PoP Income Statement – July 2015

Welcome to our July 2015 Income Statement!

With a new fan and the old chandelier and vent rehung it’s starting to look like a room again… if you only look up =)

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.

Another high spend month, here.  But we knew that was going to be a bit of a theme this year with the kitchen renovation, so I’m not too worried about it.

Netting out the kitchen renovation, we spent a little more than where we aim for our average to be in a $50K spending year, which doesn’t feel all that bad considering we felt like we were doing some hard-core spending this month.

Mr PoP got his $950 glasses, and we had some other health appointments come at the start of our Flex year that pushed this total to over $1,000.  We have a few more that we’re waiting to be billed the balance on that I’m waiting to for before filing our reimbursements.  Hopefully that means next month’s miscellaneous income will be healthy as I file for all of those reimbursements out of my newly reset flex spending account.

Food spending was also high for us, most of which I attribute to the fact that I joined a friend from work in adhering to the “Fast Metabolism Diet” for the month.  My friend was happy to have the support, and though it might have been easier to manage had I done this AFTER the kitchen was completed (cooking is going to be so much easier when we have counter space again), I am pretty happy to have gotten rid of what I had started to call the peanut butter pudge* (the extra pudge that I had put on during these kitchen renovations that was starting to make my pants tighter than I like as we often put convenience above health when eating), plus a little bit more, too!  Most of the extra grocery spending here is due to me buying (and eating!) an absolutely insane number of fruits and vegetables this month.  Some of the extra eating-out spending was also due to me falling down on the job of preparing lunches for Mr PoP as I was spending so much time on food prep for myself.  Luckily his cafeteria at work has fairly healthy and tasty options for him that helped ease my food prep burden more than a couple times thus month, but it’s not something we like to rely on since I can usually cook for much cheaper than the cafeteria prices.  So, food spending was high, but it resulted in healthier and happier PoPs, so such is life.  =)

Kitty PoP also had his first trip to the library as we stopped there on the way home from his vet appointment.

Pet Care tends to peak in July as Kitty PoP goes in for his yearly vet check-up.  This year was no different as his vet bill was $96, but he was declared “The picture of health!” by the vet and is vaccinated and legally licensed for another year.  Well worth $96 to us!

Right at the end of the month we also had to go and get the brakes and a couple other small but fairly urgent items done on our car to the tune of just over $400.  Mr PoP was a bit down on himself that he hadn’t made time to do these items over the past few months, which he could have done and saved us a couple of hundred dollars, but I told him to stop worrying about it.  It’s not like he’s been twiddling his thumbs the past few months.  With finite time, sometimes we need to aim for the biggest “bang for buck” on dollar savings for time, and that wasn’t with a DIY brake job this year.

Kitchen spending another significant line item as we finished up the drywall (paying a pro $637 to do some absolutely amazing texture work to match the existing walls before we painted it), and then bought a new fan and light to go in the center of the can lights, as well as some more cabinetry and tile supplies.

But here are all the details…

The Bottom Line

  • Earnings before principal paydowns and savings allocations of $4,629.  

And here are the details…

Income

  • Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $9,164
  • Rental Income: $1,550
  • Miscellaneous Income (rebates, reimbursements, etc.): $50
  • Total Income: $10,764

Expenditures

  • Groceries: $482
  • Eating Out: $305
  • Total Food: $787 – all in the name of health… well, except for a few chocolate bars we bought for Mr PoP!
  • Mortgage: $1,151
  • Home Maintenance and Repairs: $75
  • Kitchen Renovations: $1,581
  • Bills/Utilities for Primary Residence: $174
  • Total Home: $ 2,981
  • Gas: $216
  • Auto Repairs / Maintenance: $462 – the second bunch of car expenses we knew we’d have this year
  • Total Transportation: $678
  • General Shopping: $192
  • Pet Supplies / Care: $95 – Kitty PoP’s annual vet checkup.  He’s the “picture of health” according to the vet.
  • Total Shopping: $287
  • Gym / Fitness: $53
  • Medical Treatment/Visit: $1,080 – includes those $950 glasses!
  • Media Subscriptions: $8
  • Media/Entertainment Non-Subscription: $0
  • Total Health/Fitness/Entertainment: $1,141
  • Travel: $11
  • Total Miscellaneous: $11
  • Total “Personal Expenditures”: $5,885   ($4,304 excluding the kitchen reno items)  
  • Investment Properties: $250
  • Total Investment Expenses: $250
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • EBPPS = $10,764 – $5,885 – $250 = $4,629

Principal Paydowns / Savings Allocations

  • Holding Acct For Roth 2015 IRAs: $2,000 – gets us back on track for where we like to be with this
  • Transfer to Taxable Investment Account: $2,000
  • Total Principal Paydowns / Savings Allocations: $4,000
Net Income = EBPPS – (Principal Paydowns + Savings Allocations)
  • $4,629 – $4,000 = $629 = Net Income

How was your income and spending this month?

