PoP Income Statement – October 2015

Welcome to our October 2015 Income Statement!

I absolutely love this drawer - and Kitty PoP is a fan, too! See his nose poking around on the side. =)

I absolutely love this drawer – and Kitty PoP is a fan, too! See his nose poking around on the side. =)

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.

Despite feeling a little like we were buying all the things at one point this month, our October numbers ended up pretty good (with the caveat that this is “good for us while in the midst of a remodel”!).

Income flowing through from our paychecks was high, but this is mostly because we’ve both now maxed out on our 401Ks for the year, so the money that was going towards funding those earlier this year is now coming straight to our pockets.  In full disclosure*, there’s $110 in Miscellaneous income on there that represents about 3-months worth of google-ads revenue.

Food spending was on the high side, which we’re mostly ignoring for the time being.  We’ll see if it settles down or if we want to make a permanent adjustment upwards for our grocery budget starting in 2016.

Kitchen spending came it at around $1K with ~$800 of this going toward grout and thinset and a new over-the-range microwave.  The rest went to assorted cabinetry supplies (the awesome bins here were ~$20!) and other random needs.  This pushed the total for the year to just over $20K ($20,079).  The optimistic range of what we wanted to spend on this year on the remodel was $20-$25K, and we’ve still got some expensive line items ahead of us (particularly in November when we’ll hopefully buy a new fridge and stove/oven), so there’s a good chance we’ll overshoot the top end of that range as well.  That doesn’t thrill us, but we don’t want cheap out on supplies and then regret it later.

Shopping was also high for us this month, ringing in at double our YTD average in this category.  But, no regrets here as the bulk of it went towards buying ourselves equipment to support us in fitness endeavors.  Mr PoP spent $200 on SCUBA equipment as he continues to build his frugal SCUBA gear setup.  I’ve made him promise to write a post on how to avoid spending thousands on SCUBA gear when he’s got it all done.  I also spent a fair amount to support my fitness habits this month.  For running, I spent $200 stocking up stocking up again on running shoes (hopefully this batch lasts me 9-months or so), and in the fitness category I also splurged spending $30 on a 5K for a charity I wanted to support.  I don’t usually spend on 5Ks since I don’t consider the cost to be a good $/mile value most of the time (something to consider when you run marathons), but this was a good charity, and a course I hadn’t been to before, so I indulged and am glad I did since I posted a PR and took home 2nd place!  =)

I also spent another $65 buying bike lights to keep me well-lit as the change with daylight savings has started to impact my daily bike commute.  Luckily a good chunk of this should be reimbursable via my bike benefits at work.

Our investment properties had a bit of an expensive month, too.  Mr PoP is gradually making repairs to the 30 year old aluminum windows over there (we don’t want a repeat to the accident where one of our renters had one break on her while she opened it!), and we also paid the septic company to come and pump the tank – a literally shitty job that we are happy to pay someone else to do every few years.

But even with all that, we’re still pretty happy with the way the month shook out.  Here are the numbers!

The Bottom Line

  • Earnings before principal paydowns and savings allocations of $8,905.  

And here are the details…

Continue reading PoP Income Statement – October 2015

Catch-Up On My Cabinetry-Cation

So glad the corner can light turned out so well highlighting those cabinets! Great when a plan comes together!

At the start of the week…

Two weeks ago I had the pleasure of not going to an office every day and stayed home to build cabinetry.  Though I had planned on posting pics of everything I was working on, the reality is that I was so busy with my cabinetry-cation (and since), that I haven’t gotten the chance to post updates on everything I got done.  So, sorry about the delays, but here goes.

I started my staycation with 2 upper cabinets finished* and installed – the upper corner lazy susan cabinet and a relatively straightforward cabinet that mounted next to it. (See the picture to the right.)  I had also gotten a really good head start on most of the base and remaining upper cabinetry in the kitchen, but it wasn’t really ready to go. Here’s how the week shook out.

I Changed Direction

Continue reading Catch-Up On My Cabinetry-Cation

Remodeling During Booms And Busts

Foundation for the new house going up down the block!

