Financial Journey December Report and Year round up
Budgeting on December specially for the Holiday season is tremendously hard. I got lost on all the expenses and trying to keep up with the budget and debt payment. In short, I took a break from the financial plan I laid out and let things get loose, now comes January and I’m slightly off focus on budgeting and trying to get it in track again.
But I still managed to pay off bad debts first on my credit card paying almost $400, made mortgage payment and I also spent around $100 on our room renovation. Our expenses on clothes and gifts were pretty big. Good news though our “income pillars” which is the buy and sell of used cars generated some residual revenue of $300 and this online blog generated $15.50. Not bad.
Breakdown so far for December:
Assets:
Savings added to bank: $100
Residual Income: $300
Money Earned Online: $15.50
Liabilities
Credit Debt: $250
Car Mortgage: $400
Total Networth: Based on dollar: $1 – P47.52
From last month $21,885(2.19%) to $23,035(2.30%)
So far things were in turmoil on the start of the year. I was doing good on freelance but then took on an IT job offer in the government last year January. It took toll on our savings for my salary was stripped down to the very minimal by politicians in the legislative department bickering with the executive. It was a good lesson learned not to dwell in politics. I stuck to the job hoping things would turn around but eventually it didn’t, so I resigned last July. Went back to freelancing, struggled to get clients, have huge debts, monthly mortgage. From the conceptualization of this blog 3 months ago, the turnaround was faster than expected to now having a savings stashed away, a minimum time deposit made, getting residual income increasing our asset. I already set goals for this year on an earlier post. We are on the track to working on attaining those goals.
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