Welcome to our July 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.
Overall, expenses were high. But we can’t really be too surprised by that since we went out and bought a 41-year-old car. =)
Sunny the yellow Benz is finally here (albeit a lot rustier than the last time we saw her). It was a bit more expensive than we thought to get her here (car moving seems like a giant scam, BTW) and stored (and storage rental places seem ridiculously priced as well!). But on the bright side, we think she is done costing us money until we decide to start fixing her up. The fix-up won’t start for another 18-24 months at least as we’ve got some pretty big plans for working on the house first.
Other than Sunny, it would have been our lowest spend month in the history of the blog, so it’s good to know we can dial back without too much effort when we have an unusually large and unanticipated expenditure. But there’s still a chance Sunny will put us over our planned budget for the year. We were running right on schedule with a slight cushion built in for the first 6 months of the year, but now we’re behind and have to catch up ~$1.4K over the next 5 months. It’s gonna be tight if we manage it.
The Bottom Line
- Earnings before principal paydowns and savings allocations of $4,357.
And here are the details…
- Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $9,070
- Rental Income: $1,550
- Miscellaneous Income (rebates, reimbursements, etc.): $37
- Total Income: $10,657
- Groceries: $302 – helps to make up from some overage here last month…
- Eating Out: $214
- Total Food: $516
- Mortgage: $1,213
- Home Maintenance and Repairs: $130
- Bills/Utilities for Primary Residence: $204 – $0 bill for 2 iPhones on Ting this month due to credit from phone swap!
- Total Home: $ 1,544
- Gas: $250
- Auto Repairs / Maintenance: $28
- Sunny: $2,364 – shipping ended up being a little high and upfront storage costs, but hopefully that’s all she’ll cost until we start working on her in a year or two…
- Total Transportation: $2,643
- General Shopping: $107 – big purchase was $75 to get our wedding bands engraved in honor of our 5-year anniversary =)
- Pet Supplies / Care: $97 – Kitty PoP’s annual checkup, includes a $5 Rx to treat the cat acne that got bad when we were traveling in April/May
- Total Shopping: $204
- Gym / Fitness: $93 – I treated myself to a SUP yoga class which was a little pricey after board rental, but I learned a lot and had a ton of fun =)
- Medical Treatment/Visit: $50
- Media Subscriptions: $8
- Media/Entertainment Non-Subscription: $1
- Total Health/Fitness/Entertainment: $152
- Charity: $100
- Total Miscellaneous: $100
- Total “Personal Expenditures”: $5,159 ($2,795 not including Sunny…)
- Investment Properties: $1,141 – preventative tree removal and an unexpected leak repair
- Total Investment Expenses: $1,141
- EBPPS = $10,657 – $5,159 – $1,141 = $4,357
Principal Paydowns / Savings Allocations
- Holding Acct For Roth 2014 IRAs: $1,000
- Transfer to Taxable Investment Account: $3,000
- Total Principal Paydowns / Savings Allocations: $4,000
Net Income = EBPPS – (Principal Paydowns + Savings Allocations)
- $4,357 – $4,000 = $357 = Net Income
How was your income and spending this month?