INCOME & EXPENSE REPORT:

This is our second Income and Expense Report for Every Further Mile! 

We plan to update you monthly until our channel produces $100,000 in revenue in one month (crazy goal…I know!), giving you a look behind the curtain of a recently started Youtube channel. (https://www.youtube.com/everyfurthermile)

These reports will:

1. Give you a sense of what it costs to travel full time as a family
2. Assist you in avoiding costly mistakes
3. Educate you on how you can make full time travel a reality
       a. How to have the $$ to do it
       b. How to get started 

In these reports you will find detailed breakdowns about our income (as we grow our online business) and our expenses (business and travel related).
*All currency unless otherwise stated is in Canadian Dollars. 

You won’t see a detailed breakdown of our personal costs which might include medical expenses, tax returns, donations we make, bank fees, toy purchases, etc… anything that we want to keep private and the stuff we don’t think you’ll care about. 

INDEX:

1. Income Report

2. Expense Report

3. Our 5 Most Costly Mistakes

Income Report (May 1st to 31st, 2022)

We actually don’t have any income to report for May as we’ve just started our Youtube channel and have not yet been monetized. So in lieu of breaking down our income we will instead be talking about our road to monetization.

We plan to use multiple sources to build our revenue:

1. Youtube Ad Revenue

In order to be monetized on Youtube you need to meet 4 criteria on Youtube 

1. You need to complete the 2-Step Verification on your channel 
2. You need to not have active community guideline strikes
3. You need 1000 subscribers in a 365 day period
4. You need 4000 public watch hours in a 365 day period

Once you’re monetized Youtube will begin profit sharing on the ads they place in your videos. This means that you will make a percentage of the profit they do based on whether your audience watches the ads, how much they watch, what niche you are in and where your audience is located. According to InfluencerMarketingHub.com “a YouTube channel (on average) can receive $18 per 1,000 ad views, which equates to $3 – $5 per 1000 video views.” 

This means it will almost certainly take quite a while to make money on a Youtube channel. Although if you’re one of the lucky few a viral video with 5 million views could pay approximately $90,000 if the average above is correct. 

By the end of April we were at 60% of our Subscribers and Watch Hours to reach monetization. As of April 30th our Youtube Subscribers were 610 and we had 3000 Public Watch Time Hours. 

Help us reach our goals by subscribing to our channel here: https://www.youtube.com/everyfurthermile

2. Paypal TipJar

We have a ‘tip jar’ on our Youtube Channel but we have not drawn any attention to it and it’s buried deep in our video descriptions so that few people will ever notice it. In the future we may draw more attention to it, but for now it’s not really generating any money. 

3. Sponsorships

Being a very small channel we aren’t really in a position to attract sponsors yet. Sponsorships usually are the most lucrative part of a Influencers income, especially in that awkward middle stage of growth. When a sponsor does eventually reach out we will certainly make sure that what they are offering is in line with our personal values and suits the tone and theme of our channel. 

4. Affiliates

We do have some affiliate relationships, but like our ‘Tip Jar’ the links are buried deep in our video description and we do not draw much attention to them. As we grow, we plan to utilize these sources of income more. 

Note: We would never…ever… suggest something unless we’ve used it ourselves and think it’s a good product.

Trusted House Sitters: $0

We use this to get free stays while helping take care of people’s pets and homes. We have been able to secure 8 weeks free accommodations across the UK (in the middle of summer!). 3 Weeks of this was in Edinburgh, 2.5 in York, and 2.5 in the English countryside. That’s 8 weeks that we don’t need to pay for accommodations and get to enjoy the UK.

We’ve created a guide & templates to help get you started on Trusted House Sitters. You can find it HERE.

Here’s a link to get started on THS!

Tube Buddy: $0

A tool used for Youtube SEO:

https://www.tubebuddy.com/EveryFurtherMile 

Epidemic Sound: $0 

A tool used for royalty-free music in our videos (so that we don’t get sued for the music we use)

(Free 30-day trial): https://www.epidemicsound.com/referral/te7jhr/ 

Amazon Affiliates: $0

For products we’ve bought that help us travel or do our videos.

Sony ZV-1 (https://amzn.to/3tsbIZ8)

5. Other Income Sources

Once our social media accounts grow to an adequate size we can leverage them for more Income Sources such as courses, promotions, 

Facebook Likes 1170, we would need this page to grow to a minimum of 10,000 likes https://www.facebook.com/everyfurthermile 

Instagram Followers 219 , we would need to gain a minimum of 20,000 followers https://www.instagram.com/everyfurthermile 

INCOME NOTES:

• We can start to make money at 1000 subs/4000 watch hours (albeit minimal)
• We suspect that once we hit 10,000 subs+, we’ll be able to start our ‘micro influencer’ journey to making more money through sponsors, etc. 

So how are we doing all this travel with no income? 

We sold most of our worldly possessions including our house in Canada in order to launch our youtube channel. We plan to leverage these savings to launch our influencer business while also fulfilling a decade long dream.

