PoP Income Statement – April 2013

Welcome to our April 2013 Income Statement!

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Where Kitty PoP spent most of his first couple days in the hotel…

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.

Can I just say that wow. I cannot believe it’s May already. 2013 is flying by.

April technically was a pretty baseline month income-wise, but that’s mostly because two pretty good sized checks are on the way and we thought at least one of which might drop in April. But they both ended up getting pushed to May. Not a big deal. But May’s probably going to be one of those crazy-high months when it comes to our variable income streams.

We were out of town for a few days, so much of our restaurant spending this month was heavily subsidized by employers while we were gone. Thank you employers! Gas and car expenses were down as well, and we’ll be talking a little bit more about that in a future post.

The Bottom Line

  • Earnings before principal paydowns and savings allocations of $3,465.

And here are the details…

Income

  • Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $6,270
  • Rental Income: $1,500
  • Miscellaneous Income (rebates, reimbursements, etc.): $0 – big fat zero. We’re due some reimbursements, just need to fill out the paperwork!
  • Total Income: $7,770

Expenditures

  • Groceries: $307
  • Eating Out: $155 – We ate out A LOT when we were gone, but didn’t have to foot the bill for any of it…
  • Total Food: $462
  • Mortgage: $1,167
  • Home Maintenance and Repairs: $224
  • Total Home: $1,391
  • Gas: $343 – Keep an eye on this number through the summer… hoping to keep it on a downward slope
  • Auto Repairs / Maintenance: $41
  • Total Transportation: $384
  • Bills/Utilities for Primary Residence: $396
  • Bills/Utilities for Investment Properties: $438 – The renters are very happy that Truly Nolen has been renewed for another year
  • Total Bills / Utilities: $834
  • Interest Payments on Non-Mortgage Debt: $0
  • Total Interest / Loan Payments: $0 Yay!
  • General Shopping: $317
  • Pet Supplies / Care: $116 – Mostly the cost to have Kitty PoP stay in the hotel with us + 13% hotel tax on it! He does not have his own separate travel budget, so his hotel costs go here. =)
  • Total Shopping: $433
  • Gym / Fitness: $73
  • Medical Treatment/Visit: $0
  • Media Subscriptions: $8
  • Media Non-Subscription: $0
  • Total Health/Fitness/Entertainment: $81
  • Travel: $100
  • 501(c)3 Charity: $120 – even more money to NPR. We <3 our local station.
  • Taxes: $500 – to pay for our Tax Guy, but money was pre-allocated…
  • Total Miscellaneous: $720
  • Total “Everyday Expenditures”: $4,305
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • EBPPS = $7,770 – $4,305 = $3,465

Principal Paydowns / Savings Allocations

  • Transfer to IRA Holding Account: $1,000
  • Transfer to Savings for Personal Loan Payoff: $3,000
  • Total Principal Paydowns / Savings Allocations: $4,000

Net Income = EBPPS – (Principal Paydowns + Savings Allocations)

  • $3,465 – $4,000 = –$535 = Net Income (but cash accounts only went down by $35 since had $500 pre-allocated for tax spending)

 

Another month of churning it out without a whole lot of excitement. We hit our minimum monthly savings target of $3K, but not a whole lot more. But…could be worse, right?

 

How’s your income statement looking this month? Do you feel like the tortoise or the hare this month?

46 comments to PoP Income Statement – April 2013

  • If you can consistently hit your targets, you’re doing great. It looks like you hit your minimum savings target, so you’re doing good.
    My Financial Independence Journey recently posted..Caterpillar (CAT) Dividend Stock AnalysisMy Profile

    • Meeting the minimum is good, but I think knowing a check missed the month by a few days made me antsy to do more than just the minimum.

  • Well, I was feeling okay earlier this week, then I paid all our wedding vendors and the medical bills that went on the CC last week! Now, ehhh.

