Welcome to our December 2013 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.
I’ll wrap up the whole year’s spending on Friday, but here is how December turned out… I wish I had a single word to encapsulate how I feel about December… Perhaps, “we survived”? Or “I’m so glad it’s finally over”? Those will have to do.
- While it’s not the biggest expense on the list, food spending was what drove me batty this month. The vast majority of this was because I was too stressed to cook as much and Mr PoP was too stressed to want to consume anything other than Dunkin’ Donuts and Starbucks coffee. Restaurant spending came in at double what we budget. Double. Gag me, right? Also, what is up with milk now being over $4/gallon? If this is farm bill BS, I’m seriously annoyed.
- December is always a relatively pricey one for the duplex as we renew property insurance and our (not so) beloved Citizens insurance raised the rates yet again. Not super fun.
- And between holiday gifts for folks (family, friends, and some of Mr PoP’s clients…) and buying Mr PoP a new computer (all of which we probably spent more on than we would have had it not all happened at the last possible moment), the shopping spending was fairly insane. I only feel slightly better after going back to work after the holidays and hearing one of my coworkers say they spent over $3,500 on Christmas gifts for their immediate family.
So yeah… definitely not closing out the year with a win spending-wise. Fabulous, right?
The Bottom Line
- Earnings before principal paydowns and savings allocations of $1,857.
And here are the details…
- Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $7,998
- Rental Income: $1,525
- Miscellaneous Income (rebates, reimbursements, etc.): $177
- Total Income: $9,700
- Groceries: $360
- Eating Out: $377
- Total Food: $737 – totally a reflection of our stress levels. I hate Q4.
- Mortgage: $1,167
- Home Maintenance and Repairs: $530 – garage is getting close to being done
- Total Home: $1,697
- Gas: $369
- Auto Repairs / Maintenance: $0
- Total Transportation: $369
- Bills/Utilities for Primary Residence: $369
- Bills/Utilities for Investment Properties: $1,727 – most of which is 12 months of homeowners insurance
- Total Bills / Utilities: $2,096
- General Shopping: $2,428 – admittedly, almost $2K of this is a new computer for Mr PoP as his 7-year old laptop was dying…
- Pet Supplies / Care: $0
- Total Shopping: $2,428
- Gym / Fitness: $88
- Medical Treatment/Visit: $10
- Media Subscriptions: $8
- Media Non-Subscription: $110 – Art Basel tickets
- Total Health/Fitness/Entertainment: $216
- Travel: $0
- 501c3 Charity: $300
- Total Miscellaneous: $300
- Total “Everyday Expenditures”: $7,843
- EBPPS = $9,700 – $7,843 = $1,857
Principal Paydowns / Savings Allocations
- Buffer Rebuild – $1,857. After negotiating the new buffer level, we still need another $5K or so here…
- Total Principal Paydowns / Savings Allocations: $1,857
Net Income = EBPPS – (Principal Paydowns + Savings Allocations)
- $1,857 – $1,857 = $0 = Net Income
How was your income and spending this month?