PoP Income Statement – December 2015

Welcome to our December 2015 Income Statement!

Amazingly, this picture makes Mr PoP's phone look better than it does in person!

Amazingly, this picture makes Mr PoP’s phone look better than it does in person!

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…

Income

  • 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

Expenditures

  • 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
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • 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
Net Income = EBPPS – (Principal Paydowns + Savings Allocations)
  • $6,626 – $6,000 = $626 = Net Income

How was your income and spending this month?

14 comments to PoP Income Statement – December 2015

  • Funny, I just got a new phone yesterday. After all my rah-rah boasting about how great my 2004 model is, Marge convinced me that, after ten years, I need to get a phone with actual texting capabilities. We have tenants younger than me, and young folks like to text! So I got a Moto E, the first time I’ve ever paid for a phone in my life. To me it’s so advanced, it’s like this thing dropped from space! It cost $40 on Amazon and I don’t expect to pay more than my usual $5/month going forward.

    I am going to miss my old Nokia. It had great sound quality and was indestructible. But like Howard Hughes muttered at the end of “Aviator,” it’s the “wave of the future wave of the future wave of the future,” and I need to get on board. I see a bittersweet blog entry in my future.
    Norm recently posted..The Ridinkulous 2015 Annual Expense ReportMy Profile

    • Welcome to the 21st century! =).

      Our renters are texters, too… Which is annoying (since I am not a texter for the most part), but also sometimes a good thing I think. I imagine they are much more apt to tell us if there is any issue when they can text it instead of calling.

  • I need a new phone but I just hate paying for them. Haha call me cheap or whatever but paying for phones is just the worst in my mind. Although, I do use it for work primarily so I do need it.
    Michelle recently posted..How I Made $320,888 In 2015 – My December Online Income Report and Annual Wrap UpMy Profile

    • With that kind of income this year, I’m pretty sure you could afford it. =).

      Mr PoP is in love with his new giant phone (which he thinks of more as a computer he carries around all the time), but I’m still holding out hope for a smaller phone that is still feature rich. Perhaps next years’ iPhone will have a tiny option!

  • I highly, highly recommend getting a good case for your phone. I have a lifeproof case, which is okay. It’s likely too much, tho it will help if I get caught in a freak rainstorm, but I got it because my toddler loves my phone. My husband has an otterbox case, and it seems to be a nice mix of protection while not covering up the phone too much. In any case, a good case will help prevent accidents like the above.

    I am also holding out hope for an “iphone mini” one of these days. I don’t need or want a giant screen! I want a phone that fits comfortably in my hand and can go in my pocket.

    Curious about charity: is there a time of year when you make a big charity push? Or are you not much for donating? Do you foresee donating more eventually as your money starts to work for you more and more?
    Leah recently posted..ThankfulMy Profile

    • Mr PoP did pick out a case for his phone that he was then gifted for Christmas from his parents. =)

      As for charity, we aren’t big into monetary donations, but this year ended up being notably low. Wasn’t really intended that way, just kindof happened. We actually envision ourselves giving more time to charity in years to come as we have in the past, but that didn’t really happen in 2015, either. Our kitchen project really did take up a lot of mental space for us in 2015 and charity is one of the things that fell to the back burner as a result, I think.

  • I am so impressed with how you break down your finances to a penny. Phones are so expensive today, but I have to say my phone have saved me money and time by utilizing the apps. I just can’t get over how much we spend on phones now.
    Petrish recently posted..Making the Most of Your ResolutionsMy Profile

  • Heidi

    Buy an Otterbox! I work in a lab, and am a klutz- I drop my phone regularly on brick, tile, off the table, etc and I broke the Otterbox case that is supposed to be indestructible (after 2 years) but the phone does not have a scratch. I think I got mine off Amazon for about $30.

    • Mr PoP wasn’t a fan of the otterbox he saw, but he did get a case! So hopefully no more disasters like this one. Amazingly, prior to this, he had iPhones pretty much exclusively since the first one came out in 2007 and barely got a scratch on any of them. After 8.5 years, we guessed his card was due!

  • Well, we spent less than we took in, which is always a win, even though we had no special savings for Christmas and we did buy a tree, presents for the boys, and whatnot, plus we had a friend come to visit and spent some money on entertainment. (Star Wars!)

    Sometimes it’s just plain fun to have a brand-new Thing. Hope Mr. PoP enjoys it!
    Frugal Paragon recently posted..January Buying BreakMy Profile

    • Mr PoP is loving it, thanks! How did you find Star Wars? We’re not Star Wars people, really, but the reviews I saw were kindof mixed.

      • I had low expectations and was pleasantly amazed. I am a Star Wars person, but I think the movie holds up on its own. It was nicely done. It’s directed by JJ Abrams, who does the Star Trek movies, so it has a bit of a similar feel.

        I think some people will always be critical, but it was a fun movie that felt true to the original three movies, and I enjoyed it much better than the prequels.
        Leah recently posted..ThankfulMy Profile

  • Lucas

    Good way to close out the year :-) Happy new year and best wishes on a great 2016

  • Thanks, Lucas! Same to you for 2016!

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