Welcome to our September 2014 Income Statement!
Kitty PoP looks kindof old man-ish with his shaved chin!
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.
It’s been a crazy month here in the PoP household. I managed to maim myself not once, but twice. (My klutziness knows no bounds!) And Mr PoP had some work travel that is driving him a little nuts these days, too. Not even Kitty PoP escaped the crazy as he did his first ever interview – check out his interview with Frugal Hound at Frugalwoods.
The income statement looks a little more flush than usual this month, but it comes with a caveat. I am now officially maxed out on my 401K for the year, which means funds (to the tune of ~$2K/month) that were bypassing our income statement and going straight to the balance sheet (how we always treat pre-tax savings), have to come through our income statement (and get taxed along the way… sad face!) before we can allocate them as savings to our taxable account. Mr PoP is also on track to max out his 401K, but we’re trying to get that to happen as close to the end of the year as we can (this will maximize his employer match) while dealing with his unpredictable income from his commission sales job.
Also boosting the income this month was the fact that one of our renters decided they wanted to pay us in advance every 2 months. So the amount recorded for rental income there is ~1.5 months of rent from our 2 units, and next month will reflect ~0.5 months. Makes income slightly lumpier, but we don’t mind the lumps.
On the expenses side, we’ve also added a new category under “Home” for our kitchen renovations. Though the bulk of these expenses will come in 2015, there are a few (probably totaling $3K or less) that we are trying to get done in 2014 in preparation for the big event. It’ll be a bit of a squeeze to get these expenses in under the $50K mark that we are aiming for in total 2014 spending, but if we end up going over by the “Kitchen” amount or less we won’t stress it since it’s more a matter of bringing these expenses forward from the 2015 year.
The Bottom Line
- Earnings before principal paydowns and savings allocations of $7,436.
And here are the details…
Continue reading PoP Income Statement – September 2014