PoP Income Statement – August 2015

Welcome to our August 2015 Income Statement!

Kitty PoP testing out the cabinetry (he approves) as I test my very first drawer frame… a toe kick drawer!

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.

Spending was a bit on the high side this month, but not too crazy considering how our spending has been going (what with things like the ongoing kitchen renovations  and buying crazy expensive glasses) this year.

Kitchen spending continued at a moderate pace, most of which are related to flooring this month as we rented and accumulated some tools to help us prep the floor and install the tile. Hopefully we’ll make more progress next month so we can share installation shots on next month’s update (and, ya know… so we can have a floor again!).

Travel spending was up as Mr PoP departed to visit a friend and hang out in San Francisco and Yosemite and we gave him a pretty generous “per diem” for incidentals while out there. Since his trip overlaps August and September, I’m expecting to have about the same amount in additional incidentals on September’s report as well.

Other than that, nothing too out of the ordinary this month.

But here are all the details…

The Bottom Line

  • Earnings before principal paydowns and savings allocations of $6,294.  

And here are the details…

Income

  • Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $8,543
  • Rental Income: $1,550
  • Miscellaneous Income (rebates, reimbursements, etc.): $1,273 – mostly medical reimbursements
  • Total Income: $11,366

Expenditures

  • Groceries: $366 – still a little high as I’m focusing on eating lots of fresh produce and that gets pricey
  • Eating Out: $326 – also over budget, but pushed over by taking a colleague and her (former tile installer) husband out for dinner so we could pick his brain about tile installation…  In a way, this was a kitchen reno expense.  =P
  • Total Food: $691
  • Mortgage: $1,151
  • Home Maintenance and Repairs: $474 – Truly Nolen raised their rates, which I am less than thrilled at.  But we got our favorite bug guy back, and I don’t feel like our house is at the point where I want to start trying out a new pest control company.  The last thing we need is bugs…
  • Kitchen Renovations: $1,414
  • Bills/Utilities for Primary Residence: $166
  • Total Home: $ 3,205
  • Gas: $199
  • Auto Repairs / Maintenance: $0
  • Total Transportation: $199
  • General Shopping: $223 – includes a birthday gift for Mama PoP – happy birthday again! – and new hiking boots for Mr PoP that he is probably wearing in the woods as I type this.
  • Pet Supplies / Care: $0
  • Total Shopping: $223
  • Gym / Fitness: $53
  • Medical Treatment/Visit: $54
  • Media Subscriptions: $8
  • Media/Entertainment Non-Subscription: $0
  • Total Health/Fitness/Entertainment: $115
  • Travel: $499 – the first half of Mr PoP’s incidentals spending for his vacation with his best friend
  • Total Miscellaneous: $499
  • Total “Personal Expenditures”: $4,932   ($3,518 excluding the kitchen reno items)  
  • Investment Properties: $140, of which ~$100 was to fix a window at our rental.  It was a total freak accident and not our renters’ fault at all.  We were just glad that no one was hurt when the glass broke and that it was a relatively inexpensive fix for Mr PoP that he was able to finish before the tropical storm was scheduled to hit.  (Murphy’s Law would dictate that if he hadn’t been able to finish it, Tropical Storm Ericka wouldn’t have fizzled out like she did.)
  • Total Investment Expenses: $140
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • EBPPS = $11,366 – $4,932 – $140 = $6,294

Principal Paydowns / Savings Allocations

  • Holding Acct For Roth 2015 IRAs: $1,000
  • Transfer to Taxable Investment Account: $5,000 – yay, get to buy some shares on sale!!
  • Total Principal Paydowns / Savings Allocations: $5,000
Net Income = EBPPS – (Principal Paydowns + Savings Allocations)
  • $6,294 – $6,000 = $294 = Net Income

How was your income and spending this month?

