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One month of 2024 down!

You’ll notice a difference in my budget layout below because I wanted to start trying to see what things would look like using my business income to cover my main living expenses. Then all of my W2 income would pay for saving and investing!

Now, things will look different again in February and beyond, which I explain a bit under ‘General Updates.’

January was a VERY strong income month for me (the best ever??), but I did go over budget in quite a few areas.

General $ Updates

I maxed out my 2024 Roth IRA

In 2023 I saved $7K so that I could max out my Roth IRA within the first couple days of 2024 and that’s exactly what I did! My whole Roth IRA is invested with Vanguard in VTSAX.

I increased my 401(k) contribution

My goal is to max out my 401(k) this year, so I had to bump up my contribution to 30% of my paycheck ($1,881.60/month for now).

I moved my Sabbatical sinking fund to specific funds

Instead of saving a lump sum in my Sabbatical sinking fund I decided I would save for specific things (travel, business, beauty, and my emergency fund).

I started with my beauty sinking fund and just finished it with what I already had saved ($3K).

I’m now saving $350 to my car/car maintenance SF

I wanted to increase what I put to this fund as well so I have a nice cushion and so that one day when I need to replace my current car, I’ll have enough saved.

I formed an LLC for my business

Late December I ended up filing an LLC so that I can file as an S corp. This will allow me to operate more like an actual business AND save money on taxes.

It was pretty overwhelming and stressful at first, but I got over the difficult stuff and things have been good. I am now the employer and the employee, so I am on payroll!

I opened another credit card

I wanted to open another credit card for my business and I ended up opening the CITI Double Cash card. It’s not a business card, but I wanted one with an easy sign-up bonus and 2% cash back.

I opened another checking account

Now that I’m on payroll for my business, I can keep up with opening/maintaining checking accounts even if I leave my full-time job. I opened a Truist checking account for a $300 bonus after receiving $1,000 of direct deposit.

Spending

Some main things to point out about my spending in January:

Renter’s Insurance: Someone left a comment on my YT channel that made me think about this, so I decided to just get it since it’s so affordable for the whole year. I bundled this with my auto insurance with Progressive!

Household: This is mostly on our new couch! We decided to buy a LoveSac sactional and honestly it was pretty tough to put together, but it’s been great!

Personal: Went WAY over budget here on books, sneakers, clothes, and workout clothes, but I don’t regret what I bought.

Fun/Entertainment: This was for a yoga/breath work/meditation class that my friend taught!

Income

Full-time job (consultant) – GROSS: $5,880

ONLINE/BUSINESS INCOME

Teachable: $37.62
Buy Me a Coffee/Venmo: $42.72
Etsy: $274.02
Coaching: $801.11
Mediavine (display ads on LivinglikeLeila): $1,099.51
Google AdSense (ad revenue from YouTube): $2,412.57
Affiliates/Sponsors: $2,548.53

Online/Business Income Total: $7,216.08

EXTRA INCOME

BOA Cashback: $13.55
CITI Cashback: $15.08
Upside: $25.98
HYSA Interest: $99.02
FB Marketplace: $120.00

Extra Income Total: $273.63

*Total Gross Income: $13,369.71

*I decided to start putting my gross income from all sources. This number does not reflect my taxes or 401k contributions.

Net Worth

As of January 31st, my net worth is $91,281.16. Up about 8.9% compared to last month!!

*Does not include the value of my car (personal preference).

Roth IRA (VTSAX): $32,148.42 (up 29.7% compared to last month)
401k: $24,347.30 (up 14.5% compared to last month)
M1 Invest (VTI): $7,150.83 (up 1.1% compared to last month)
Vanguard Brokerage (VGT): $1,218.14 (up 2.1% compared to last month)
Coinbase: $589.85 (down 1.4% compared to last month)

Sinking Funds:

  • Emergency Fund = $12,342.09
  • Gifts = $691.09
  • Beauty = $3,013.63
  • Car/Car maintenance = $2,781.05
  • Travel = $4.32
  • Car insurance = $233.49
  • Sabbatical = $1.05
  • Furniture/Home = $866.23
  • House Down Payment = $103.68
  • Business = $2,103.35

Sinking Funds Total = $22,141.70

Credit Score

My VantageScore is at 807.

January Goals Update

  • Just save as much as possible ✅

February Money Goals

  • Continue save as much as possible!