In Budget Roundups, Money

October 2019 Budget Roundup Addendum: My Side .. Side Income!

I completely forgot to add in my Income, all the side .. side income I have been generating.

So my day job is one thing, and my blogging I’ve always included (weren’t my numbers from October insane? I have no idea what happened there but I like it), but I also do a few things here and there on the side that make me income.

Some of it is recurring – dividends, interest, and cashback from my credit cards, but the others are nice extra bonuses I never remember to post about!

Dividends: $863.59

I did plow an extra $50K into the market (not all in dividends mind you) and I suspect this little boost is the result of that.

Only time will tell, as I have too much on my plate right now to track the changes in dividend earnings in detail.

I only care that the overall average goes up and I reach $1000/month. Some months I won’t get dividends (not all stocks pay out monthly), other months I will see bumps like every quarter or so.

Interest Earned: $471.20

Simply my savings in a high interest account. You cannot get more risk free and steady as this, except that:

1. It’d make more invested in the stock market

2. My promotional interest rate is 2.74% which is very generous at Tangerine (still available until early 2020 I think!)

… and I need a nice cash flow float in my business and personal life because I hate thinking about where the money will come from to cover my bills AND I don’t want to sell investments to do it.

As I keep working, as my contract keeps getting extended or renewed, I will plow an equal amount into my investments as not to lose out on time and compounding interest/gains.

I also have to consider that 2020 seems to be the consensus that the stock market might dip. It might not though, either way, if I am hung out to dry without a contract extension, I’m going to need money to float me into my next gig.

As for the high-interest account itself, I am considering opening a Royal Bank of Canada account to take advantage of their 2.5% interest rate but the real net would be $30 a month .. so $90 in 3 months but the hassle is then having to find an RBC, and/or re-set up ALL of my bill payments and manage cash flow with a FIFTH bank account to make sure I have enough for daycare cheque and so on.

I’m not sure it is worth the hassle to be honest, as I could miss a beat and pay an insufficient funds charge (NSF) (and very likely).

Unless I find a bank offering 2.74% or higher I might just lay low until the next round of bank promos.

I am considering Motive Financial at 2.8% interest rate but the catch is that you can only do TWO withdrawals (including online bill payments) a month. It means I’d need to calculate out my draw for the month ($10K) and leave the rest in there and try not to touch it unless in dire need.

Is it worth the extra $90-ish a month? Maybe.

I need to review my accounts. I don’t like these kinds of limits…

I suppose could open up as well, a Motive Chequing account and just do transfers then pay out of my other account which would solve this issue, as there are unlimited transactions out of chequing.

Poshmark Sales: $350.55

I have been slowly selling from my closet, and managed to resell an item I thrifted and thought might be something people want. Turns out, yes!

It was a black eyelet lace A-line skirt, and I made a small profit.

Consignment Sales: $400

When it rains it pours because I also sold two pairs of boots in store and for one pair, I even made a small $50 profit off the price I paid.

I usually drop things into consignment stores to sell while I also list them on Poshmark and Kijiji. If they go first on my platforms, I go and pick up the items and meet the buyer / ship them.

I like consignment because there is a much higher chance of someone buying versus online where they like everything and then lowball you for $20 (Poshmark) or don’t even see your listing to begin with (Kijiji).

Bank Signup Bonus: $300

If you are Canadian and didn’t take advantage of this, I’m sorry you missed out on a free $300. It only took me 3 weeks from opening to closing the account walking out $300 richer. I didn’t even pay an account closing fee and they only checked for the one month that I did one pre-authorized debit (PAD).

The good news is ScotiaBank has a similar promo on for $350.

Read the fine print though, as it’ll be $20 to close the account plus you gotta leave the money in there for 3 months while completing the hoops to get your money – one bill payment of $50 and two pre-authorized debits (PAD) of $50 monthly (or you can switch payroll to this but I don’t have payroll and even if I did, I’d plan on closing this account once I get PAID).

I set up my 2 PADs to be $50 to my Tangerine high-interest savings (ironic – I took the money from there LOL) and $50 to my Questrade investing margin account.

I’d suggest writing a cheque for $5500 and leaving it in there.

If you go even ONE DAY without a $5K balance it is a hefty $30 (?) account charge or something insane like that (and under $50) which in the end would be $120 and still worth the bonus / account that is paying out $350 at the end for a net of $230 in your pocket, but try and minimize the fees…

Credit Card Cashback: $202

TD has an Infinite VISA Cashback of 10% happening until end of December 2019.

Sign up, and spend $2000 and get $200. Who doesn’t love free money on stuff you’d spend on ANYWAY? Free waived yearly fee for the first year – I’ll close it before year one is up but in the meantime will use it for 3% Cashback on groceries.

I also have the Rogers World Elite Card which is my best general card giving me 1.7% cash on all purchases and 4% on foreign exchange purchases

Starbucks Gift Card: $100

I entered and won the sweepstakes for a gift card. I usually never win anything so this is amazing!!

So this isn’t exactly cash in my hand but it is cash I didn’t have, to go to a cafe I go to on occasion for a break / treat.

I spend about $25 every two months or so and this gift card should last me about 8 months if not longer unless I use it all when my friend comes up next month!

Bank Referral Bonus: $50

A friend of mine asked for some budgeting help and she signed up with Tangerine with my referral. So, I got $50 (and so did she).

I didn’t put this under blog income because I know who personally signed up, and it wasn’t someone who just happened to use my referral from my blog.

This is unlikely to happen again and not only that, Tangerine is capping referrals to three a year or something like that.

  • TangerineUse my Orange key { 32726976S1 } for free money (You get $50 once you deposit $250; and I get $50 too)

There!

So the total income for October 2019 is actually: $21,895.67, with almost a quarter of it at $5155.31 not being my day job at all.

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Sherry of Save. Spend. Splurge.

Am my own Sugar Daddy. Am a millionaire at 36 after getting out of $60K of student debt in 18 months, a little over a decade earlier, using TheBudgetingTool.com. I have worked 50% of my career (taking 1-2 year breaks), and quadrupled my income within 2 years of graduating, going from $65K to $260K with an average lifetime savings rate of 50%. I have 11 side incomes that are on track in 2020 to make me $50K - $75K. I could retire today if I wanted, but love my work-life balance as a freelancing consultant in STEM (Science, Technology, Engineering, Math). I am all about balance - between time and money, and also enjoying my money. I also post daily on Instagram @saverspender.

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4 Comments

  1. Amy

    Fantastic! I was going to ask about your investments and how they perform.

    Reply
    1. Sherry of Save. Spend. Splurge.

      This month was unusual to be honest, $2700 in extra income is unheard of for me.

      Reply
  2. Kellie @ Big Style Finance

    Well done, looks like you had an amazing month!

    Reply
    1. Sherry of Save. Spend. Splurge.

      It is unusual/rare for sure!

      Reply

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