Welcome to our December 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.
When we started off the first day of the month with over $2K in charges finally coming through from spending the previous month (those appliances I bought on black Friday!), we knew it was going to end up as a pricey month. And it was, but it also wasn’t nearly as expensive as it could have been given everything that we had going on.
In terms of gadgets, Mr PoP got the new iPhone (at ~$450 so far – he still wants to buy AppleCare – it’s definitely not a used phone from Glyde this time) that he had been pondering getting for a while, with the impetus to finally pull the trigger being how thoroughly he managed to destroy his old iPhone 4S after dropping it while tiling. (See picture above!) This is kindof a weird purchase for us, because it means an end of Mr PoP on Ting with me. (We’ve been happily with Ting for just about 2 years now.) This phone allows Mr PoP to go onto a company-paid cell phone plan, at zero cost to us – but by our calculations, given the $15-$20 that Mr PoP’s usage cost us on Ting, it’s a pretty darned long pay-off period for this “free” cell phone plan (we figure at least 2 years…). But Mr PoP had been wanting to upgrade, and breaking his phone sealed the deal. So he got his new phone and went on the company-paid plan mid-month.
The A/C on the car also stopped blowing cold, which was more of a headache than it would normally be in December since we had temperatures in the mid-80s for much of the month. Luckily we took it to the same shop that we had success with last month and it ended up being a relatively inexpensive repair. We also had to pay insurance for the next 6 months on the car.
Food spending was a bit high, and there were a fair number of meetups with people at restaurants towards the end of the month. But all in all, not too terrible.
Here are the numbers!
The Bottom Line
- Earnings before principal paydowns and savings allocations of $6,626.
And the details…
- Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $13,164
- Rental Income: $1,550
- Miscellaneous Income (rebates, reimbursements, etc.): $141
- Total Income: $14,855
- Groceries: $416
- Eating Out: $295
- Total Food: $711
- Mortgage: $1,151
- Home Maintenance and Repairs: $75
- Kitchen Renovations: $2,873 – technically includes ~$2K in appliances purchased on Black Friday, the rest was tile and cabinetry supplies
- Bills/Utilities for Primary Residence: $184
- Total Home: $ 4,283
- Gas: $149
- Auto Repairs / Maintenance: $120 – a leaky gasket on the A/C was fixed and the freon was recharged
- Auto Insurance: $309 – our 6-month premium with pre-payment discount
- Total Transportation: $578
- General Shopping: $715 – a good chunk of this is Mr PoP’s new iPhone, another $100 or so is in bike parts that I needed to buy before year end to get reimbursed, but then we also bought a fair number of gifts for others and a few odds and ends (like a new brush cage for Roomba!)
- Pet Supplies / Care: $0
- Total Shopping: $715
- Gym / Fitness: $78 – gym and a race
- Medical Treatment/Visit: $0
- Media Subscriptions: $8
- Media/Entertainment Non-Subscription: $8
- Total Health/Fitness/Entertainment: $94
- Travel: $0
- Charity: 100 – We gave $100 to my old high school as I do most years during their end of year fundraising appeal
- Total Miscellaneous: $100
- Total “Personal Expenditures”: $6,481 ($3,608 excluding the kitchen reno items)
- Investment Properties: $1,748
- Total Investment Expenses: $1,748
- EBPPS = $14,855 – $6,481 – $1,748 = $6,626
Principal Paydowns / Savings Allocations
- Transfer to Taxable Investment Account: $6,000
- Total Principal Paydowns / Savings Allocations: $6,000
- $6,626 – $6,000 = $626 = Net Income
How was your income and spending this month?