PoP Income Statement – December 2016

Counter installed! Yay!

Counter installed! Yay!

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.

We named our tree El Gordo this year because it ended up being quite a bit fatter than we thought when we brought it home!

We named our tree El Gordo this year because it ended up being quite a bit fatter than we thought when we brought it home!

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.

Made with love, by the PoPs!

Made with love, by the PoPs!

 

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…

Income

  • 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

Expenditures

  • 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
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • 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
Net Income = EBPPS – (Principal Paydowns + Savings Allocations)
  • $8,042 – $8,000 = $42 = Net Income

How was your income and spending this month?

11 comments to PoP Income Statement – December 2016

  • POP,

    Your December income is very impressive! Also ya’ll were able to control expenses in a typically expense crazy month. I have to improve my spending habits this year as they were elevated way over my comfort level last year.

    Best wishes in 2017!!

    MDP
    My Dividend Pipeline recently posted..December 2016 RecapMy Profile

  • Nice tree! It looks a lot like ours, but we left off the star on top this year. We always chop ours down, so I try to find a narrow one in the field so it can fit into our usual spot.
    Norm recently posted..The Average Day of Frugal DudeMy Profile

  • We meant to get a tree this year but by the time we had time we were about to leave to visit relatives. We did put up our felt tree and a bunch of other decorations though.
    Nicoleandmaggie recently posted..January Mortgage Update and Wells Fargo thinks we’re ready to buy a new homeMy Profile

    • Yeah, if we were traveling, we definitely wouldn’t have put a tree up. The felt tree sounds like a pretty good compromise, though! We went easy on the outdoor lights this year, too – we bought one of those Star Shower laser lights and shone it into our big oak tree instead of decorating the house. Lazy, but dang that laser looked cool in the tree!

  • Your kitchen is looking so great! I love it!

    We have an artificial tree that we put up every year and it is so lovely. As we’ve worked to reduce the gifts part of Christmas, I find more joy in the tree and the memories in our collection of ornaments.

    Happy new year!

    • Thanks, Leigh! Right now the appliances are pulled out as we’re oiling the last little section of countertop after installation, but I think we’re going to have to do a big update pretty soon on everything we’ve been up to in here.

      Your tree experience sounds lovely – do you have a favorite ornament in your collection? We try and add a couple of new ornaments every year, and like to base them on whatever we’ve been up to that year. It makes putting them up more enjoyable!

  • December looked good! Although partly because we mooched off my parents for our 8 day visit, so way less groceries and whatnot! And it was a 3 paycheck month.

    It’s funny, though–having extra money this month made me LESS inclined to spend it. Because I saw how close I was to having enough money to pay off my lawyer, I think I will just, well, do that. Clothes and whatnot can wait. (Well, for a while at least. I’m in danger of looking unprofessional at work!)

    I love the cutting board!
    Frugal Paragon recently posted..Domestic Hits and Misses, or That’s Why You Make a MuslinMy Profile

    • It is funny, but that’s totally how I react sometimes, too. Oooh, looking like a frugal month, hold off on spending for a little while longer! Silly, but it happens. =P.

      Glad your visit with your parents over the holiday went well, too! You deserve it. =)

  • Papa POP

    I have to agree with you re: the cutting board–although I still have not decided if it is a “real” cutting board, or wall art! I started to use it day before yesterday (then thought better of it) and simply put it back under the tree where I can see it from my chair! It was/is THE BEST!

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