Ok! It is time for my first monthly income expense report and you guys will see the crushing numbers behind the machinery. I have converted them to USD, and will add explanations for the different posts (you will see that they in some ways differ from a person living in the U.K for example. My monthly income is ca 8200 (USD). After taxes, I get out ca 5k. This is a good salary for someone my age in Scandinavia, but as you can see, a lot of it ends up in the tax bucket. If you wonder why I am taking my monthly income expense report by months please take a look at my Nordic debunking of By Month!.
Monthly Income Expense Report November:
+ Income after tax: 5000 USD (Salary)
Mortgage (incl. interest rate): 900 (we are paying it off as fast as we can)
Student loan: 100 USD
Phone bill: 24 USD
House insurance: 20 USD
Travel: 378 USD
Transportation: 30 USD
Blog setup: 95 USD
Gym: 40 USD
Food, Groceries: 220 USD
The couch: 200 USD
Shopping: 50 USD
Net savings: 2900 USD
Goals for next month:
Other income streams than just my salary! (It looks horrible just having one single income stream and so many lines of expenses. Many of these posts are things I should be able to cut down on, especially since Mr Viking has a similar setup with his budget.
Looking at this we clearly could see the need for either cutting some of our expenses or creating some other source income. This can be done by several steps:
Right now we looked at our expense and unfortunately saw that travel was a big monthly expense which we now will try to cut by travelling at low-priced periods, as well as to try to minimize the cost while travelling. Before we were not really aware of the amount spent when aboard, but when seeing it clear with a monthly income expense report. You get the information straight!
For all my readers, try to get your expenses on paper as clear as day. It is the only way to start keeping the money in check.
This is the first time displaying my monthly income expense report inspired by Michelles business income!!! Thank youuuu