20 comments to PoP Income Statement – July 2015

  • July was a ridiculously high spending month ($30k) and August will be a slight step down from that. It won’t be until Sept/Oct that I’ll start really getting back into the frugal swing of things.

    Congrats on the walls + ceiling fixtures. What’s the next step of your renovation?
    Taylor Lee @ Engineer Cents recently posted..July 2015 Spending UpdateMy Profile

  • Ha! You’re renovations pictures take me back. I’ve been through quite a few home renovations and I know exactly what it feels like to put meals together in a construction zone! It definitely makes convenience food the way to go.
    Mrs. Crackin’ the Whip recently posted..So who in the hell is Mrs. Crackin’?My Profile

  • Ah, the renovation process. How long more do you think you guys have? I finished my bathroom remodel.. which took 5 months. Now it’s break time before building a couple decks and changing the windows!
    Financial Samurai recently posted..The Property Assessor Always Wins In A Bull Market – Filing An Appeal Is UselessMy Profile

    • I’m not really sure how much longer the kitchen is going to take. My best guess is at least another couple months, but it’s tough to imagine this taking us into 2016. It’s tough when you’re DIY-ing everything and also work full-time. Also I think I’ve been selling it short calling it a “kitchen renovation” – it really encompasses half of the square footage of our house. =P

  • This renovation project sure is taking a long time, hopefully you’ll see the end of it soon. It’s tough living in a construction zone.
    Tawcan recently posted..Happy belated 1 year blog anniversaryMy Profile

  • The kitchen is looking good! Woohoo! And, glad to hear KittyPoP got a clean bill of health. You’re reminding me that Frugal Hound is due for her annual check-up soon. So important to keep our little creatures healthy. And, on the human side, fruits and veggies are certainly a good reason to have a higher grocery bill :)–yum.
    Mrs. Frugalwoods recently posted..July 2015 ExpendituresMy Profile

  • Hiring experts to do drywall! I patched a huge hole in a wall yesterday and it looks totally… acceptable? Wavy walls more are fun, right?

    psst.. I spot a math error in Total Transportation.
    Norm recently posted..Weathering All Kinds of STORMS, Get It??My Profile

    • I had patched the stuff in the garage and it’s… um… patched. But it’s the garage and behind shelving mostly so we don’t care. This stuff the guy was basically a drywall artist – matching the strokes that were used on the ceiling and the strokes that were used on the walls so that the texture really is consistent throughout and it looks like it was always that way!

      Thanks for the heads up on the error – I’ll go fix it! =)

  • I recently started the 21 day fix “diet” and our grocery bill has gone up with the obscene amount of fruit and veggies and eggs I’m consuming. It seems to be working though! Good luck reducing the PB pudge :)
    The kitchen is looking really nice with that raised ceiling.
    Mom @ Three is Plenty recently posted..Credit Security Freezes – and why you might want to consider oneMy Profile

    • PB pudge is officially gone – along with a little more and my pants are officially loose. No complaints! Good luck with your 21 days! At least summer is the best time to get awesome produce up where you are, right? =)

  • July was a little high on the expenses due to vacation travel and a wedding. I have another high spend month in August with more travel and another wedding, but once Summer winds down at the end of September all my lumpy summer/wedding/travel expenses go away and that’s when I really pack away the pennies.
    Fervent Finance recently posted..The First $100k is the Hardest!My Profile

  • The spending was a bit higher than usual, as I am doing a rental remodel. But since rents are increasing, it is a huge help.
    No Nonsense Landlord recently posted..Should I Pay Off My Rental Mortgage?My Profile

    • That makes sense. We don’t worry as much about months that are high spend because of expenses associated with the investment properties since those are bound to be lumpier than our personal expenses. =P

  • Wow! What a difference in that kitchen! Remember the first photo you posted, the one that showed a kind of dark cave? This looks so nice…great job!

    Hereabouts? No longer have a net income and spending figure. A single lump sum goes into the checking account in January. A pittance from Social Security is added once a month — about half the amount needed to cover routine living expenses. The challenge is to come out in December with a few dollars left in checking.
    Funny about Money recently posted..Time Suck: You CAN’T avoid it!My Profile

  • I still like hearing about the kitchen! I am excited for you. Having a counter will be so nice. How are the cabinets coming along?

    Also, I like the idea of a month-long clean eat. I’m working on losing baby weight. It was going well until this past week; we’re on vacation with my in-laws who pretty much just enjoy eating at American style/brewpub type places (or pizza places). Tasty but not good for the waistline. Will get back on track Thursday when I get home. Do you like the clean eat you did?
    Leah recently posted..What I’ve learnedMy Profile