PoP Income Statement – July 2013

Welcome to our July 2013 Income Statement!

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This face gets the vet techs fawning over him every year!

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.

July seemed to fly by in the blink of an eye in the PoP household. We spent two weekends at our duplex working up a sweat DIY-ing the linoleum floors and then doing some repainting the other weekend.

We also established a new policy for renters – absolutely no painting. No matter what their intentions, renters generally can’t repaint it back the way it was and never buy the high quality paint. So hopefully we won’t have this issue with repainting again. Or if we do, we’ll charge them a boat-load more.

And in probably the most exciting news, we paid off that $50K loan that Mr. PoP’s parents generously lent us 3 years ago. So this will be the last time you see interest or loan payments (outside of our mortgage) on one of these income statements. =)

 

The Bottom Line

  • Earnings before principal paydowns and savings allocations of $4,364

And here are the details…

Income

  • Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $9,606
  • Rental Income: $350 – low because of pre-payment from new renters last month
  • Miscellaneous Income (rebates, reimbursements, etc.): $269
  • Total Income: $10,225

Expenditures

  • Groceries: $362
  • Eating Out: $244
  • Total Food: $626
  • Mortgage: $1,167
  • Home Maintenance and Repairs: $380 – so sad that Truly Nolen went up slightly in price. =(
  • Total Home: $1,547
  • Gas: $426 – Ugh. Though $40 of this is in a unspent gift card from the Publix gas deal at the end of the month, it still represents a LOT of running around in Mr. PoP’s gas guzzler on the weekends, but ’twas actually necessary running around, so ah well.
  • Auto Repairs / Maintenance: $10
  • Total Transportation: $436
  • Bills/Utilities for Primary Residence: $403
  • Bills/Utilities for Investment Properties: $519
  • Total Bills / Utilities: $922
  • Interest Payments on Non-Mortgage Debt: $1,250
  • Total Interest / Loan Payments: $1,250
  • General Shopping: $418
  • Pet Supplies / Care: $132 – Kitty PoP’s yearly vet visit. He’s healthy – yay!
  • Total Shopping: $550
  • Gym / Fitness: $73
  • Medical Treatment/Visit: $114
  • Media Subscriptions: $8
  • Media Non-Subscription: $1
  • Total Health/Fitness/Entertainment: $196
  • Travel: $334
  • Total Miscellaneous: $334
  • Total “Everyday Expenditures”: $5,861
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • EBPPS = $10,225 – $5,861 = $4,364

Principal Paydowns / Savings Allocations

  • Paid Off Family Loan: $50,000 – though money was already allocated for this, so uncounted here
  • Total Principal Paydowns / Savings Allocations: $0

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

  • $4,364 – $0 = $4,364 = Net Income

 

Since we depleted our cash position by a whopping $51,250 in the middle of the month by paying off that $50K loan (the other $1,250 was our bi-annual interest payment on the loan), this month we’re not setting any of our money aside for specific savings goals. We’re in the rebuilding stage on our buffer, though the pretty solid income month from our jobs seems to have accelerated that even in an otherwise pretty expensive month!

 

How was your income and spending this month?

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