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!
Be part of our Community
Join our mailing list to receive the latest news and updates from our team.