PoP Income Statement – OMG August 2016!

Welcome to our August 2016 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.

A quick “Happy Friday” (for us) that Hermine dodged us in her path.  Though I hope everyone further north in Florida is safely tucked away as it’s my understanding that she’ll land (well, she should have done that by the time this goes live) as the first hurricane to hit Florida in over 10 years.  That’s right – no hurricanes have hit Florida in the decade that we have lived here

not sure what to cap.As for our income statement this month, Mr PoP is off at Burning Man, so you, dear readers get a look at the full horror show that is our August 2016 spending before he even does.  I did, however, give him a heads up before he and his friend drove off into the desert in search of adventure and god only knows what else.  (I mostly jest; I really am glad he’s getting the chance to go on this trip that he’s been dreaming of taking for more than a decade.)  

In the previous 50 months of Income Statements that we have published here on our blog, there have only been 3 that have been more expensive than this month.  

  • February 2013 – $10,424 in expenses when we paid the remaining balance (nearly $7K) on our car loan
  • February 2015 – $9,988 when we booked nearly $6K in non-reimbursable expenses for installing our solar energy system on our home
  • June 2015 – $9,178 when in the midst of our renovations, we purchased enough tile to retile the entire house…

Unlike those months, though… this month doesn’t really have a large capital improvement on it.  But what it does is cross a huge item off Mr PoP’s bucket list.  

With our yearly pest control bill coming due, and me incurring medical costs to the tune of over $500, it wasn’t going to be a cheap month to start with.   But then adding on over $2300 in expenses for Mr PoP’s trip to San Francisco and Burning Man, along with a brand new top-of-the-line Pentax DSLR ($930!) that he bought to accompany him on the trip.  He’s wanted the camera for a while, opted for the brand new model, and he really wanted to take it to Burning Man, so the timeline got a little accelerated there.  

Short term, it’s a lot of cash going out the door.  But there’s a good chance that we’ll see some come in over the next few months that will cancel out some of those expenses.  You see, Mr PoP is in the process of selling a couple of vintage collectibles that belong to him but have been at his parents’ old house since we moved to Florida 10 years ago (link to anniversary post).  He’ll use that money to net out the cost of his camera, so we’ll credit it to a future month’s shopping budget when it comes in.  

I also expect that we’ll see some sort of reimbursement from Mr PoP’s friend for the shared joint expenses that we have covered so far for Burning Man (ie tickets, shelter – a hexa-yurt!, swamp cooling setup, and a truck rental to get everything into the desert from San Francisco).  That was over $2K in expenses right there, and I think represents most of the joint expenses for the two of them.  My guess is this means that Mr PoP’s friend is going to end up reimbursing us for about $1K of that, and that’ll end up getting credited to our travel sub-ledger when it happens.  

So… if you assume that we’ll have $2K (for the collectible sales and half of Burning Man shared expenses) coming back to us, our expenses for this month would only be “definitely higher than usual”, not “OMG” high.  Not a huge consolation, but I’ll take it.  

Either way, this is not turning into an inexpensive year in the PoP household… but it is a year when some big (and rather expensive) travel urges have been scratched.  And honestly, by the end of the year, we’re both pretty sure we’ll be okay being home bodies for a little while.  

Anyhow, here’s all the dirty detail of the horror show that was PoP August 2016 spending.  

The Bottom Line

  • Earnings before principal paydowns and savings allocations of $3,630.  

And the details…

Income

  • Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $8,029
  • Rental Income: $1,600
  • Miscellaneous Income (rebates, reimbursements, etc.): $899
  • Total Income: $10,528

Expenditures

  • Groceries: $317
  • Eating Out: $227
  • Total Food: $544
  • Mortgage: $1,150
  • Home Maintenance and Repairs: $535 – Truly Nolen renewal was most of this
  • Kitchen Renovations: $72
  • Bills/Utilities for Primary Residence: $152
  • Total Home: $1,909
  • Gas: $157
  • Auto Repairs: $209 – mounting the new tires and an alignment and oil change
  • Total Transportation: $366
  • General Shopping: $1,142
  • Pet Supplies / Care: $0
  • Total Shopping: $1,142
  • Gym / Fitness: $53
  • Medical Treatment/Visit: $523
  • Media Subscriptions: $8
  • Total Health/Fitness/Entertainment: $584
  • Travel: $2,312 – all Burning Man and assorted San Francisco fun for Mr PoP
  • Total Miscellaneous: $2,312
  • Total “Personal Expenditures”: $6,857
  • Investment Properties: $41
  • Total Investment Expenses: $41
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • EBPPS = $10,528 – $6,857 – $41 = $3,630

Principal Paydowns / Savings Allocations

  • Transfer to Holding Account for Sunny Restoration or NSX purchase?: $1,500
  • Transfer to Holding Account for 2016 Roth IRAs: $1,000
  • Transfer to Taxable Investment Account: $1,000
  • Total Principal Paydowns / Savings Allocations: $3,500
Net Income = EBPPS – (Principal Paydowns + Savings Allocations)
  • $3,630 – $3,500 = $130 = Net Income

How was your income and spending this month?

