PoP Income Statement – April 2015

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.

Insulation was part of the spending in the kitchen this month – but it’s a big upgrade. Check out the new insulation (R30) compared to the old (R19) side by side!

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
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • 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
Cash is still king in the PoP household for now.  We also have one more near-term large expense (around $9K) that we’ll have to pay in May.  Once that is done we hope to start sending money to our taxable brokerage account every month like we had gotten so good at in 2014!  =)

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

  • $1,268 – $1,268 = $0 = Net Income

How was your income and spending this month?



23 comments to PoP Income Statement – April 2015

  • April spending was rough, but May is going to be intense with closing costs. Question for you: How did you go about picking the type of insulation to use for kitchen update? Are you doing the install yourselves?
    Taylor Lee @ Engineer Cents recently posted..April 2015 – Monthly Spending UpdateMy Profile

    • We went with the same type of insulation (fiberglass batts) that is in the rest of the house, but updated to current Florida building code reocmmendations (which have increased a bit since our house was built about 30 years ago) for our type of construction.
      I don’t know what it’s like where you are, but I’d try finding the building code for your state and reading the sections on insulation that are relevant to the type of construction you have. We briefly considered fiberglass rolls instead of fiberglass batts, but for the price difference, the hassle of the extra handling with the rolls just didn’t seem worth it.
      Where are you looking at insulating? If we were redoing the flat part of our attic we’d probably change the type of insulation that is up there since our flat attic portions are insulated with blown-in cellulose. We’d probably replace that with blown-in fiberglass (the owens corning stuff at Home Depot has great reviews). That’s not really relevant to what we’re doing now, though, since blown-in insulation like that isn’t appropriate to use with vaulted ceilings or between wall studs.

  • Awesome about your solar panels. We were just at our friends’ house with new solar panels, and I was admiring the high-tech panel on the exterior wall with all the blinky lights on it.

    Marge just paid for her gym membership, too. $468 for 18 months. She’s been told she’s probably the only one at the gym who buys the 18 month membership. She goes 5-6 times a week, so it’s worth it.
    Norm recently posted..I Went On Vacation And You Didn’t!: Peru, Part 4My Profile

    • Our outside panel doesn’t have all that many blinky lights (I feel a little deprived now), it actually only looks a little different from our old one (which was digital – not the REALLY old analog ones).
      Good for Marge buying the 18-month contract! We love prepaying to get lower rates when we can and know we’ll use it.

  • I love prepaying for stuff in bulk. It’s a big expense up front, but it’s so nice to not have to worry about recurring expenses.

    Can’t wait to see the kitchen reno all done! And I assume you’ll tell us about this $9k expense at some point.

    As always, thanks for sharing.
    Leah recently posted..Boarding School MomentMy Profile

    • Yeah, we’ve mentioned the $9K expense in passing a couple of times, but I should really write a full post on it. It’s for a new roof on our duplex. Not the funnest way to spend $9K, but that’s life sometimes!

  • You guys are killing it on the income side of things. I love the transparency. I also feel your pain on the trips to Home Depot. That feels like my Saturday home most weekends. : )
    Danny MoreBucks recently posted..Putting One Person in Charge of Family Finances is a MistakeMy Profile

    • We passed Home Depot on the way home from the airport last night around 1am and I asked Mr PoP, “Do you think our favorite cashiers wondered where we were this weekend?” =)

  • Rental Income: $1,100 – low due to some pre-payments

    Can you explain? Thanks:)
    Even Steven recently posted..What Would Warren Buffett Do? WWWBD?My Profile

    • Jonathan

      From their February statement:
      “Rental Income: $3,150 – one set of renters paid ahead a couple of months”

    • Thanks, Jonathan!

      As a student, the renter wanted to make sure he didn’t burn through his loan disbursement and not have money to pay rent toward the end of the semester. So he gave us 5 months of rent in money orders back in February to pay his share through May.

      • As a renter who has done that before for a similar reason, I thank you for being an understanding landlord! That is so supremely useful.

