Tracking every penny coming into my life

By Josh July 28, 2018

Ever since J. Money used to write about his “Challenge Everything” mindset/challenge/fund a few years ago, I have been meaning to do something similar and cut out all sorts of frivolous/wasteful spending in my life. But since I’m the ultimate lazy, single dude, I have definitely not completed that task yet. I did take away from his series that small amounts of money really add up! Sometimes that money comes in the form of unexpected sums from an insurance rebate, found money on the ground, selling a few items that are just sitting around your house, or in many Millennials’ cases, a side hustle.

Confession: Starting on January 1, 2016, I began tracking every penny, nickel, dime, quarter, and dollar that came into my life from every source OUTSIDE of my day-job paycheck. The results have blown my freaking mind!

First, the amount of money that must have passed through my hands, without “knowing it” in past years would have added up to a tidy sum. In 2016, my first year of tracking this, the total amount was over $17,000!! In 2017, that number ballooned to OVER $33,000!! So far in 2018 (7 months, more or less), I’m sitting at over $13,700, and I’ve cut WAAAAAY back on my side hustle.

Secondly, knowing that it has come into my life gives me a reason to put a purpose to where it goes. In the past, any extra money had a habit of disappearing on a new video game, DVD, some other technology, or one year I went back and tallied up nearly $3,600 in golf course greens fees <– same year, I put $0 in either my Roth or Traditional IRA. YIKES! Now I actually realize that I was paid back $3,430.97 in travel reimbursement/per diem for work travel in 2016, so I can apply those funds towards my IRA (I mean, that’s what I DID in 2016, and I maxed it out!)

Third, I don’t take any of this money for granted. When money is easy-come, easy-go (You’re welcome for planting Bohemian Rhapsody into your head), it’s very easy to think that another unexpected windfall is just around the corner to bail you out of a stupid spending decision. Now I have the empirical evidence to show me that this money has come into my life, and I better have something to show for it, or at least a very cool memory and story to tell!

I think at this point, I should just post a chart to show all of the money that has come into my life (again, outside of my day job paycheck) over the past 31 months:

chart(1)

The amounts that stick out the most both came in 2017. First, I spent a lot of time concentrating on my Uber side hustle in 2017, because in August 2017 I bought my new-to-me Toyota Camry Hybrid, and I wanted to pay that sucker off as quickly as possible. In all, it took me 86 days to kill the car loan. The second (and larger) big spike was from selling nearly $10,000 of physical silver bullion that I had purchased over the years of 2012-2016, all the while the spot price of silver was falling, from around $35 down to under $14 per ounce.

Interesting or odd payments that fell into the Miscellaneous category:

$31.74 – My one and only paid blog article in 2016 (after PayPal fees)

$41 – total of 3 secret shopper tasks I completed.

$25 as a gift from a total stranger that I helped to save Christmas for her husband. Backstory, she lived in Colorado, but was purchasing a puppy for her husband as a Christmas gift. Unfortunately, the puppy was born in Indiana, so she was paying the breeder for the purchase and transport (airline) cost of getting the puppy to her in Colorado – or so she thought. Apparently, there’s more than just 1 Josh Overmyer, and his email address has some numbers mixed in with his name. Well my email doesn’t have those numbers, so when she sent me over $1,300 for a puppy that I had no idea I had 😉 I politely declined the PayPal payment, and sought to help her figure out what was going on, how to get the money refunded to her checking account, and overall just being a totally good guy, like I was raised to be in the Hoosier Hospitality state of Indiana. She was so thankful that I wasn’t an opportunist and ran off with her money, she sent me an unsolicited $25 as a thanks. This may be the best $25 I ever received… you don’t really expect people to appreciate you for just doing the right thing.

$41.05 – I received a $20 free play certificate from a local casino, and I put that voucher into the slot machine and punched a button for about 15 minutes, then cashed out my winnings of a whopping 205% hehe

$21.75 for selling old DVDs online.

Nearly $100 in iBotta rebates before I quit using the app.

And my bank bonuses and Tradelines payments round out the more exciting random money amounts of the past couple years. Bank account interest payments, though, have not added much to the bottom line ($147 or an average of less than $5/month).

Lending club withdrawals include both principal repayment and interest that I collected on my 366 loans.

Overall, I think this exercise was a major success, and I plan to continue tracking these sources of extra windfalls in my life, no matter how big or small.

 

5 thoughts on “Tracking every penny coming into my life”

  1. Hey Josh, this is awesome. $17,000 a year is quite impressive. I love to see that you’re pursuing side hustles to accelerate your path to FI. Every dollar that comes in makes such a HUGE difference! I mean, heck, $22 from DVDs online might seem negligible, but the aggregation of a bunch of little money wins like that will yield huge rewards in the future. Keep crushing life, man!

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    1. Thanks Cody. I really think tracking these little wins shows how much of an impact the aggregation of marginal gains can be. In the past, I would have just spent those “extra dollars” without even recognizing how, when and why they came into my life. But now I can give them a purpose and look back to see how HUGE a part of my overall income they added up to be!

      Like

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