Foundation for the new house going up down the block!

There’s a new home going up on our block. And another going up one block over. And another a few blocks down from that. There aren’t many empty lots left in our neighborhood for new construction like this.

We are deep in the middle of our kitchen renovation. Our neighbors have started their renovation. Walk three houses the other way and you’ve got a pair of homes sitting next to each other that have had pretty extensive remodels (including the kitchens). And on the other end of the block is a house that had a complete gut remodel with a brand new kitchen installed. All of this within the last year.

Our street just isn’t that long. Five (5!) of the 28 homes on our block have had extensive remodels (including kitchens) in 2015. That’s 18%. More than 1 in 6. In our six years of living in our little house, we’ve never seen remodeling and building activity like this in our (mature, but not particularly “aging”) neighborhood. I’m not an expert, but I’m calling what we’re seeing a local “building/remodeling boom”.

This is definitely NOT what it was like the last time we were doing major remodeling projects in 2009-2010 (major repairs after buying our house that had been neglected and foreclosed on) and in 2011 (making our duplex livable/rentable after it had been foreclosed on). We are in one of the worst-hit areas of the country when it came to the real estate bust of a few years ago and until this kitchen remodel, our experiences during that bust had been kindof a baseline for us of what remodeling and home improvement projects look like. Turned out, we’d been looking at one extreme (the “bust”) and I think we’re pretty close (at least locally) to looking at the other extreme (the “boom”).

And they are so very, very different…


Continue reading Remodeling During Booms And Busts

Happy Friday – Cabinetry-Cation (Part Deux) Commences!

So glad the corner can light turned out so well highlighting those cabinets! Great when a plan comes together!

So glad the corner can light turned out so well highlighting those cabinets! Great when a plan comes together!

Technically I’m still at work today, so the week-long cabinetry-cation will only commence when I get home. But we took some time to hang the first two cabinets earlier this week (see picture to the right), and I’ve been riding a bit of a high off that ever since.

Since starting off my cabinetry making adventures with a bang three months ago, I’ve really slowed down the process of making the cabinets. Don’t get me wrong, I’m still really enjoying building the cabinets – it was just a matter of logistics.

I’ve been adamant since the beginning that I wanted the flooring to extend under all the cabinetry, so we really had to wait until the flooring was in (at least in the kitchen) to start installing the cabinets. After some initial delays with getting the flooring (and delays figuring out how we were going to install it!), that’s now been ongoing for the last few weeks and progress has been made. Mr PoP and I grouted the areas where the cabinets will sit (and a little beyond) last weekend.

So while all the flooring has been in progress, we’ve really been tight on space to “temporarily” store cabinetry. How tight, you ask?

Continue reading Happy Friday – Cabinetry-Cation (Part Deux) Commences!

PoP Balance Sheet – September 2015

Welcome to our September 2015 Balance Sheet!

We use the structure of a monthly income statement and balance sheet in tandem to make sure we are keeping our expenses low and planting our pennies wisely. If you’re not already tracking your finances using these two methods, go to mint.com and get started today! If you have any questions about how we do this just post a comment and we’ll be sure to help!

The S&P500 dropped another almost 3% this month.  Though we had a decent month in terms of income/spending, we weren’t quite able to counteract all of the market’s downward inertia, and our portfolio saw a drop as well.  On the bright side, we were able to buy shares at lower prices!  =)

There wasn’t a whole lot else to note, just that Mr PoP’s 401K is officially maxed out for the year.  Mine happened a month ago, so there won’t be any more deposits into those accounts until January.  We’ll be putting whatever after-tax money that comes through our paychecks instead into our taxable accounts.

Where are we this month?

  • Our total assets down by $5.8
  • Our total liabilities went down by $1.0
  • Net worth went down by $4.7K 
  • Total net worth as of the end of September is $901.6K, which represents a 0.52% decrease this month.

And for the details…

Continue reading PoP Balance Sheet – September 2015