PoP Income Statement – December 2017

One of the prettiest things I saw this month - a christmas tree decorated very simply and beautifully with lights and bromeliad plants. So very Florida - I loved it!

One of the prettiest things I saw this month – a christmas tree decorated very simply and beautifully with lights and bromeliad plants. It was so very Florida – I loved it!

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.

Happy New Year!

Not going to lie, I’m fairly glad to see 2017 in the rearview mirror and I’m sure Mr PoP feels the same way.  Not to say that it didn’t have its highs (hello, NSX!), but overall – the areas that we “overspent” this year weren’t really enjoyable ones (hello, Irma). 

December spending sent 2017 out with a bang as it was kindof insanely high, mostly due to the $2,900 of spending pretty directly related to the hurricane.  That $2,900 paid for the repairs to our solar panels (two new panels and fixing the connections that were ripped out when Irma tore one off the roof), all new screening for the roof of the lanai, and lastly – we bought a generator.  This is less of a hurricane repair than it is a hurricane preventive measure, and we’ll be making a couple more preventive measures early in the new year in the form of replacing a few openings on the house and making the wind and impact resistant.  While we’ve always known living here that hurricanes can and will happen, living through the prepping for and cleaning up after one makes us realize that our lives would be much easier if we had better built-in prevention measures.  So we’re making them.  

Shopping was high-ish mostly because we ended up splurging and getting a decent amplifier/receiver to add to the 5/1 surround sound system we got last month.  Our guest room used to be an area that we didn’t use much when guests weren’t around, but over the past 6 months or so we’ve transformed it so it’ll be a hang-out/media room where we can watch movies on the projector screen with surround sound, but then we can convert the futon couch into a bed when guests come to visit.

Here’s all the numbers…

The Bottom Line

  • Earnings before principal paydowns and savings allocations of $4,415.  

And the details…

Income

  • Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $12,949
  • Rental Income: $1,600
  • Miscellaneous Income (rebates, reimbursements, etc.): $55
  • Total Income: $14,604

Expenditures

  • Groceries: $459
  • Eating Out: $185
  • Total Food: $644
  • Mortgage: $1,123
  • Home Maintenance and Repairs: $110
  • Hurricane Before/After: $2,900 – remaining hurricane recovery expenses at our house
  • Renovations: $0 
  • Bills/Utilities for Primary Residence: $159 – back to normal with solar panels back online
  • Total Home: $4,292
  • Gas: $141
  • Repairs & Maintenance: $692 – a bunch of miscellaneous items on Mr PoP’s car
  • NSX Payment: $727 – while we paid cash for the car, we opted shortly thereafter to take advantage of the stupid low rate our credit union was offering on car loans to take a loan on the car and have more money liquid in the market.  
  • Total Transportation: $1,560
  • General Shopping: $359
  • Pet Supplies / Care: $0
  • Total Shopping: $359
  • Gym / Fitness: $127 – I bought 5 classes to a new yoga studio to try out!
  • Medical Treatment/Visit: $50
  • Media Subscriptions: $9
  • Media Non-Subscriptions: $0
  • Total Health/Fitness/Entertainment: $136
  • Travel: $156 – a rental car for an upcoming weekend road trip
  • Charity: $100 – we also moved $25,000 to a Donor Advised Fund, which is kindof spending it, but kindof not.  It’s committing to spend it on charity, that’s for sure.
  • Total Miscellaneous: $256
  • Total “Personal Expenditures”: $7,492  ($6,765 net Reno and NSX payment)
  • Investment Properties: $2,697 – property insurance, some hurricane repairs (cutting down a tree), and then a last minute holiday weekend septic pump-out, which we paid a premium for…
  • Total Investment Expenses: $2,697
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • EBPPS = $14,604 – $7,492 – $2,697 = $4,415

Principal Paydowns / Savings Allocations

  • Transfer to Holding Acct for 2017 Roth IRAs: $0 – all done for 2017
  • Transfer to Taxable Investment Account: $4,000
  • Total Principal Paydowns / Savings Allocations: $4,000
Net Income = EBPPS – (Principal Paydowns + Savings Allocations)
  • $4,415 – $4,000 = $415 = Net Income

How was your income and spending this month?

 

3 comments to PoP Income Statement – December 2017

  • Amazing month and savings rate Planting our Pennies. It seems like you’ve had a few unfortunate one-time expenses paid this month as well, so I can only imagine how much that is going to increase when things normalize. Thanks for the detail and a savings rate like this is HUGE for paying down your mortgage quickly and increasing your net worth. Very nicely done.

    Bert
    Dividend Diplomats recently posted..Benefits of Setting Lofty GoalsMy Profile

  • Hmm, that’s a good question. I never totaled up December by itself.

    Looks like I spent just over $4K. Yikes! That’s a lot for me! But my life insurance and car insurance both came due and I wrote the XFP a check for $500 to cover some of the house maintenance. We were going to wait until the house settled and do it then, but he had a car accident and couldn’t wait. I had the money and I gave it to him and two days later I got my full-time hours!

    I earned about $3700 as it was a three-paycheck month, so I was slightly in the red. That’s OK, the year balanced out and I am about to make a lot more :-).

    • Not that it matters to your life really, but I wonder if XFP had the self awareness to realize that his butt was out on a limb and it was only your being on top of your own life that had you in a position to help him out… and that you were probably doing this in a much more hidden way throughout much of your marriage.

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