Welcome to our February 2014 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.
February was a solid and uneventful month when it came to our income and spending, but actually a nice and somewhat eventful month for us personally. I ran a marathon, have been cooking a lot in my brand spanking new pressure cooker/slow cooker/yogurt maker (the Instant Pot IP-DUO60), we hung out with a lot of good friends, and perhaps most exciting – I bought a miracle fruit plant. Now I just need to properly care (and keep Kitty PoP from eating it) for it for a few years until I can get it to fruit! Then we’re in for some HUGE excitement. =)
All in all, a solid start to the new year.
The Bottom Line
- Earnings before principal paydowns and savings allocations of $4,705.
And here are the details…
- Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $6,667
- Rental Income: $1,525
- Miscellaneous Income (rebates, reimbursements, etc.): $0
- Total Income: $8,192
- Groceries: $334
- Eating Out: $279
- Total Food: $613 – slightly over the $600/month goal, but not gonna sweat it!
- Mortgage: $1,213 – escrow adjustment, and making up for a small shortage…
- Home Maintenance and Repairs: $58
- Total Home: $ 1,271
- Gas: $265 – Q1 Car Challenge is going really well – this is even with a weekend trip out of town!
- Auto Repairs / Maintenance: $7
- Total Transportation: $272
- Bills/Utilities for Primary Residence: $268 – for some reason our internet hit twice this month on autopay…
- Bills/Utilities for Investment Properties: $91
- Total Bills / Utilities: $359
- General Shopping: $132
- Pet Supplies / Care: $0
- Total Shopping: $132
- Gym / Fitness: $138 – registered for a race!
- Medical Treatment/Visit: $0
- Media Subscriptions: $8
- Media Non-Subscription: $20
- Total Health/Fitness/Entertainment: $166
- Travel: $664
- 501c3 Charity: $10
- Total Miscellaneous: $674
- Total “Everyday Expenditures”: $3,487
- EBPPS = $8,192 – $3,487 = $4,705
Principal Paydowns / Savings Allocations
- Holding Acct For Roth 2014 IRAs: $1,000
- Transfer to Taxable Investment Account: $3,700
- Total Principal Paydowns / Savings Allocations: $4,700
Net Income = EBPPS – (Principal Paydowns + Savings Allocations)
- $4,705 – $4,700 = $5 = Net Income
How was your income and spending this month?