PoP Income Statement – January 2013

20130203-161043.jpg

Kitty PoP’s got a literal monkey on his back… but he doesn’t seem much bothered by it.

Welcome to our January 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.

January seems to have flown by, although I think I’m finally in the habit of writing the date as 2013 instead of 2012. It was a pretty crazy month income-wise due to some last minute sales that Mr. PoP made at the end of the FY at his job. We’ve got a post in the works of how his variable income plays a role in our lives (because sales can be a roller coaster gig if you let it!), so expect that sometime soon.

As for expenses, other than our semi-annual interest payment to Mr. PoP’s parents (since they were our lenders when we bought the duplex!), we did a pretty good job holding down most expenses. Gas and groceries were way down from our October highs, so I’m pretty pleased with that. Fitness and travel are up, though. And in this case, they are tied. After thinking I was done registering for races, I went ahead and booked one more for this racing season – an out of state race. Hence fitness + travel being up this month.

But, we still had a pretty great month. The HELOC is dead. Can I say that again? THE HELOC IS DEAD. YAY! We also set aside $6K that will be used for generic paydown purposes. We’re just double checking that we’re still on the same game plan in terms of prioritizing our debt before pulling the trigger.

 

The Bottom Line

  • Earnings before principal paydowns and savings allocations of $13,034.

And here are the details…

Income

  • Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $17,277
  • Rental Income: $1,500
  • Miscellaneous Income (rebates, reimbursements, etc.): $38
  • Total Income: $18,815

Expenditures

  • Groceries: $398
  • Eating Out: $289
  • Total Food: $687
  • Mortgage: $1,166
  • Home Maintenance and Repairs: $69
  • Total Home: $1,235
  • Gas: $368
  • Auto Repairs / Maintenance: $22
  • Total Transportation: $390
  • Bills/Utilities for Primary Residence: $401
  • Bills/Utilities for Investment Properties: $41
  • Total Bills / Utilities: $442
  • Interest Payments on Non-Mortgage Debt: $1,288
  • Car Loan Payments: $265
  • Total Interest / Car Loan Payments: $1,553
  • General Shopping: $519
  • Pet Supplies / Care: $14
  • Total Shopping: $533
  • Gym / Fitness: $194
  • Medical Treatment/Visit: $25
  • Media Subscriptions: $25
  • Total Health/Fitness/Entertainment: $244
  • Travel: $497
  • 501(c)3 Charity:$200
  • Total Miscellaneous: $697
  • Total “Everyday Expenditures”: $5,781 – but $1,250 of this went straight into the pockets of Mr. PoP’s parents as our semi-annual interest payment on the loan we used to buy our $50K duplex.
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • EBPPS = $18,815 – $5,781 = $13,034

Principal Paydowns / Savings Allocations

  • Principal on HELOC: $5,500 – This kills the HELOC completely. Wow. That’s $38K paid off since our May Balance Sheet.
  • Savings for Estimated Income Tax Liability*: $500
  • Transfer to IRA Holding Account: $1,000
  • Transfer to Savings for Personal Loan Payoff: $6,000
  • Total Principal Paydowns / Savings Allocations: $13,000

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

  • $13,034 – $13,000 = $34 = Net Income

So all told, our cash accounts grew by $7,534 this month. (Most of which is $7,500 added to short and medium term savings.)

* This is the last of the $2,000 I wanted to set aside because of a tax that I think we’re going to have pay this year which we never have before.

 

How’s your income statement looking this month?  Did you find yourself adding “just one more” to a budget category and ending up going over like my race?  

30 comments to PoP Income Statement – January 2013