15 comments to PoP Income Statement – OMG August 2016!

  • Tara

    I hope he got a sand resistant case! That sand will get into all the cracks and crevices of that expensive camera. Have fun at Burning Man.

    • I’m pretty sure this is the camera he got (http://www.adorama.com/ipxk70k.html) – the box is at home. And the specs have it as being dustproof and weather resistant, so I don’t think it needs an additional case. The previous model (the Pentax K30) is touted by folks online as specifically having survived Burning Man in years prior (I think there’s even a youtube video of someone dumping a bucket of sand on this line of dustproof Pentax cameras to simulate Afghanistan conditions). So I think he was pretty sure he would be okay as long as he was careful, used only the lens that came with it, and we clean it really well after. In theory, the camera should survive, but I guess I’ll just have to wait and see until Mr PoP returns to the rest of civilization next week to find out for sure. =)

  • You have to spill the beans on what Mr POP’s Burning Man participation is. I’m pretty sure they look down on your if you don’t “participate” in some way. Is he DJing? Stilt-walking? Setting up a giant cockroach made of exhaust pipes?

    We’re heading on our annual camping trip this weekend. At $25 a night, much cheaper than Burning Man, but with fewer fire-breathing dragons! Happy Labor Day!
    Norm recently posted..Cheapskate Analysis: Should I Replace All My Light Bulbs With LEDs?My Profile

    • I don’t know about any giant exhaust pipe cockroach, but I heard mention of participating in the people library(?), so people can reserve time with him as a resource. Not sure what else he and his friend really have up their sleeves, but I assume I’ll hear about it when he’s back!

  • We have been spending a lot of money these past few months. Hopefully it will settle down soon…
    nicoleandmaggie recently posted..Ask the grumpies: Favorite podcasts?My Profile

  • July, August, and September have been pretty expensive in our household too. We are refurnishing and painting our living room with the help of a designer and picking it out together, which is going to be great, but it’s definitely not cheap either.
    Leigh recently posted..Being financially stable doesn’t make you betterMy Profile

    • Wow! What made you guys want to hire a designer rather than just picking stuff out yourselves? Just curious since I don’t think it’s ever crossed my mind to hire a designer to decorate a space.

      • We spent a bunch of time picking out a couch we both agreed on, but then we weren’t sure how to fit it into the space, which pieces of it to pick (custom sectional? pre-built sectional? couch? chairs?), whether to pick a chair to match the couch or something completely different, what color of sectional to go with, what color to paint the walls, how the sectional would go with our existing coffee table and end table, how to better store some of the stuff we have in our living room, etc. There were so many decisions to make and all we really knew was what sectional we found the most comfortable of all the ones we sat on across many stores and that our current furniture arrangement wasn’t working and we didn’t know what other arrangements to try. We’d even gone to the point of going to open houses for larger places, convinced that we needed more space. I’m pretty sure we don’t really need more space. Once we ran into decision paralysis, we hired a designer. We’re really glad we did it – she found some pieces we love that we never would have picked to put together and really helped with the decision paralysis. We have the designs from her now and I’m working on selling our existing couches and then we’ll start buying the new pieces.
        Leigh recently posted..Being financially stable doesn’t make you betterMy Profile

  • It’s tough having outlier months or years. All those experiences are rare but totally worth it but they drag the average up substantially. That’s why we have to have contingency budgeted.

    • I think what shocked me so much about this one was the lack of much tangible to show for it. Other expensive months usually left us with something big that we could feel and touch… This one, well… maybe it’ll feel more substantial when Mr PoP gets back from Burning Man and tells me all about it. I bet he has a different perspective on how this spending feels than I do since he went! =P

  • Spending was fantastic–under $1800 for everything, including utility and housing.

    Income = sorry. Net income of $2005, not counting taxes that I will owe later on spousal support.
    Frugal Paragon recently posted..First Month of Solo SpendingMy Profile

    • Taxes on spousal support? Is he able to pay you with pre-tax money? If not, it feels an awful lot like the govt is double dipping on that one if you both owe income taxes on it.

  • Hope that he had a lot of fun in San Fran with the camera :) Beautiful city, I can’t wait to visit there as an adult when I get my vacation days set in place!
    Finance Solver recently posted..Understand How to Buy Just as Much as How to SaveMy Profile

  • Always love reading income reports, net worth updates and the like. Any thought about dividend paying stocks to your mix of income?
    DivHut recently posted..Dividend Income Update August 2016My Profile

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