    Keep it up!
    eemusings recently posted..Funding our RTW tripMy Profile

  • Great job hitting your goals once again, woohoo! This month I feel like the hare. Early in the month my investments dropped and I thougt that I might end up with a decrease for the month but I actually increased by over $12K. Pretty awesome! At the same time, I still feel impatient. Financial independence seems so far away.
    Phoebe@allyouneedisenough recently posted..Networth Update #8 – May 2013My Profile

    • Crazy mr market! That’s one of the reasons I like to focus on what we’re putting away instead of too much on market performance. Some months we could blow spending but have the market make up for it and others the complete opposite.

  • Good job. Planning a wedding for me has done a great job in raising the amount of stress I carry in relation to finances, but my fiance and I still managed to save about $3,000 after all bills and principle paydowns on (her) student debt. Not too shabby.
    Snarkfinance.com recently posted..A few Ridiculous Financial Tips, Part 3My Profile

  • Great job =)
    I also cannot believe that it’s May! I just got used to writing 2013 instead of 2012 =/
    Holy@ClubThrifty recently posted..Dear Becky: A Letter About Retirement PlanningMy Profile

  • The fact that employers pay for meals while you’re travekingbhas always been curious to me. It seems weird that they pay for lunch when your in the next state over, but not when you’re at the corporate hq. Anyway, looks like it was a successful month lasting the ground work for an even better May!
    CashRebel recently posted..Should You Live Next To Rich People?My Profile

    • My previous employer provided meal stipends locally if we worked late which was a weird incentive. When I was working there my grocery bills (for single female) were about $30 per month. But quality of life it was not. I’ll gladly pay for my dinner to go home on time. =)

  • You have to pay extra when the cat is staying at the hotel? Is that a cleaning fee? Do they supply the litter box and dishes or do you have to haul everything with you?
    Jane Savers @ The Money Puzzle recently posted..50% Solution And April Financial Update (It’s More Exciting Than It Sounds)My Profile

    • Yeah, they called it a cleaning fee and it was a 1 time charge of $100 (+ tax) no matter how long you stayed. We brought a little litter box for him and litter and food.
      If you had a dog, they had gated dog run/walk areas that would have been really convenient.

  • I’m so happy that it’s May, but this year is definitely flying by quickly! I am wondering, do you like having a rental? We just can’t decide if we want to rent out our current place or not.
    Michelle recently posted..$7,859 in April Extra Income and GoalsMy Profile

    • We do like it and mr pop is very good at being a property manager. If you think you could find good responsible renters (say having your sister find a couple of roommates?) then I think it would be pretty easy for you too.

  • Jonathan

    One thing I’ve noticed but haven’t yet taken the time to quantify about taking trips – while away, you don’t have your regular day-to-day living costs. So even if you went on a week-long vacation that costs $2,000 all-in, during that time you aren’t spending money on groceries, gas, and whatever else you may spend in a typical week, which offsets some of the cost of the trip. It’s always a pleasant surprise.

    • Somewhat. Often we end up with cars on trips, so gas is similar (if not more!) but I’ve been getting better at not letting food go to waste when we go out of town. That was something I used to do too much of and we’d come home to food we needed to throw out. (Bad planning an execution on my part!).

      • Jonathan

        Yes, you do use gas in cars on trips, and you also eat – but I think of those costs as part of the trip costs. I mean that your regular costs for those sorts of things are not taking place, so that savings offsets some of the cost of the trip.

        • I see what you mean, but I tend to lump them all together. The only difference for us is the vacation spending allowance that goes out as cash and just marked “vacation”.

  • Gotta love employer per diems and comped meals. Probably my favorite aspect of working for the man.

    Our most spectacularly awful travel experience all stemmed from having our cat with us (we were moving) and not being able to find a hotel that allowed her (with a steep fee) until 3am. Nevermind the fact that she was scared out of her mind and in a terrible mental state after driving with us in a moving truck for 14 hours.
    Johnny @ Our Freaking Budget recently posted..He Says/She Says: Photos in PublicMy Profile

    • Ooh, Mr PoP’s folks got stuck in that situation with an unexpected layover in a random city and their cat in the carrier. At 3am they didn’t mention the cat at check-in figuring they’d rather beg forgiveness than sleep on the street. But the cat was terrified. He refused to go to the bathroom for the entirety of the 27 hour ordeal. =(

