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Personal Finance Overview, July

This month has definitely been an interesting one. We saved money, spent money, and even wasted some money as usual. The biggest news is that we have begun renting out our house and moved to an apartment. Our renters move in tomorrow, and I am grabbing the last of our stuff later tonight.

The real question is whether or not our pretty drastic lifestyle changes made any financial difference. It definitely had an emotional and physical impact (I swear I’m hiring movers next time), but how has it affected our finances?

What We Saved

Below are some of the things we have cut back on in the month of July that have changed our future financial outlook.

1. Pet Care. When we first got our cats, it was cheaper to pay for the yearly plan than it was to pay for a spay and neuter. The year is up and we no longer have to pay monthly for their semi-annual checkups. Since they’re indoor cats, we’ll take the chance and pay for any medical expenses in cash should they arise. – $60/month
2. Mortgage/Rent. We have rented out our house. The difference between our mortgage and our new rent is almost a 50% savings. – $635/month
3. Power and Utilities. Utilities are included in our rent and having a smaller place with lower ceilings comes with a lower power bill. – $150/month.
4. Gas. We are now closer to most of the places we go so we are saving some money on gas every month. – $30/month.

We have a pretty good list of money savers here. In total we have cut back on $875 of monthly expenses, and that will go a long way towards paying off our auto loans and saving for future opportunities.

What We Earned

My stock graphics continue to bring in $100-$200 a month. I didn’t add to them much, but I am fleshing out a couple of other ideas related to graphic design. I will share more information once things are more permanent. To be honest, we were so busy with getting our house rented and starting a couple of new blogs that I wasn’t able to dedicate much time to the growth of our current passive income streams.

1. Renting. Not only are we saving on rent, but we are also make a small amount of profit on the house after all is said and done. It’s really not enough to justify renting the house if you are doing it solely for profit, but the freedom we get from it is well worth it. – $100/month.

In total we have increased our income by $100 a month.

After the changes we made in July, the net change in our monthly income is +$975.

What We Have Done

I also wanted to let everyone know the kinds of things we are able to do with the extra money.

1. I built a new fence on one side of the back yard, and the materials for the other side is paid for and will go up in the next couple of weeks.
2. I installed 3 new bathroom sinks and faucets and installed new shower hardware in our guest bathroom.
3. We whitened the grout in the kitchen, bathrooms, and foyer.
4. We moved! Change is always interesting, especially when your neighbors smell like asparagus and chocolate chip cookies.

There are a few other things I’m probably forgetting, but you get the idea.

What ways have you managed to save or earn more money this month?

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