PoP Income Statement – April 2014

Welcome to our April 2014 Income Statement!

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Sydney Opera House

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.

By the time you’re reading this, we’ll be on our way out of town yet again.  If nearly two weeks in Australia weren’t enough for us, now we’re crossing an even bigger item off the bucket list this weekend – a trip to the Berkshire Hathaway Shareholder Meeting to see Warren Buffett and Charlie Munger in the flesh.  (Well, in suits – non-birthday suits.  At least I hope.) We’re headed there with Mr & Mrs 1500, so it’s bound to be a good time.

Thus, with packing for the frigid tundra of the north yet to do, this monthly wrap up will be brief.

April spending was just about where we aim to be, a little under if we exclude the investment property expenses.  I consider this to be a huge win considering this was a month in which we spent nearly two weeks in one of the most expensive cities in the world.  We also bought a new/used iPhone from Glyde because Mr PoP drove off with my phone on the back of the car.  *ooops!*  I really didn’t want to believe I married someone stupid enough to do such a thing, but apparently I did.  And now I’m stuck with him.  Oh no!   Luckily we manage to have a lot of fun together when he’s not losing my thing.  =)  (We’ll also leave unmentioned the iPad I managed to lose on the epically long flight to Australia, the cost of which won’t show up until May…)

The Bottom Line

  • Earnings before principal paydowns and savings allocations of $5,665.

And here are the details…

Income

  • Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $6,667
  • Rental Income: $1,525
  • Miscellaneous Income (rebates, reimbursements, etc.): $1,858 – a mix of tax refund, Flex health care reimbursement and a couple other random small things
  • Total Income: $10,050

 

Expenditures

  • Groceries: $277 – Not as under as one might think for being gone for 2 weeks, but we stocked up on some stuff this month (nuts, protein powder, etc) that will last a while
  • Eating Out: $177 – Most of the eating out went under vacation, so I’m kindof surprised this is as high as it is…
  • Total Food: $454, well under the $600 goal, which gives us a nice buffer going forward 
  • Mortgage: $1,213
  • Home Maintenance and Repairs: $189
  • Total Home: $ 1,402
  • Gas: $184
  • Auto Repairs / Maintenance: $144 – most of this is supplies to clean up to sell the Jeep (which we hope happens soon, we just need to stop going out of town!)
  • Total Transportation: $328
  • Bills/Utilities for Primary Residence: $234 – solid!
  • Bills/Utilities for Investment Properties: $494 – high due to renewing our pest control contract… I negotiated a slightly lower rate but am still annoyed at how much they try and raise the rate each year.
  • Total Bills / Utilities: $728
  • General Shopping: $540 – I thought this was going to be low until my phone was lost late in the month (*cough* Mr PoP’s fault *cough*) and we had to drop $275 for a new one
  • Pet Supplies / Care: $41
  • Total Shopping: $581
  • Gym / Fitness: $53
  • Medical Treatment/Visit: $25
  • Media Subscriptions: $8
  • Media/Entertainment Non-Subscription: $0
  • Total Health/Fitness/Entertainment: $86
  • Travel: $806 – This includes partial credits for refunds for the part of our Australia trip we couldn’t take.
  • 501c3 Charity: $0
  • Total Miscellaneous: $806
  • Total “Everyday Expenditures”: $4,385
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • EBPPS = $10,050 – $4,385 = $5,665

Principal Paydowns / Savings Allocations

  • Holding Acct For Roth 2014 IRAs: $1,000
  • Transfer to Taxable Investment Account: $4,500
  • Total Principal Paydowns / Savings Allocations: $5,500

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

  • $5,665 – $5,500 = $165 = Net Income

 

How was your income and spending this month?

27 comments to PoP Income Statement – April 2014

  • Hope you guys enjoy the meetings this weekend, sounds like a great time!
    FI Pilgrim recently posted..Mortgage Payoff Update – 6 Months LeftMy Profile

  • A trip to Australia and a trip to go rub elbows with some billionaires! Don’t forget about us little people.
    JC @ Passive-Income-Pursuit recently posted..Colgate-Palmolive Company: High Quality But Should You Buy?My Profile

  • Kay

    I love reading your monthly statement report. I don’t keep as detailed reports as you do but I do monitor my net worth. Always nice when that number goes up!
    If I broke an iphone and lost an ipad in the same month I don’t think I could be as calm about it. ouch!
    Kay recently posted..Expired “deals” not such a deal after all…My Profile

    • Thanks, Kay. I was pretty calm about the iPad… It was 4 years old and travel insurance will cover part of the replacement cost. The iPhone, however was definitely not calm. I was near self flagellation when I thought I had misplaced it (2 in one month!), and we even went out looking in the streets of our neighborhood at night with a flashlight. We haven’t done that since kitty pop escaped years ago!

