April Expenses-$1581.53

Here is a breakdown of my expenses for April.

Rent/Household

$441.27

Utilities

$94.28

Transportation

$184

Entertainment

$454.50

Food

$133.48

Student Loans/Education

$274.00

Total

$1581.53

Expenses were way too high for April. My goal is to keep my expenses under $1000 not counting optional debt repayment. If my entertainment expenses wouldn’t have been ridiculously high I would have been on budget. Most of the entertainment expenses was in the first week of April and I’ve now gotten that back under control. I now have a girlfriend and my best friend is coming back to town this month after being gone for a month and a half so I’ll still have considerable entertainment expense for May but it should be much lower than April.

I plan to make significant cuts in my food and student loan expense also. I plan to cut back on the fast food and the junk food to lower my food expense. I’ve decided to not pay ahead on my student loan for now which will reduce that expense.

Household, Utilities, and Transportation expense should all remain roughly the same. April’s transportation expense included a payment for six months of liability insurance. My gas expense actually went down even though gas prices were higher because I drove less. This month I’m going to start working three hours away from my apartment and commuting back most weekends. That will cause my gas expense to rise but I hope the total transportation expense will not be more than in April.

I’m Getting Fat

More accurately, I’m getting fatter. One of my goals for this year was to lose 20 pounds. I weighed myself earlier this week and I’ve gained eight pounds since the beginning of the year. Now I’ve got to lose 28 pounds. My main problem has been eating too much fast food and junk food. I’m cutting back on that now and I need to start exercising also. I’ve been successful at losing weight in the past. I know what I need to do I just have to start doing it.

Quitting Law School

I’m not actually quitting law school but the idea is somewhat tempting. I can’t say I’m enjoying law school at all. At this point I feel like I have too much time and money invested to quit though. I’m hoping that once I do some actual legal work this summer that I will like it. One more year of law school will be much more bearable if I feel that I have a legal job that I’ll like to look forward to once I finish. Several people have told me that they hated law school but love being a lawyer so I hope that is the case for me as well.

April Income- $371.06

Here is a breakdown of my income for April.

Online Income

$312.52

Interest

$48.54

Survey

$5

Mystery Shop

$5

Total

$371.06

Since I can’t work during the semester all of my income is alternative income. I’m really pleased with my online income. I’ve already made this year than all of last year. May should be even better than April. Most of this online income is from my other blog. This blog hasn’t really been monetized yet and I’m debating whether I should. I’ll discuss that in a blog post sometime.

I’m also pleased that my alternative income total is almost as much as my rent of $375. I’ll have to set a goal of making enough to pay my rent with alternative income this month.

The interest amount is high because it includes ING Direct referrals. Since they will be reported as interest on my 1099 at the end of the year I just go ahead and count them as rent now.

Don't Forget to Make Money

The simplified formula for personal financial success is to spend less than you earn and invest the rest. Blogs like mine concentrate on the spend less part but don’t say much about the earning part. This makes sense since this is a frugality blog but I think the earning part of the personal finance formula is too often overlooked. I’m certainly guilty of it. It is one of the issues I addressed in my “I’m Frugal So Why Am I Poor” series of posts. Other personal finance bloggers are guilty of it as well. In many cases I think this is because they are already earning a better than average income and assume the spending part is what every one needs to address. If you’re only making $15,000 a year though you need to concentrate on earning more, not just on spending less. At that level if you manage to save 10% of your income it is only $1500. This is better than nothing but you’re not likely to ever become financially independent at that rate. I’m looking forward to finishing the semester so I can start concentrating on earning more money and making financial progress. There are probably plenty of others out there who need to concentrate on earning more as well. I’ve added a “Make Money with TFM” page to get the earning more started.