantly over the past six months, and it wouldn’t have been possible without it. I constantly use their browser extension for scheduling and sharing other people’s pins.
ConvertKit – I recently switched from MailChimp to ConvertKit, and it’s a much more powerful and intuitive tool for email list management. I love how easy it is to set up autoresponders and segment my subscribers!
Pretty Link – There are a few reasons I started cloaking my affiliate links: easier to track clicks, shorter / more memorable URLs, and one spot to swap links if I change merchants. Massive time saver!
Also, I’m so happy I finally invested in new head shots! Danielle Shields Photography works wonders, y’all.
It’s hard to believe I didn’t even have $5,000 in cash less than a year ago.
I’ve been really focused on rebuilding my six-month emergency fund to $15,000, and I’m only $1,224.66 from reaching that goal. That’s a safety net of only $2,500 per month, which I consider my bare-bones monthly budget.
Every month, I transfer money into a high-interest online savings account. It’s liquid, but not as easily accessible as my checking account.
I’ve also been saving a little every day with Digit. It’s a handy, free tool that I’ve automatically saved over $300 with. I love managing my account via text message!
I didn’t invest any new cash this quarter, but I earned $148.21 in dividends through my brokerage account. That’s $148.21 of 100% passive income.
My ultimate goal is to increase my passive streams of income and reduce the hours I’m working every week.
Last year, I started using Personal Capital to track my net worth. Personal Capital seamlessly tracks your expenses, income, asset allocation, investment fees, and more. I love seeing everything in one place. And it’s free!
At $266,727, my home’s value is only $173 shy of $100,000 more than what I paid for it seven years ago.
I’m happy the value is moving in the right direction, I don’t like so much of my net worth being tied up in one property. I’m not planning to sell it, so right now it’s mostly just an affordable, convenient place to live.
3rd Quarter 2016 Goals
I’d love to finally reach my emergency fund goal of $15,000 by the end of September. With only $1,224.66 more to go, it feels like an achievable goal.
I’ve earned $7,132.75 in side income since last year’s FinCon.
With $2,867.25 to go, and only two months before the conference, I may not meet my original $10,000 side income goal. But I’m definitely going to keep trying!
Readers: Did you meet your financial goals this quarter?
Are you ready to join me on the hustle to financial freedom?
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