Welcome to our July 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.
July turned out to be a fairly average 2016 month for us. That is, our expenses weren’t crazy low, but it was mostly a couple of large-ish line items tipped the scales by upwards of $1K.
The first big item is tires for our car. We last replaced these in August of 2013, to the tune of $660. That time around we were nearing being due for tires and a flat that wasn’t patchable meant we had to get new tires ASAP. So we didn’t shop around and paid (literally) for the convenience. This time around we’re trying to stay ahead of the game and are hopefully getting better tires for less money. Mr PoP ordered these tires (4 of them) from TireRack.com for $418, and we’ll have to pay another $70 or so later this week to get them installed at the tire place around the corner from our house. This amounts to an approximately 25% savings over what we paid 3 years ago, and hopefully better tires, to boot. Considering this is (for now) our only car, keeping it up and running is important, so kudos for Mr PoP for taking care of this issue so well.
The second big item on the list is travel, to the tune of ~$750. This was a scuba day-trip for Mr PoP, and then the last portion of my Ecuador trip later this fall. That trip is now fully paid for (except for incidentals), but we still have more travel spending through the end of the year – most of which I imagine will be coming in August/September as Mr PoP leaves for Burning Man with his best friend later this month. While he’s not trying to break the bank with Burning Man spending, we’re also treating this as something he’s not likely to do again anytime soon… so that’s where we are there.
Kitty PoP also had an unusually pricey month at $152, but all is well there. His yearly vet check-up required 2 vaccinations this year, which is why it was a bit more expensive despite him being the picture of health. To top it off, Kitty PoP also ran out of food and litter. What a needy kitty!?! =P
The Bottom Line
- Earnings before principal paydowns and savings allocations of $4,250.
And the details…
- Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $6,954
- Rental Income: $1,600
- Miscellaneous Income (rebates, reimbursements, etc.): $0 – reminder to self – gather all those health receipts from the last few months and submit them to Flex!
- Total Income: $8,554
- Groceries: $434
- Eating Out: $217
- Total Food: $651
- Mortgage: $1,150 – This should drop at our next escrow review since (AMAZINGLY) our homeowner’s policy dropped by ~15% this year without any benefit reduction. This is the first time we have ever seen a premium decrease and are thrilled.
- Home Maintenance and Repairs: $156
- Kitchen Renovations: $361 – mostly supplies for cabinet doors
- Bills/Utilities for Primary Residence: $152
- Total Home: $1,819
- Gas: $154
- Auto Repairs: $427 – Mostly new tires.
- Drivers License – $27 – since I never did find my wallet. =/
- Total Transportation: $608
- General Shopping: $189
- Pet Supplies / Care: $152 – he’s still pretty cheap for the year, though!
- Total Shopping: $341
- Gym / Fitness: $53
- Medical Treatment/Visit: $128
- Media Subscriptions: $8
- Media/Entertainment Non-Subscription: $0
- Total Health/Fitness/Entertainment: $189
- Travel: $754 – a scuba day trip and the last payment for my Ecuador trip later this year
- Total Miscellaneous: $754
- Total “Personal Expenditures”: $4,362
- Investment Properties: $683 – mostly flood insurance on the duplex
- Total Investment Expenses: $683
- EBPPS = $8,554 – $4,362 – $683 = $3,509
Principal Paydowns / Savings Allocations
- Transfer to Holding Account for Sunny Restoration or NSX purchase?: $1,500
- Transfer to Holding Account for 2016 Roth IRAs: $1,000
- Transfer to Taxable Investment Account: $1,000
- Total Principal Paydowns / Savings Allocations: $3,500
- $3,509 – $3,500 = $9 = Net Income
How was your income and spending this month?