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 solid month on our Income Statement, with a little bit of splurging on restaurants and shopping for others for the holidays, but a nice bottom-line overall. Having just taken down the Christmas tree this afternoon, I will say that it was nice to have one this year (renovations really prevented it the past two years), but I don’t feel the need to go all out with a tree every year just for the sake of tradition. They’re beautiful, but they are a good deal of work to put up and take down!
Our countertop installation took quite a bit more work than putting up the Christmas tree, but luckily this should be the only time we ever have to mess around with that massive piece. It does look pretty, though!
In terms of gifts, my favorite this year was one that we gave to Mr PoP’s dad, Papa PoP. After installing the biggest section of our brand new countertop, we were left with a small bit that was trimmed off as excess that we sliced into 1″ slices, rotated 90-degrees, and glued together to make an end-grain cutting board. We used a wood-burner to burn our initials on the back, added some rubber feet, and oiled it with a food-grade oil so they can use it as a cutting board and not just a decoration.
Mama PoP and Papa PoP also got us some neat toys for the kitchen-a Joule Sous Vide cooker and Breville convection toaster oven. We’ll probably write a post about the Joule in the future, but Mr. PoP is pretty happy with it so far. Thanks Mama & Papa PoP!
We’ll do a wrap-up on the whole year later this week, but this is December’s numbers!
The Bottom Line
- Earnings before principal paydowns and savings allocations of $8,042.
And the details…
- Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $11,673
- Rental Income: $1,600
- Miscellaneous Income (rebates, reimbursements, etc.): $0
- Total Income: $13,273
- Groceries: $377
- Eating Out: $329 – lots of holiday outings with friends (two on boats, yay!) and “on-the-go” as we were busy this month!
- Total Food: $706
- Mortgage: $1,150
- Home Maintenance and Repairs: $75
- Kitchen Renovations: $476 – I honestly have no idea what all this was… we’ve gotten bad about tracking this, but do have a pile of returns we need to take care of
- Bills/Utilities for Primary Residence: $178
- Total Home: $1,879
- Gas: $184
- Auto Repairs: $0
- Total Transportation: $184
- General Shopping: $364 – a handful of gifts and household items
- Pet Supplies / Care: $0
- Total Shopping: $364
- Gym / Fitness: $53
- Medical Treatment/Visit: $95 – new glasses for me from Warby Parker!
- Media Subscriptions: $8
- Total Health/Fitness/Entertainment: $156
- Charity: $300
- Total Miscellaneous: $300
- Total “Personal Expenditures”: $3,589
- Investment Properties: $1,642 – homeowner’s insurance on the duplex was the bulk of this
- Total Investment Expenses: $1,642
- EBPPS = $13,273 – $3,589 – $1,642 = $8,042
Principal Paydowns / Savings Allocations
- Transfer to Holding Account for Sunny Restoration or NSX purchase?: $1,500
- Transfer to Taxable Investment Account: $6,500
- Total Principal Paydowns / Savings Allocations: $8,000
- $8,042 – $8,000 = $42 = Net Income
How was your income and spending this month?