This is the first post for my monthly financial progress report. I only have very small amount of money as of now and this will be reflected in this report. It does not matter how small I have now but what is important is I have started off something.
First Monthly Progress Report
I was contemplating of whether to publish this or not. I am really hesitant to share my numbers . However, I started this blog purposely to track my financial life’s journey, so I finally decided to do this.
First off, here are some facts about my financial life:
- I have a small house taken on a loan and I am still paying for its mortgage now.
- Aside from my mortgage, I have an insurance that I am still paying for as well.
- My monthly expenses revolve around my monthly house mortgage, insurance fees, minimal credit card bills for this website, utility bills, food, transportation and occasional petty expenses.
- I have no existing debts other than my house mortgage.
- I am an ordinary employee that earns a small amount of salary which borders to poverty line 0-:
My financial goal
- Save aggressively and build up passive income.
- That passive income must eventually be sufficient enough to cover our needs and expenses.
- My planned vehicles to financial independence are savings, cooperatives, mutual funds, stock market and real estate.
November 2016 Financial Report
I am going to share my numbers that are earning. As of the moment, I only have few savings for emergency fund and a small amount for my child’s education fund which I top-up a small amount every month.
The graph above is the presentation of the educational fund that I save for my child. As of November, the savings is only at P19,700. One of the expenses that I really dread come enrollment time is the school fees. I started saving last year for this fund. I saved just small amount on a regular basis and hopefully it can accumulate over time. This fund is intended to help me up for the schooling of my child.
This fund is a savings fund placed in a cooperative. This earns an annual interest of 10-16% depending on the performance of the cooperative.
Cooperative savings are tax-free that is why I placed this fund in it.
That’s it for now folks. Happy saving, happy investing!