Welcome to our August 2016 Income Statement!
Mr. PoP and I put these income statements together for two reasons. First, we want to be transparent about our finances because we’re trying to be role models for other people who are trying to plant their own pennies (and end up with dollars someday!). Second, we do this to make sure we’re on track to meet our own long-term goals. If you’re not tracking your income statement and balance sheet, we highly recommend you start using a program like Mint to keep track of it all.
A quick “Happy Friday” (for us) that Hermine dodged us in her path. Though I hope everyone further north in Florida is safely tucked away as it’s my understanding that she’ll land (well, she should have done that by the time this goes live) as the first hurricane to hit Florida in over 10 years. That’s right – no hurricanes have hit Florida in the decade that we have lived here.
As for our income statement this month, Mr PoP is off at Burning Man, so you, dear readers get a look at the full horror show that is our August 2016 spending before he even does. I did, however, give him a heads up before he and his friend drove off into the desert in search of adventure and god only knows what else. (I mostly jest; I really am glad he’s getting the chance to go on this trip that he’s been dreaming of taking for more than a decade.)
In the previous 50 months of Income Statements that we have published here on our blog, there have only been 3 that have been more expensive than this month.
- February 2013 – $10,424 in expenses when we paid the remaining balance (nearly $7K) on our car loan
- February 2015 – $9,988 when we booked nearly $6K in non-reimbursable expenses for installing our solar energy system on our home
- June 2015 – $9,178 when in the midst of our renovations, we purchased enough tile to retile the entire house…
Unlike those months, though… this month doesn’t really have a large capital improvement on it. But what it does is cross a huge item off Mr PoP’s bucket list.
With our yearly pest control bill coming due, and me incurring medical costs to the tune of over $500, it wasn’t going to be a cheap month to start with. But then adding on over $2300 in expenses for Mr PoP’s trip to San Francisco and Burning Man, along with a brand new top-of-the-line Pentax DSLR ($930!) that he bought to accompany him on the trip. He’s wanted the camera for a while, opted for the brand new model, and he really wanted to take it to Burning Man, so the timeline got a little accelerated there.
Short term, it’s a lot of cash going out the door. But there’s a good chance that we’ll see some come in over the next few months that will cancel out some of those expenses. You see, Mr PoP is in the process of selling a couple of vintage collectibles that belong to him but have been at his parents’ old house since we moved to Florida 10 years ago (link to anniversary post). He’ll use that money to net out the cost of his camera, so we’ll credit it to a future month’s shopping budget when it comes in.
I also expect that we’ll see some sort of reimbursement from Mr PoP’s friend for the shared joint expenses that we have covered so far for Burning Man (ie tickets, shelter – a hexa-yurt!, swamp cooling setup, and a truck rental to get everything into the desert from San Francisco). That was over $2K in expenses right there, and I think represents most of the joint expenses for the two of them. My guess is this means that Mr PoP’s friend is going to end up reimbursing us for about $1K of that, and that’ll end up getting credited to our travel sub-ledger when it happens.
So… if you assume that we’ll have $2K (for the collectible sales and half of Burning Man shared expenses) coming back to us, our expenses for this month would only be “definitely higher than usual”, not “OMG” high. Not a huge consolation, but I’ll take it.
Either way, this is not turning into an inexpensive year in the PoP household… but it is a year when some big (and rather expensive) travel urges have been scratched. And honestly, by the end of the year, we’re both pretty sure we’ll be okay being home bodies for a little while.
Anyhow, here’s all the dirty detail of the horror show that was PoP August 2016 spending.
The Bottom Line
- Earnings before principal paydowns and savings allocations of $3,630.
And the details…
Continue reading PoP Income Statement – OMG August 2016!