Over the moon! Over the moon, I am! The results are finally in and I am tickled pink about how I did in January.
I have multiple income sources of income: a full time job, rental income from my house, my writing services side hustle , and income generated from activities on this blog, and occasionally random income from work-related bonuses, good fortune, or Ebay.
I've written before about diversifying my income, and (personally) I like not having all of my eggs in one basket. Plus, as you'll see later on in the post, side hustling is a great way to pick up extra money to pay down debt faster.
Anyway, without further ado, here is the exact amount of $$ I made from side hustles in January.
In January 2015 I made 3,216.51 in “extra” income outside my 9-5
Holy mambo Batman. This number is so, so incredible to me because it encapsulates an entire thirty days of focus and hard work. It's even more astounding that just a year ago that was more money than I made in a month at my full-time job. Just goes to show you that ANYONE can grow their income.
Here's how my numbers break down. Please keep in mind these numbers are BEFORE taxes and other business related expenses.
- Freelance Income: 1721.51
- Blog Income (Advertising and Affiliate Income): 555.00
- Tenant Rent: 600.00
- “Other” Income: My brother bought my old car and I did a little freelance voice over work for a friend, ($340)
Here's a pie chart of my total side hustle income pie. NOTE: Day Job income not included here, nor will it ever be. People KNOW me, they read my blog. I don't want them to know my salary + company conflict of interest, sorry.
Debt Payoff Update
At the beginning of the year I came clean about my struggle with credit card debt and committed to paying it off by the end of Q1 2015. To do this, I calculated that I need to pay off $1200 every two weeks, or $2400 a month. If I was able to save $400 from each paycheck for debt ($800 each month) I only needed to come up with an additional $1600 in side hustle money to hit my goal.
After taxes and business expenses, I was able to put $2750 of my side income to my debt this month. I also contributed $400(ish) extra from my paychecks, and also pulled $300 from savings.
Total paid toward debt in January 2015? $3451.89
Normally I wouldn't have dipped into savings, but I pulled the extra money so I could pay off the final balance on the last of my three cards that are currently accruing interest. As you can see by my tracker in the sidebar, I still have $3876.04 left to pay on my debt, but this is all on a 0% interest card that I have until May 1st to pay off.
Total percentage of debt paid off in January? 48%
I swear that I'm not pretending to be amazed, I just actually can't believe I did it. I didn't even really think about the money I was earning, just that I knew I had a goal in mind. So, I kept my head down and kept moving. It wasn't until I sat down to tally up the numbers this AM and pay off the balance on my Chase card that I saw how far I'd come in just 30 short days.
A Few Final Notes
I'm not gonna lie, it was a ton of work. But the feeling of getting things paid off is even better. Saying you're going to do something difficult and sticking to it also makes you feel a bit like a bad ass.
With all this being said, I would have been able to contribute even more to my debt in January, but I had about $1345 dollars of home repairs (garage/junk clean up and rat infestation in the attic…. awesome) to take care of.
Most of the repairs were cashflow-ed by the money I saved doing a No Spend Challenge.
I was nowhere close to staying on track with my $100 of spending money each month. But I did manage to cut my discretionary spending by two-thirds, which is incredible progress for me. Cutting back did help me stay on track with my goals.
Here's how I ramped up my side hustle.
Here's how I kept myself motivated.
Still, I'm excited for what February has to bring. I've already got $1700 in projected revenue for the month and it's not even February 1st yet (as I write this for publication on Monday.) It's very exciting to see the focus and hard work you put into something being returned. There isn't anything better!