Welcome to our January 2015 Income Statement!
Entering week 4 without a ceiling in the kitchen. It gets pretty cold in there some nights without a ceiling! =)
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 update on our 2014 Spending Summary. As of that writing, we were $495 over our spending goal for the year. Well, as it turns out an escrow review on our mortgage found that we overfunded our escrow account by $483 in 2014, so the bank sent us a refund check for that amount and our mortgage payments will drop in February. Yay! So unofficially we were actually only over our spending goal by $12 in 2014. Sweet!
And on to 2015. If the year 2015 were compressed down to a single day*, it’d be about 2am right now. Mr PoP and I aren’t at our sharpest in the wee hours of the morning, and the same can be said about our food spending (normally an easy win) this month, which hasn’t been this high in over a year. Call them “reasons” or “excuses”, but there were a few factors at play here.
1 – Not having a ceiling in your kitchen (see the pic for the current status of our renovations!) makes for a not-so-ideal cooking environment. And while my awesome Instant Pot has been allowing me some limited “cooking in the living room” adventures (today was Brazilian corn chowder, yum!), we’re turning to convenience food more and that’s expensive even at the grocery store. Mr PoP got two Rotisserie chickens in what I have deemed the Publix PMS Sale**, and there were multiple trips to the sub counter for some lovely Publix subs to refuel energy that is being used demolishing and rebuilding our ceiling.
2 – We took a fair number of people out to eat this month. Which included thank you’s to family members like Mama PoP for giving Mr PoP a ride, and Mr PoP’s younger brother for helping us out in the kitchen renovations, and just trying to be good ambassadors for FL and the PF blogging community as the nice folks from Ridinkulous came down south to defrost for a weekend. No regrets for taking anyone out and we will totally plan around a budget to continue to do just this in our FI plans. =)
3 – Mr PoP joined a new team at work and is focusing on networking within his new group, which meant more lunches out for him. He doesn’t think this is going to be a permanent fixture of his new gig, but if it is, we’ll re-evaluate our planned food spending and adjust appropriately.
So yeah. Food spending was high. Hopefully an anomaly, but we’ve got a year to make up for this excess and hopefully we will.
Also high this month was spending on the car. It was totally expected as we spent a little over $1K getting a new soft-top for our convertible. The old one had developed a hole right over the driver’s left shoulder and the duct tape solution Mr PoP had fashioned was no longer effective and it just plain sucks to be rained on INSIDE your car. (Not to mention the moisture being bad for the upholstery and carpeting… Normally this might be something Mr PoP would think about DIY-ing to save a couple hundred bucks, but between the kitchen reno taking up time (YouTube made the install seem like a tricky possibly all-day affair) and the 5-year warranty that we would lose if we didn’t install the top using a certified installer, we went with the installer and are pretty pleased with that decision. We know the car will have higher than normal expenses this year as we get some more maintenance issues done after hitting 100K miles in December and have tried to plan for that.
Other than food and the car, though, our spending was actually pretty good for all the fun we’ve been having!
The Bottom Line
- Earnings before principal paydowns and savings allocations of $14,221.
And here are the details…
Continue reading PoP Income Statement – January 2015