23 comments to PoP Income Statement – August 2015

  • I don’t get paid until October. :(
    Nicoleandmaggie recently posted..Sunshine and answers to questionsMy Profile

  • “Income” was still low, but I will finally get normal paychecks in September! Exciting! This has been such a weird year for income for me. A month of just enough to cover expenses, a month off, a month with a signing bonus, and then many months frontloading retirement accounts.
    Leigh recently posted..How I Got My 800 Credit ScoreMy Profile

    • Yay for normal paychecks next month! Mine will go up next month too, since I finished off my 401K for the year with this last paycheck.

      Our paychecks have been unusually steady this year so far since Mr PoP is no longer in a commission position.

  • I haven’t really looked at it yet, but I think we were under average for just about everything except house stuff. I think all the money being spent on shed-building supplies and the rental property suppressed our spending in other areas. I wish I could say I invested in the stock fire sale, but we’re still replenishing our emergency fund after raiding it for a down payment, and that will take another month.
    Norm recently posted..Ending My Relationship With NewspapersMy Profile

  • I love the idea of a per diem for travel expenses. I mean, we always have a travel budget but personal per diem for incidentals sounds way cooler. I’m totally borrowing that the next time we travel :)
    Mrs. Crackin’ the Whip recently posted..Mr. & Mrs. Crackin’ the Whip Go to White CastleMy Profile

  • IT was a good month as you are able to invest over 5000 dollars into a cheap market. Man your an awesome wife, letting him go on travels and giving him an allowance is icing on the cake. Looking forward to seeing the kitchen all done.
    EL @ Moneywatch101 recently posted..What Is Investment Management?My Profile

  • Looks great on the income statement, per diem for travel expenses is a good idea, may have to implement that for our household. Our expenses were a bit high in August because we got a chest freezer.
    Tawcan recently posted..Sunshine Blogger AwardMy Profile

  • A chest freezer? What are you going to do with all that freezer space?

  • That toe kick drawer looks great! I am so impressed by your building your cabinets. Also I think Kitty PoP’s found his new hiding spot.

    Congrats on the solid month!
    Taylor Lee @ Engineer Cents recently posted..August 2015 – Monthly Spending UpdateMy Profile

    • Kitty PoP is loving hanging out in the empty cabinetry I brought in to work on while Mr PoP is gone. I’m now debating making one of the cabinets his own little dedicated spot to hide in.

  • Agreed. The toe kick drawer looks like an awesome idea to reclaim unused space!! We’re green on all fronts, so we were able to continue paying off debt. Yay! :)
    Claudia @ Two Cup House recently posted..Money Down the Drain…the Path to Water ConservationMy Profile

  • dandarc

    I’m sure this has been asked before (possibly by me), but why do you have a “holding account for 2015 Roth IRAs?” Why not just put the money in immediately?

    • admin

      Our income is variable and right in the range for cutoff of Roth eligibility so we often don’t know until dec 31 whether or not we are Roth eligible or if we need to back door into it. So we just hold on to the cash and think of it as a variable part of our cash buffer that we can access if the SHTF or we have a really compelling investment opportunity throughout the year.

  • My income keeps going “down,” but it’s in a good way. We have our HSA stuff removed from our paycheck pre-tax, and I caught an error in that withholding. I adjusted so we can max out our HSA this year. Our employer uses a fiscal plan year for our insurance stuff (ugh) while everything else goes on a tax year, so I have to be careful every year to get everything lined up correctly with our HSA and our FSA dependent reimbursement for daycare. Just glad I caught that.

    I also upped my 403(b). So, while my income doesn’t look great, I know it’s all in pursuit of something better down the road!

    We did max out our Roth IRAs already, so that’s exciting. I did look at maxing out our 403(b) after the post over at N&M, but that would take pretty much everything we make. So I continue to slowly nudge that up instead.
    Leah recently posted..Time and seasonsMy Profile

    • Well done on catching the FSA errors and on already maxing our your Roth IRAs! We have to keep track of where we are in plan year vs tax year, too since our plan year doesn’t match up with the calendar year. But luckily we don’t max the FSAs out (we do with the HSA), so haven’t run into having too much pulled out in a single tax year yet.