Welcome to our January 2016 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.
Though it didn’t feel like it at the time, January turned out to be our lowest spending month in over 2.5 years (since June 2013!). What made our spending so low? Well, mostly the fact that we didn’t spend a ton on the kitchen this month. =P
Kitchen spending was officially negative $10 this month, between depositing cash that we made from selling a couple of items that came out of the kitchen (the old stove and fridge) and our first $80 refund from using the Price Protection benefit on our credit card, we offset (plus a little extra), the incidentals that we spent continuing our kitchen project. We’re not 100% done with kitchen spending, but the bulk of it is definitely in our rear-view mirror now, and that feels pretty good.
Shopping was also high, as Mr PoP bought two suits at the last minute to attend a conference for work, and also bought an iPod since he decided he didn’t want to risk bringing his new iPhone to the gym with him to work out. I bought myself a pair of goggles since mine have gone MIA and I needed to do some swimming workouts after hurting my foot. =P
Lastly, a fair amount of money also went into our rental duplex this month. We had a quick turnover of renters, with one set moving out on Jan 1st, and another set moving in on January 3rd, giving us 2 days to turn the place around. And during those two days I wished we didn’t have a rental property since it was too short of notice to hire any of the needed work out, so we were left to do it all ourselves.
One of the outgoing renters was borderline hoarder (or maybe a full-on hoarder if his roommate hadn’t tried to keep it under control), and we ended up needing to do a fair amount of clean up and repair since *too much stuff* increased the wear and tear on the unit. While I was dealing with the mess (I’ve tried to block the mental images of what I scrubbed from the walls) and painting, Mr PoP was repairing a leak the outgoing tenants only told us about when they were getting ready to leave. That meant he got to spend those two days tearing out part of the shower, replacing the rotted concrete board behind it, and retiling the shower wall. What a guy, right?
Mr PoP also bought a new weedwacker to help him better maintain the lawn and edging at the duplex, and so he can stop having to borrow his dad’s every week. It was pricey, but he promises to wack all the weeds (and all the rain we’ve had this winter means there are plenty of them to wack!), so hopefully it will be worth it.
The Bottom Line
- Earnings before principal paydowns and savings allocations of $6,016.
And the details…
- Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $7,957
- Rental Income: $1,965 – weird month with security deposit from new tenants
- Miscellaneous Income (rebates, reimbursements, etc.): $298
- Total Income: $10,220
- Groceries: $429
- Eating Out: $251
- Total Food: $680
- Mortgage: $1,151
- Home Maintenance and Repairs: $75
- Kitchen Renovations: –$10 – yes, this is negative $10 since we had more $ coming in than going on with the kitchen this month!
- Bills/Utilities for Primary Residence: $200 – high since we essentially had two full cell phone bills to pay since the swtich of Mr PoP to his company’s plan wasn’t straightforward coming off Ting, but that should be done now
- Total Home: $ 1,416
- Gas: $167
- Auto Repairs / Maintenance: $0
- Total Transportation: $167
- General Shopping: $668
- Pet Supplies / Care: $25 – big month for Kitty PoP, food & litter!
- Total Shopping: $693
- Gym / Fitness: $53
- Medical Treatment/Visit: $131 – mostly because I hurt my foot =(
- Media Subscriptions: $8
- Media/Entertainment Non-Subscription: $22
- Total Health/Fitness/Entertainment: $214
- Travel: $95
- Charity: $50
- Total Miscellaneous: $145
- Total “Personal Expenditures”: $3,315
- Investment Properties: $889
- Total Investment Expenses: $889
- EBPPS = $10,220 – $3,315 – $889 = $6,016
Principal Paydowns / Savings Allocations
- Transfer to Holding Account for Sunny Restoration: $1,500
- Transfer to Holding Account for 2016 Roth IRAs: $1,000
- Transfer to Taxable Investment Account: $3,500
- Total Principal Paydowns / Savings Allocations: $6,000
- $6,016 – $6,000 = $16 = Net Income
How was your income and spending this month?