        • Jonathan

          I can’t imagine, as a landlord, NOT being willing to accept advance money! “What, you want to guarantee payment for the next X months by giving it all to me now? And I don’t have to pay you interest? Okey doke!”

          • I’ve had friends whose landlords said no. I imagine those are landlords that aren’t as good at budgeting expenses. But I LOVE prepayment for anything. The extra cents of interest I get aren’t worth the mental load of thinking. I do whatever I can to reduce daily thinking since my job (teaching) is demanding enough on my mental load.
            Leah recently posted..Boarding School MomentMy Profile

  • It is such a good feeling to be able to cash flow your renovations without needing to borrow, isn’t it? I am getting ready to do a bathroom remodel, but need to pick my new credit card to earn a sign-up bonus on first (no interest ebing paid of course).

    My solar panels have been fantastic so far. My power bill for March was -$120! That will go down some as we use our AC in the summer months, but I still project a large credit for the year. That means the power company will be writing me a check this fall.
    Vawt recently posted..Dangers of Credit Card RewardsMy Profile

  • It is such a good feeling to be able to cash flow your renovations without needing to borrow, isn’t it? I am getting ready to do a bathroom remodel, but need to pick my new credit card to earn a sign-up bonus on first (no interest being paid of course).

    My solar panels have been fantastic so far. My power bill for March was -$120! That will go down some as we use our AC in the summer months, but I still project a large credit for the year. That means the power company will be writing me a check this fall.
    Vawt recently posted..Dangers of Credit Card RewardsMy Profile

    • Cash flowing the renovations is definitely a nice feeling, though I don’t think we would have done a project of this scope if we had needed to take out a HELOC or something like that for it.
      So glad your solar panels are seeing a nice return already. We probably won’t ever have the power company writing us a check, since that’s actually against Florida regulations as I understand them, but our system should be as close to “right-sized” as we could make it to make our power costs basically $0 over the course of each year due to credits earned and then used.

  • Jonathan

    Did you not have a tax bill or refund? We had a pretty big refund this year, contributing to a good-looking month of April, but we are firmly in the “prefer to keep our money during the year and pay taxes in April” camp.

    • This is the first time we owed a significant amount. We owed ~$2K in taxes beyond withholding this year and the IRS cashed the check in April. When pulling these numbers together, I intentionally didn’t list it here since I don’t really think of income tax as “spending”, but made a year-end adjustment downward to our “after tax” income for 2014 on our master spreadsheet.
      In hindsight after reading your comment and looking how we treated our refund last year… maybe I should have listed it as negative income for the month of April since last year we listed the small tax refund as miscellaneous income… hmmmm…. I think I’ll make that adjustment now. After talking it through (in my head) now that seems like to more “correct” thing to do in line with what we’ve done in the opposite situation.
      What do you think? Does that seem reasonable to you?

      • Jonathan

        Sure, looks fine to me. I think you are too nit-picky about all this stuff! :) As someone in the same basic life stage as you (though we have a 1-year old) and also with great income, investments, and net worth for our age, I’ve fully embraced letting the little things go. We track net worth (making notes of any large unusual incomes or expense each month), we don’t do extravagance, and as long as the numbers keep moving up at a pretty good clip we don’t worry about tracking (or budgeting) expenses.

  • ohhhhh…. :-/ Don’t ask!

    On the other hand, except for the water heater gouge, I wasn’t doing any home improvements. And since I don’t have a real income…meh!
    Funny about Money recently posted..How Old Does a Computer Think You Are?My Profile

  • That’s an interesting point about how you count paying extra in April. The last time I had to pay was ~$50 I think, so that doesn’t matter so much from an accounting perspective. I like the negative income idea though.

    The yoga studio near me doesn’t have expirations on their multi passes, which means I can buy the longest one and then not worry about when I’ll use it by, especially convenient when my employer will reimburse fitness spending and it’s easier to expense larger chunks at once.
    Leigh recently posted..April 2015 net worth update (+1.4%)My Profile

  • […] Is it possible to say how much I’d love to have a $7,924 net income? Oh well.  Although Planting Our Pennies broke even with dollars while I broke even with peanuts, […]