Welcome to our April 2014 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.
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…
- 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
- 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
- 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
- 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?