Expense Report  (May 1st to 30th, 2022) 

I wish we could say that we don’t have any expenses to report but sadly, travel costs money. We are a family of 4, so keep that in mind as you see our expenses. If you’re a single or couple, then you should be able to cut these expenses significantly. 

Projected vs Actual Expenses: $6,350 (Projected) vs $6,184.93 (Actual)

First, we want to discuss our projected expenses vs. our actual expenses. Oftentimes these two don’t add up. This can be because of yearly expenses (memberships often do this), deferred expenses (Paying for a monthly airbnb at the end of your stay), upfront expenses (paying for a ticket well before you see the experience), and so on. So even though projected and actual monthly budgets may not add up, it is important that they balance out over the year. 

Our projected monthly expenses are $6,150 a month. Our actual expenses for May were $6,184.93 which sounds good but is not.  We need to consistently come under budget by about $2000 so that on the months with international flights and car payments we don’t push the yearly actual budget past the projected budget of approx. $66,000. We’ll talk more about why/how we overspent in the Fast Travel section of our expenses.

Personal Expenses – $2,047 Actual vs. $2000 Budgeted

Our personal expense budget includes $800 for groceries, $500 for meals, $200 for travel insurance and another $500 misc. Miscellaneous includes things such as entertainment subscriptions, cell phones, gifts, clothing, and homeschooling resources. Groceries, medical insurance, cell phones and eating out were our big personal expenses in May.

Transportation – $926.76 Actual vs. $1900 Budgeted

Transportation is all the costs associated with getting around between cities and in cities. This includes plane flights, car rentals, taxis, ubers, buses, metros, trains, fuel, and car related items. This month’s transportation expenses included our flight from Paris to London for approximately $500 but do not include our car rental, which we’ve already paid $3400 as a deposit and will likely cost us around $1000 after additional kilometers are calculated in June. It does include plenty of fuel which averages about $1.90 euros or $2.65 CAD a litre, or $7.62 USD a gallon. It also includes some toll road fees and parking.

Slow Travel Accommodations – $1,277 Actual vs. $1200 Budgeted

Slow traveling accommodations are one of the biggest expenses related to our monthly stays. This obviously includes rentals but also includes additional expenses such as replacing broken items, paying utility bills, etc… In May we rented an Airbnb property in Galicia for a month. It cost us $1,276.76 for the month with no hidden fees

Lesson learned: This accommodation was beautiful, had a pool and was in great shape but it was also the most difficult stay so far. It felt very isolated and we went through some serious homesickness and stress during this month.

Fast Travel Accommodations – $1945 Actual vs. $500 Budgeted

Fast traveling Accommodations are all of the expenses related to our nightly stays. This includes hotel rooms and airbnb nightly stays. Additional fees for breakfast are included in our Meal expenses. In May we booked many of our June Fast Travel Accommodations which just decimated our May expenses. Had we have stayed on budget we would have been in great shape for May.

Experiences – $332 Actual vs. $500 Budgeted

Experience expenses include entry into historic places, theaters, and other experiences that we get to enjoy for the moment. It does not include any food we buy while there, nor does it include any souvenir items we purchase there. May’s experience expenses included sites in Spain and Portugal, including Seville, Sintra, Santiago De Compostela and Santa Trega.

Business – $189 Actual vs. $250 Budgeted

Business costs for April included just subscription based services, equipment and professional memberships. Our subscription based services include Canva, Epidemic sound, Tubebuddy, Divi Themes, WordPress, and our Hosting Fees. Any computer, camera or other equipment purchases would go here. We budget $150 a month so that we can spend $1800 a year to replace our equipment. Lastly business expenses could include professional memberships in press, media and social media organizations which would in turn allow us ‘press passes’ into events and give us more legitimacy when approaching others about cross promotion and tourism contracts.

Conclusion

So as you can see May 2022 means that we have a shortfall of $6,184.93 on our second Expense Report. Here’s hoping we can start making money in the next couple of months and slow down this fast drain of our life savings 😉 

(We’ll discuss why we chose to do it this way in future emails.)

Lessons from May

After almost 2 months of slow traveling we feel like we’ve just started to understand who we are and what we need in a home. As we mentioned above Galicia was a real struggle for us and a major strain on our marriage as we wrestled with our isolation and stress. 

Our take away from this is that we really need to be more honest with ourselves and each other in regards to what it is we want in our travels and in our life. We do not enjoy isolation nor do we enjoy living in big cities. We really thrive in small cities where we have easy access to food and activities without the stress of pick pocketing, home security and big city costs.  

Stay tuned to these Income & Expense Reports to see how we monetise our Youtube Channel, and how we leverage our influencer status for freebies and sponsorships. Also, learn how to save money while slow traveling so that you can do it occasionally or full time, with a lot less mistakes then us. 🙂

You can always ask us questions about these reports, our travels, and most other things on our Facebook & Instagram pages, or on our Youtube channel. Remember to subscribe to keep following us Every Further Mile.

https://www.youtube.com/everyfurthermile