Welcome to March’s update! This month has been SOO busy! I’ve been getting some work through my side gig and working on the house with Mrs Moneyplant so it’s been exhausting, but really fun!
Let’s have a look at some of the highlights:
Highlights of the month
- Celebrated Holi (Hinda Festival)
- Purchased a new oven for our new kitchen (Sweet deal)
- Purchased insulation and FYI’ing install for our kitchen/dining
- Started digging out our loungeroom subfloor to save cost
- Renewed Private Health insurance
- Brought my first laptop (Got a great deal, read below)
- Made $2k in side hobby income
- Registered a business name for MrMoneyPlant
Total Net Wealth = $1,114,666
I’m going to try and keep this months update more financially focused! I tend to go on tangents quite often and it is a personal finance blog after all right?!
Increasing your income
I’ve said it once and I’ll say it again and again and again… You can only save so much money before you literally can’t save anymore, there is a finite amount when it comes to spending and saving. So how you do invest and save more? Earn more.
I’m constantly on the lookout for ways to make money
“Ok Mr MoneyPlant, that’s all good and all but easier said then done, right?”
Correct! It’s not easy, and everyone is different, but I really enjoy making some extra cash and helping people at the same time. I’m a sole trader and I have a side gig that utilizes the skills of my day job so I can make some extra money in the afternoons and on weekends. This month it’s really paid off!! I brought in around $2k in invoices which is incredible… and it all went straight into buying things that I needed, which really took the sting away of those expenses.
Do you have a particular skill that you could make money from? You’re employer most likely makes money from you, and most of the time they keep a FAT profit margin. Can you offer your services privately and keep some of the icing for yourself?
How did I get actually get started? It’s easier said then done right?
Is there anything that you’re really good at? Of course there is, give yourself some credit! Apparently there unemployment rate is below 5% at the moment, which means that 95% of people are employed, which is HUGE. Every single one of those people are doing a job that they have either learnt skills for, or are naturally gifted in.
What are you good at? How can you make money from it?
Be careful not to combine your hobbies with your side hustles
Have you heard the saying “Have 3 hobbies, one to make you money, one to keep your fit and healthy, and the other to keep you creative?”
I really enjoy photography, and I commonly see people asking how to start making money from it, and while it’s not a bad idea…. when someone else is paying you, it can change the power dynamics and can potentially suck away all happiness and enjoyment and ruin your hobby, so just something to keep in mind.
So… say you have an awesome idea… how do you actually start charging for it? Well there’s quite a few different structures to choose from, so make sure you see an accountant for some advice, but one such structure is that of a Sole Trader. Check out Business.gov.au for a whole bunch of amazing information about becoming a sole trader. I’m a sole trader and run my own little IT Support business after hours (Evenings and Weekends) on top of my full-time employment. I have an ABN number so I can invoice businesses. I created a Google Business account, put myself on Google Maps with my mobile, and when I help clients, I get paid. Simple.
There’s no pressure, I’ve made less then $10k per year since I’ve had my side hustle, and MoneyPlant runs at a loss for web hosting, but it’s the small injections of payments every now and then that allow me to have hobbies and luxury items without having to touch my ‘salary’ income.
It’s not as scary or difficult to setup as you might think, so this month I really encourage you to consider the following:
- What are your top 5 skills?
- Do people pay other people for these skills?
- Can you market yourself with these skills?
Income and Expenses
This month we got some dividends!!!! $2,380 worth of juicy dividends, all re-invested back into the portfolio to make more dividends next time. Due to all the non sense with the ACCC and the hunt of ‘Fin Fluences’ I won’t mention which companies I’m invested in, but there wouldn’t be anything in my portfolio that you wouldn’t have heard of. Anyway, lov’ing me some dividend session so keep them coming! At the end of the Financial year I’ll do a full review of all investment income so keep an eye out for that huge update.
Expense wise… we had a huge bill of $8400 under our Home and Reno account, made up mostly of electrical work and purchasing our oven. On the grand scheme of things, nothing compared to what we would be paying if we weren’t DIY’ing and YouTubing our way through our first home reno 😁
And… I treated myself to something nice this month. I brought my first ever laptop!! I did a tonne of research and settled for the 17″ LG Gram (Which I’m loving, but I won’t go on too much about my IT nerdiness in this particular post…) I really needed a laptop to take with me to onsite visits with my IT side hustle, so it’s mostly tax deductible and paid for entirely with invoices from said side hustle, yeew!
We’ve been full pelt ahead with our house renos, holy moly what an effort so far! Most of the time so far has gone into planning, quotes, research, lots of research and figuring out how to actually do stuff (Bunnings trips every day is a given of course). It’s been really enjoyable and we’ve saved ourselves several thousand dollars so far by DIY’ing. We installed our own insulation, got some sparkies to rough in brand new electrical cable (we kept the price down by removing old plaster board and making it super simple to install new wiring) We FINALLY found an oven that we liked, and got an awesome deal at the Good Guys (5 year warranty and free delivery for no extra). We also saved a few hundred by using discount 5% discount vouchers (5% on $3k is $150, win!)
So far it’s going well, and Mrs MoneyPlant and I haven’t killed each other…yet
Our local community / neighborhood continues to surprise us with friendliness. We never though that purchasing our house would come with great neighbours, but it’s been such a joy and relief to get to know everyone around us. MoneyPlant doesn’t get as much attention these days as I’d like, but once we hit major milestones on the house I think I’ll be doing more writing.
“Slow and Steady” – Mr MoneyPlant
Till next time…