Monthly Review

January Reflection

Hello everyone!

Welcome to my first monthly reflection of the year. Today we will be reflecting on January. 

I will not be going through every single number. I am only going to talk about the remarkable numbers. In this reflection, you will find out what I did to put extra money towards my debt. 

Let’s start with my income.


For the month of January, my total income was €1837. My income consists of my salary, my healthcare allowance, and my new side hustle.

I expected my monthly healthcare allowance to be €60, but it turned out to be €55. So I don’t know what happened to my €5.

On a good note, I started a little side hustle, where I get paid for filling in surveys. In January I earned €10,04.  To be honest I don’t know if I will continue filling in those surveys. I don’t really enjoy doing it. I might start looking for another side hustle.


For my bills, I budgeted €529. My total ended up being €385,69, and this is why: 

  • I did not pay for any transportation this month, because we can’t really go anywhere because of Covid. This saved me €87. 
  • For some reason, T-Mobile didn’t withdraw money from my bank account in January. I still put that money aside of course. T-mobile ended up withdrawing the money on the first of February. My phone bill is €31,30 now, which is a little bit higher than last year. But in February my new phone plan will start, so this number will go down to €20.
  • Due to Covid, the gyms are closed in The Netherlands, so I did not have to pay for my gym membership this month. This saved me €19,99.
  •  Finally, I share my Netflix account with my little brother. We are on the cheapest plan, which is €7,99. My little brother pays me €3,99 every month so I only pay €4 per month.

For the month of January, I saved €143,31 on my monthly bills.


For my expenses,  I budgeted €531, but I only ended up spending €213,98.

  • In January I was doing a “No spend month. That’s why my expenses were so low this month. Unfortunately, I had to spend money on an external hard drive for my laptop. I didn’t plan for this, but I always budget for unexpected expenses. 
  • My expenses were also this low due to the lockdown. I didn’t spend my fun money at all. 
  • My expenses only consisted of money for my drivings lessons, groceries, and my new external hard drive. At this moment I don’t take drivings lessons of course, but I still set aside €120 each month.

On my expenses, I saved €317,02.


As some of you already know, one of my financial goals is to save €520 each month. When 

I get paid, the first thing I do is putting €520 into my savings. I just act like that amount doesn’t exist. I don’t know if I am the only one doing this, but I use the snowball method as my savings strategy. In this way, I can enjoy the small wins as well when I am saving. This month I did have a small win. I saved €1000 in my business savings for my future business.


At the beginning of the month, my debt total was €3.220.

In the month of January I paid off my debt 3 times:

  • In the first week of January, I did my monthly payment of €100.
  • When I received my salary, €340 went straight towards my debt.
  • At the end of the month, I still had a remaining balance of €424,03. I put an extra €330 towards my student loan debt.

In January I paid off €770 of debt. I am so happy with this number because this is the highest amount I have ever put towards my debt so far. My new debt total is now €2.450.

My starting debt was €6.475,80. So I paid off 62,17%. My new debt-free date is now September 2021. I am so happy with this date. Like I mentioned in previous posts my contract at my job ends in October. So I am happy that I will be debt-free before my contract ends.


At the end of the month, I also put €44 in my brokerage account. I invested in my second ETF. It is not a lot of money, but every little bit will be worth it in the end.


I created a sinking fund for my new laptop. I put €50 towards this sinking fund.

The diagram below the distribution of my money.

I am really proud of my numbers in the month of January. I think I really did a good job. Doing a “no spend month” helped me a lot. I might consider doing another no spend month”. I just don’t know when.

This is all I have for today. Thank you for your precious time. Until next time!


Color and Coins

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