Spend check: Investing in myself in July

I can see the man I'm becoming through my spending.

Photo by 2H Media on Unsplash

My monthly credit card statement tells me a lot about myself.

With each passing month, it reveals more about how my spending habits have changed and the things I value now.

Looking back on my spending from last month, I see how seriously I’m taking my personal growth and professional development.

I dedicated more than $1,000 in July to my business and to things that will help make me a better entrepreneur. The tally nearly matched what I spent for the month on all other personal expenses, falling only $74.21 short.

I’ve gone from begrudgingly paying divorce attorneys to happily ponying up for legal services to help form and structure my small business. I thought I was done with lawyers. I never saw such a shift coming. But I’m here now. And I’m good with it driving up my expenses. I look at it as though I’m paying a little now so I can earn — and keep — a lot more later.

It’s also pretty cool seeing your life change for the better as you crunch numbers on a screen.

I have committed to cutting back. I’ve changed the way I shop, eat, entertain myself and indulge. It’s made a noticeable difference, and it’s become addictive. It feels like I’m competing against myself, and I refuse to lose. Each month, I want to get better with my spending and grow smarter with how I save and invest.

Reducing my spending will go a long way, and each month I will share my progress along the journey.

My credit card balance carries the majority of my purchases so I can accrue airline points to fly for free. A few mainstays are excluded, such as rent, gas for my apartment and vehicle, my electricity bill and my $10 monthly gym membership. But with the lion’s share of my expenses going on my credit card, it’s the best place to monitor my monthly spending.

Some of my monthly statements include reimbursable travel expenses from work. July typically is one of those months, and it was this year. While traveling for work last month, I spent $473.65 on food and transportation and have since been reimbursed.

Still, my year-over-year spending for the month of July fell by $1,003.95 when subtracting gas for my vehicle, which I expense differently this year.

I can’t remember most of what I spent money on last July, but I know I received far greater value this July.

I paid $500 to enlist an attorney to assist with forming my LLC (limited liability company). I’ll share more about this process next week. The convenience alone was worth the cost. I paid $250 to attend an investing conference at the end of this month, which I’ll tell you about then.

To get my LLC off the ground, I needed a business address, which cost $163.01 to get started last month and will turn into a monthly fee in the fall. I shelled out $77.55 on Money Talks business cards, a bit of a premium but they’re slick and I’ll hand them to everyone with pride. Who knows? They might even drive a little traffic.

And for a domain name for Money Talks, I spent $12, which also will become a monthly bill.

All told, my tally for professional services and personal development was $1,002.56. Take away my travel expenses for work in July and the remainder of spending for the month was $1,076.77.

It feels great seeing my priorities shift. I already can picture the payoff.

Best money move: Insurance

I stumbled across a safe-driving program my car insurance provider offered, signed up and ended up getting a 6% discount on my premium. According to the provider, it will save me $39.47 on my renewal. Although my premium increased, the discount helps limit the damage. I was paying $116.56 per month. Now I’ll be paying $117.95 per month. I can live with an $8.34 increase over six months. Best of all, the program helped me to become a safer driver by putting my phone down and focusing more on the road.

Worst money move: Audible

It was a largely clean month of spending, with only a couple of blemishes. Forgetfulness was my biggest problem. I allowed my monthly Audible subscription, which I had paused, to renew at $14.95. The fine print revealed Audible allows only a three-month pause — just once every 12 months. Shrewd move by the company to keep you signed up. But they won’t get me. I didn’t need a new book. I already have a backlog. So now it’s time to cancel.