PoP Income Statement – February 2013

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More tourist trap pics. Otters are so much cuter than gators.

Welcome to our February 2013 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.

28 days in February just never seems like quite enough. We had some visitors come into town at the end of the month to stay for a week, and we we traveled earlier in the month, so restaurant spending creeped up a bit. But I think we did a pretty good job of keeping it in check. I’ll cop that March will probably have the same excuse since I’ve got another trip out of town and we have another set of guests, but the travel and time with friends are worth the thousands of pennies. Even tens of thousands of pennies!

Income this month is a pretty good representation of what our new baseline income will be in 2013. We’re both set up to max out our 401Ks this year, so the witholdings on our paychecks are quite high. This months’ wage numbers reflect what a month looks like when Mr. PoP hasn’t made any additional bonuses or commissions for the month. (This is pretty common at the beginning of the year since his quotas reset every year.) My income is usually pretty constant, so the variation comes from Mr. PoP’s job in sales.

The Bottom Line

  • Earnings before principal paydowns and savings allocations of $3,276.

And here are the details…

Income

  • Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $6,134 (lower than previous baseline since 401K adjustments came this pay-period. We are both on schedule to max out our 401Ks this year – $17.5K each! – something we’ve never done before.)
  • Rental Income: $1,500
  • Miscellaneous Income (rebates, reimbursements, etc.): $134
  • Total Income: $7,768

Expenditures

  • Groceries: $436
  • Eating Out: $366
  • Total Food: $802
  • Mortgage: $1,167 – went up by $1 for escrow increase – no complaints about that =)
  • Home Maintenance and Repairs: $408
  • Total Home: $1,578
  • Gas: $359
  • Auto Repairs / Maintenance: $22
  • Total Transportation: $381
  • Bills/Utilities for Primary Residence: $370
  • Bills/Utilities for Investment Properties: $41
  • Total Bills / Utilities: $411
  • Interest Payments on Non-Mortgage Debt: $24 – this is the last interest payment on the HELOC – yay!
  • Car Loan Payments: $6,757 – $6,000 (set aside last month for debt paydown) = $757
  • Total Interest / Car Loan Payments: $781
  • General Shopping: $110
  • Pet Supplies / Care: $20
  • Total Shopping: $130
  • Gym / Fitness: $83
  • Medical Treatment/Visit: $79 – Mr. PoP was sick. Boo!
  • Media Subscriptions: $25
  • Media Non-Subscription: $13
  • Total Health/Fitness/Entertainment: $200
  • Travel: $209 – could have been less if I had booked with AirBnB!
  • Total Miscellaneous: $209
  • Total “Everyday Expenditures”: $4,492 – Not too bad, considering this pulled forward two extra months of car payments to kill the car loan completely with the rest of the money set aside for debt paydown. Now the car loan is totally gone, so that frees up ~$260/month.
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • EBPPS = $7,768 – $4,492 = $3,276

Principal Paydowns / Savings Allocations

  • Transfer to IRA Holding Account: $1,000
  • Transfer to Savings for Personal Loan Payoff: $2,200
  • Total Principal Paydowns / Savings Allocations: $3,200

Net Income = EBPPS – (Principal Paydowns + Savings Allocations)

  • $3,276 – $3,200 = $76 = Net Income

Cash accounts decreased this month, since $3,276 came in as net income and savings, but $6,000 that was set aside for debt paydown went out the door. So that means that cash accounts went down by $2,724 ($6,000 – $3,276). And I don’t mind one bit that the cash accounts are down. It just feels nice to have knocked another debt off the records completely.

 

How’s your income statement looking this month? Hacking away at debt like we are?

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