PoP Income Statement – January 2014

Welcome to our January 2014 Income Statement!

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This little guy was on the beach this morning, and he was too cool. Shame YouTube wasn’t letting me upload the video since he was opening and closing his shell (mouth?) much like a venus fly trap.

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’s in the bag, and 2014 is off to a pretty good start for us.

Income was pretty great this month, thanks to a lot of hustling by Mr PoP at his job as the fiscal year closed out in December.

Expenses weren’t too bad, either… well, except for our general shopping category. But most of that shopping spending is actually just 3 sizable purchases that are enabling us to save some money down the road – namely, a new bike for Mr PoP to make dropping down to 1 car not a big deal, and two fancy new-used Sprint iPhones to be used on Ting. When we sell our old phones, we’ll recoup some of this outlay.

All in all, a solid start to the new year.

The Bottom Line

  • Earnings before principal paydowns and savings allocations of $18,935.

And here are the details…

Income

  • Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $21,749
  • Rental Income: $1,525
  • Miscellaneous Income (rebates, reimbursements, etc.): $169
  • Total Income: $23,443

Expenditures

  • Groceries: $405
  • Eating Out: $194
  • Total Food: $599 –  a win, since the aim is averaging $600 or less per month this year while eating better
  • Mortgage: $1,167
  • Home Maintenance and Repairs: $201
  • Total Home: $ 1,368
  • Gas: $211 – and the Q1 Car Challenge is off to an excellent start!
  • Auto Repairs / Maintenance: $4
  • Total Transportation: $215
  • Bills/Utilities for Primary Residence: $362
  • Bills/Utilities for Investment Properties: $41
  • Total Bills / Utilities: $403
  • General Shopping: $1,374 – new bike for Mr PoP, along with 2 brand new-used iPhones for the switch to Ting
  • Pet Supplies / Care: $0 – Kitty PoP’s food was actually free this month thanks to an awesome Publix coupon
  • Total Shopping: $1,374
  • Gym / Fitness: $73
  • Medical Treatment/Visit: $0
  • Media Subscriptions: $8
  • Media Non-Subscription: $0
  • Total Health/Fitness/Entertainment: $81
  • Travel: $408 – and boy am I looking forward to this vacation…
  • 501c3 Charity: $60
  • Total Miscellaneous: $468
  • Total “Everyday Expenditures”: $4,508
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • EBPPS = $23,443 – $4,508 = $18,935

Principal Paydowns / Savings Allocations

  • Buffer Rebuild: $5,935 – this initiates our buffer at just about exactly $20K (net of outstanding cc balances) as negotiated for the start of the year. Buffer, completed.
  • Holding Acct For Roth 2014 IRAs: $1,000
  • Transfer to Taxable Investment Account: $12,000
  • Total Principal Paydowns / Savings Allocations: $18,935

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

  • $18,935 – $18,935 = $0 = Net Income

 

How was your income and spending this month?

30 comments to PoP Income Statement – January 2014

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