Welcome to our April 2013 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.
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…
- 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
- 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
- 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?