  • Looks like you guys are doing a great job with savings. Good work!
    Matt Becker recently posted..The Experts Can’t Pick Stocks. Can You?My Profile

  • Hey having nothing exciting is a good thing right? I went over budget but my budget is based on last year’s income (which is really bad), so I ended up making well over what I projected. I was able to save a lot, but I also had expensive things like stuff related to my shoulder.
    Budget and the Beach recently posted..One Year Blogiversary, Giveaway & May Goals!My Profile

    • Nothing exciting isn’t bad, you’re right. I’d rather have a boring month instead of one where everything went wrong =) But the high income months from big checks are pretty exciting, too when they happen =)

      How’s your shoulder doing? Any progress?

  • I’d say saving over $3k is always a good month. I don’t get to travel for work very much, but it is fun to get to have a trip on the company dime. If I did it all the time, though, I bet it would get old.
    Kim@Eyesonthedollar recently posted..Are You in the Habit of Wasting Money?My Profile

    • Luckily for us, our work travel is infrequent enough that it’s usually a treat. Not sure we’d want a job where we always had to travel, though. We are homebodies!

  • You are hitting your target. That’s really good. Good job.
    KC @ genxfinance recently posted..How To Save Money FastMy Profile

  • Impressive as always! Glad yall enjoyed a few days out of town. :)
    Cat Alford (@BudgetBlonde) recently posted..How Much Money Would It Take For You to Go To Mars?My Profile

  • We did ok but our grocery category was rubbish this month, worse month since the beginning of the year. It’s because the Mrs. is on a LOW GI Diet now and we are stocking up. We don’t eat out but I can see how easily that can add up. I think you did awesome with your budget this month and hitting your 3k target was icing on the cake, well done!
    Canadian Budget Binder recently posted..Bust Our Budget- April 2013 CBB Budget Update #4My Profile

    • Thanks Mr CBB! I’m sure as soon as you and the Mrs. get more accustomed to her new nutrition plan, you’ll be killing that grocery budget again. For now I bet you’re relearning all the baseline prices for the new foods at all of your favorite stores and learning when the different low GI foods tend to go on sale so you can stock up. You are a grocery genius, after all.

  • CincyCat

    In your intro section, you mention using Mint. I just set us up on Mint a couple of months ago after years of using a home-grown budget system. The only thing I don’t like about Mint is that you cannot control which “month” the income belongs to (at least, I can’t see how to do this). Mr. CincyCat’s check (our big one) comes on the last day of the month, and so we allocate that income to the NEXT month’s budget, not the prior month’s. If someone knows how we can change Mint’s behavior with this, that would be great! It’s an awesome tool otherwise!

    • Cincy… you can try splitting the transaction, and then changing the date on one of them? That might work.
      To split the transaction, highlight it in the transaction list and click “edit details” then “split” and enter the amount you want to split off. Then complete the split, and when you get back to the transaction list you should be able to click on the date for each transaction and move it by a few days either direction until you have them in separate months.

      If that works, let us know! Good question!

      • CincyCat

        Hello, and thanks for the tip! I had been recategorizing transactions using the edit details, but didn’t realize that the transacation DATE field could also be edited. I just changed the date of the transaction to the 1st of the month, and that worked! Yay!

        • Yay! Glad to help! I consider myself somewhat of a mint disciple spreading the word, so like to help people figure out how to use it best for their needs. =)

  • I’m a tortoise every month :-) but I don’t think it’s a bad way to be, as long as you’re meeting your goals and moving in the right direction. Didn’t the tortoise win the race in the end?
    Sophie recently posted..Bought versus Homemade: Falafel WrapMy Profile

    • The tortoise did win – thanks for the reminder! Sometimes the jumps that the hare can make all at once can be pretty fun, though!

  • Looks like another great month! :) April treated me kindly as well. Now the trick will be to keep spending down over the summer when there’s so much going on every week.
    The First Million is the Hardest recently posted..April 2013 Portfolio ReviewMy Profile

  • It could definitely be worse! You should be proud of yourselves. Kitty POP is so cute ! He looks like he doesn’t know what to make of this hotel thing.
    Daisy recently posted..Does Being Frugal Mean You’re Good With Money?My Profile

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