Welcome to our April 2015 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.
We got back from Omaha late last night, and will post our thoughts on our second trip to the Berkshire Hathaway Annual meeting later this week, but in the meantime, let’s look at the state of our money in April.
April numbers were were high, but close to $1 of every $2 we spent this past month went into our kitchen renovation, so at least we can see exactly where it’s going. Or we will soon… toward the end of the month we ordered about $2K of supplies that haven’t yet been delivered, but we are excited to unveil them once we make a little more progress with them after they arrive at our home in another week or two.
Taxes were also a big line item for us this month. We, again, opted to use a fabulous tax guy who looks after all of our tax issues, but he does cost us a pretty penny. (Specifically, 50,000 pretty pennies – which is below his normal rates as he does our taxes as a favor of a very wealthy friend.)
Excluding those items, spending was pretty great. Here are all the details for April’s numbers.
The Bottom Line
- Earnings before principal paydowns and savings allocations of $3,264.
And here are the details…
- Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $8,610
- Rental Income: $1,100 – low due to some pre-payments
- Miscellaneous Income (rebates, reimbursements, etc.): -$1,786 (includes a payment for the remainder of our 2014 taxes of $1,996 in this month)
- Total Income: $7,924
- Groceries: $337 – Pretty happy that we had a more “normal” month on food spending given the crazy state of our kitchen at the moment
- Eating Out: $124 – Nice and low for us!
- Total Food: $561
- Mortgage: $1,151
- Home Maintenance and Repairs: $125
- Kitchen Renovations: $3,176 – We’re hopefully about halfway through the spending part of the kitchen renovations…
- Bills/Utilities for Primary Residence: $253 – This should include our last “normal” electric bill since our solar system is finally up and running!
- Total Home: $ 4,704
- Gas: $210 – you don’t want to know how many trips to Home Depot this includes. =)
- Auto Repairs / Maintenance: $79
- Total Transportation: $289
- General Shopping: $182 – biggest purchase of the month was a tool for Mr PoP to adjust my rear derailer since I manage to bend it without meaning to.
- Pet Supplies / Care: $45
- Total Shopping: $227
- Gym / Fitness: $303 – normal gym plus another yoga pass which should last me 10 – 12 months or so.
- Medical Treatment/Visit: $64
- Media Subscriptions: $8
- Media/Entertainment Non-Subscription: $0
- Total Health/Fitness/Entertainment: $375
- Taxes: $500 – for our excellent tax guy
- Total Miscellaneous: $500
- Total “Personal Expenditures”: $6,656 ($3,480 excluding the kitchen reno items)
- Investment Properties: $63
- Total Investment Expenses: $63
- EBPPS = $7,924 – $6,656 – $63 = $1,268
Principal Paydowns / Savings Allocations
- Holding Acct For Roth 2015 IRAs: $0
- Transfer to Taxable Investment Account: $0
- Rebuilding Buffer/Holding for Large Near-Term Expense: $3,264
- Total Principal Paydowns / Savings Allocations: $1,268
Net Income = EBPPS – (Principal Paydowns + Savings Allocations)
- $1,268 – $1,268 = $0 = Net Income
How was your income and spending this month?