PoP Income Statement – July 2014

Welcome to our July 2014 Income Statement!

sunny4blogMr. 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…

Income

  • 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

Expenditures

  • Groceries: $302 – helps to make up from some overage here last month…
  • Eating Out: $214
  • Total Food: $516
  • 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
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • 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?

 

30 comments to PoP Income Statement – July 2014

  • Awww! Happy 5 year anniversary! Plus, I’m super impressed with your food costs! Even including eating out, you only spent $500. Way to go!
    Retired by 40 recently posted..Combat the Rising Cost of Target ShootingMy Profile

  • I love the Benz! So how did she get so rusty between viewings?
    Will recently posted..Marshmallows: The Power of Delayed GratificationMy Profile

  • Glad to hear Sunny made it home! And, loving the photographic evidence. Happy anniversary to you! Also, as a fellow yogi, I am very curious to know what a SUP yoga class is?
    Mrs. Frugalwoods recently posted..Weekly Woot & Grumble: Poetry & ProduceMy Profile

  • Congrats on the car! I had Sherman, a 1989 year old BMW 1989 635CSi. It was so sweat but it had so many problems I sold it a year later.
    Financial Samurai recently posted..Financial Samurai Passive Income Update 2014-2015My Profile

  • Impressive as always, and I hope you two had a wonderful five year anniversary!! What a great way to commemorate it, I might have to borrow that idea someday! :)
    anna recently posted..Pregnancy Notes: The Good, The Bad, and The FunnyMy Profile

    • We actually meant to do it on our first anniversary, but that first year just flew by so quickly we never got around to it. Finally got the timing right to remember to do it after 5 years. I guess that means we’re too busy having fun, right?

  • Happy 5 years! Love the car :) Looks awesome!

    We used to have a similar one that was blue. A family member gave it to us for super cheap when we first moved out on our own together. It could be run on grease, but we never got around to that.
    Michelle recently posted..August Goals and Life Update – We Sold The CamaroMy Profile

  • First off, love the car!

    My spending this month was actually much lower than I expected it to be. I was able to save a good amount of money and put it into my emergency fund. I went out a bit less, which I’m totally fine with because I usually eat way more when I am around friends! Haha.

  • Happy anniversary! Our July spending was high–I haven’t totalled it yet–because we Bought All the Things, but not necessarily in a bad way. Between us, we replaced three pairs of shoes, for instance, all of which were several years old.
    Frugal Paragon recently posted..Lifestyle Inflation: Potty Training EditionMy Profile

  • Well done. I still can’t get over how you found the same car again. Well done this month with your finances. Happy Anniversary as well :) I haven’t posted our updates yet, likely next week but we’ve done some heavy duty spending on bathroom renos…. but worth it!
    canadianbudgetbinder recently posted..Smart phone education and replacement parts: The Saturday Weekend Review #83My Profile

  • We bought a vehicle this month and it helped us scale back our other spending like you. The big purchases hurt a little bit. Congrats on your anniversary!
    ND Chic recently posted..Working on CommissionMy Profile

  • Great job with the car! And happy anniversary. I haven’t officially looked at my July expenses and savings yet. I am still waiting on some invoices. Great job on yours.

  • Ashley

    Hi POP family!

    So I know you don’t normally go this route with your posts, but how on EARTH do you keep your grocery and food bills so low? Hubby and I just got married, and so far groceries are costing us close to $550/month, plus another $200 on restaurants. We’re in Georgia, so the cost of living is a little more than you guys in FL but not by much, so that can’t be all of it! Do you have any “rules of thumb” you usually live by?

    Thanks!

    Ashley. As

    • Hey Ashley,

      This month was a low month for us, we usually aim to spend ~$600/month on food with the split between groceries/eating out at $350/$250. We’re definitely not expert shoppers, but are pretty flexible with what we eat, being pretty happy to eat the same thing for 5 days in a row until we eat through an entire batch.

      Me being a vegetarian and Mr PoP being what he deems a “lazy omnivore” (he’ll sooner eat what’s in front of him than expend extra effort to track down meat) certainly helps, too.

      I’m sure there are other things that help us keep it relatively low but I’m going to have to think about this more, and maybe write a post on it for you, too!

  • Glad to see Sunny safely “home”. In other news – cat acne?!?
    Mom @ Three is Plenty recently posted..July 2014 Early Retirement ProgressMy Profile

    • Haha, cat acne is pretty much exactly what it sounds like and kitty pop has always been prone to it for some reason. The pores under his chin get clogged and we have always kept it mostly user control by me washing his chin every week with soap and water. (He loves it -NOT!). When we went away, though it got worse and got a couple little pimples that seemed to irritate him. The soap and water was helping, but not bringing it back to the steady state he d been in before our trip. So when I mentioned it to the vet at his annual exam, the vet shaved kitty pop’s chin, showed me how to unclog the bad pores and gave us an anti-microbial solution to wash his chin with instead of soap and water for a while. After a few weeks it’s already looking better than it has in years.
      Though that might be more than you really wanted to know about kitty pop’s cat acne. =)

  • Ashley

    Thanks!

    I’m a pseudo-vegetarian (I eat meat if I’m being hosted by friends/family). Now that I’m married, though, I’m probably going to migrate to more of a pseudo-pescetarian (hubby is an only slightly lazy omnivore and has taken to insisting on fish/shrimp once a week).

    Probably the big difference is that we do a different meal every night, though we freeze the leftovers for my lunches. And unless we go out to dinner (~1.5 times per week), every other meal, including breakfast, lunch, snacks, is all home-made.

    We’re pretty good about not wasting food and usually cook from whole/fresh ingrediants, but haven’t switched over to buying some things dry or from bulk bins yet (dried beans are much less than canned!)

    Hmmm…So, probably, the three big differences are:
    -More meals in (especially lunches), which go under “groceries” and not “eating out”
    -But also more “eating out,” at least, at pricier places
    -Too much “foodie-ness.” Aka too many nice cheeses, haha.

    Haha, sorry for all the details. I’m an INFJ and my husband is an INTJ, so we like to get to the bottom of things!

    -Ashley

    • Never apologize for your Myers-Briggs. We’re INTJ (well, Mr PoP is borderline INTP), so completely get what it feels like to need to analyze a problem. =)

      Tomorrow’s post is for you! Hopefully it helps – but definitely let me know if there’s anything else I can try and help with.