Welcome to our March 2015 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.
The numbers this month are not stellar, there’s no way around it.
Top of the list is what we spent on the Kitchen Reno this month, $2,517. We’re making progress, but the punch list to getting inspected and getting a ceiling ended up being much longer and much more complicated than we had talked about initially. Instead of re-using much of the electrical and HVAC system that was initially over this area, it’s all been redone to be more robust and up to current code (mostly). Overall, that’s a good thing (though I do love re-use!) – it’s going to be significantly harder to blow the breaker than it used to be and our lighting system is going to be much more customizable than our previous lighting system. But these additional improvements added costs in terms of time and money. Blessedly we had one last cold snap last weekend and hopefully the weather will stay mild enough for another week or so until we can get inspectors out to the house. We’ve already had some 90 degree days and more of those (and warm muggy nights) are going to be killer without some insulation and a ceiling before too long.
Food spending was totally over as well, at 25% over budget overall. Groceries were about $50 over, which has seemed to be par for the course lately as I struggle with limited cooking facilities and eating out was $100 over, mostly due to taking friends out to eat – friends that we would normally have over to eat at our house.
Excluding those items, the rest of our spending was actually pretty good. Turns out when you’re spending this much time renovating your house you don’t have a ton of time to spend money doing other fun things, like the scuba trip Mr PoP was originally planning on going on this month. He has postponed his next scuba trip until after we get a ceiling and for both our sakes I hope he doesn’t have to wait long.
As less than stellar as they are, here are March’s numbers.
The Bottom Line
- Earnings before principal paydowns and savings allocations of $3,586.
And here are the details…