  • Trouble with being a husband, you are always at fault! Enjoy the meeting with Mr. Buffett. Does he sign stuff and take pictures at all, just wondering how it all works?
    Even Steven recently posted..Why You Must Attack Your Debt Like Ragnar LothbrokMy Profile

    • Mr PoP was totally in the clear and I was beating myself up about the loss until he told me he remembered what likely happened. But the iPad loss was definitely my fault. =).

      Buffett might do some meet and greet for pictures, but with the sheer number of people that will be at the event, it’d be pretty impossible to pose for one with everyone. Luckily Mr PoP has a picture of him with Warren Buffett years ago I’m high school when one of the teams he was on came to a competition in Omaha and Warren Buffett was a guest at the banquet.

  • Awesome! So if you subtract that twelvc-hundred dollah mortgage hit, you’ll know how much it’ll cost to live after you’ve paid off the mortgage. Just imagine being able to stash that $1200+ into savings every month! Or better yet, to spend it on another amazing trip. :-)
    Funny about Money recently posted..The Gruesome Execution Jive: Am I altogether too savage?My Profile

    • The $1200 also includes insurance and taxes – the actual mortgage itself is only around $10K per year. But we’re not planning on paying it off early since we’re in a 3.35% 15 year mortgage and are actively investing our money elsewhere for higher returns.

  • Awesome breakdown and thanks for being so transparent! My April went great. I got my business up and running and made a few thousand dollars toward the end!
    Joshua @ CNA recently posted..To 5 Personal Finance Apps Of 2014My Profile

  • My iPad is three years old and I’m pretty happy with it, so I’d be bummed if I lost it. And my phone is 1.5 years old with a crappy battery – but I’d be REALLY annoyed about that one :) I guess it’s the cost of owning expensive electronics.

    I hope you enjoy your Buffett weekend. And great job as always!
    Alicia recently posted..Applying For Jobs.My Profile

    • The Buffett weekend has been great so far!

      I feel the same way about the iPad – it was 4 years old but felt like it had several more years of life in it. Can’t bring it back now, though!

  • LOL I hope it’s business suits versus birthday suits for Warren Buffett as well! Bummer to hear about the phone – I almost did that with a wallet, but the gas station guy was kind enough to run after me and knock on my window before I made the turn on the street. Never again have I left anything on a car since!
    anna recently posted..Wine Tasting With My GirlsMy Profile

  • Well done on your food budget :) My income was better than usual in April because I had higher than average dividends coming in. Have a great time at the meetings. Take a selfie together with the Oracle of Omaha if you guys get a chance 😉
    Liquid recently posted..Solution SeekersMy Profile

  • We haven’t been tracking our spending super-closely as we have a big move with lifestyle changes coming up at the end of the month, but I do know that I made NO discretionary purchases. I even made two four-hour car rides without stopping for additional coffee!

    And I set a personal best for my work-at-home income. I made $1200, minus $700 for daycare, equals clearing $500. Not bad for a WAHM with heavy domestic responsibilities!
    Frugal Paragon recently posted..April 2014 Net Worth CheckMy Profile

  • You guys do such a great job saving and balancing your budget! Have fun at the meeting! My food budget is something I still need to work at. It’s really high for just one person!
    Tonya@Budget and the Beach recently posted..Are You Stressed? Read This!My Profile

    • Food is hard… Especially keeping it healthy and non-repetitive. I’ve been using a site called powerhungry.com a lot lately and so far it’s helping.

  • Just found you through MMM, and I am very impressed. Quick question about your holding account for the 2014 IRA, why do you do that instead of transferring right away?

    • Hi Ginger! Thanks for stopping by!

      The Roth money gets set aside because our income can vary a decent amount from year to year and we are borderline not being Roth eligible. So we hold it back and if necessary we will do a back door Roth after we know our AGI for the tax year to avoid penalties or having to do any fancy footwork to withdraw funds. (I had to do that once and it wasn’t the end of the world, but it was annoying and I lost money.).

  • Ivy

    Did you forget the iPad on the plane? I did that with my first Kindle, just left it in the seat pocket on disembarking in Munich. The bummer is that I remembered it on the bus from the plane to the airport, so almost immediately, but of course they don’t allow you to return and even though I placed a call asap to the airport lost and found, I guess it never made it there. Now I am a bit OCD about checking seat pockets:-)

    • That’s pretty much exactly what happened. I took Tylenol pm and was reading on the iPad as I fell asleep for the 15+ hour flight to Sydney. Not sure where it fell, but I realized it was gone as soon as I got to our hotel room and started unpacking technology to get it charged. By then it was too late.

      On the way home I think I asked Mr PoP if he had his kindle about 1000x. =)

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