PoP Income Statement – July 2016

Welcome to our July 2016 Income Statement!

More cabinet doors! =)

More cabinet doors! =)

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
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • 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
Net Income = EBPPS – (Principal Paydowns + Savings Allocations)
  • $3,509 – $3,500 = $9 = Net Income

How was your income and spending this month?

12 comments to PoP Income Statement – July 2016

  • One of your “you may also like” links at the bottom of your post for me linked to an old picture of your kitchen back with the stainless steel backsplash, faux wood laminate cabinets, and recessed fluorescent lights. I know I remark on this a lot but I am just floored by how much progress you guys have made DIY on the place.

    General congrats on the solid month! Also how does one go about lowering a home insurance premium? Is it just a depreciation thing tracked by your insurer?

    • It’s been so long since I remembered that awful stainless steel. (Here’s a link to a post that shows it for anyone who doesn’t see it: http://www.plantingourpennies.com/easy-diy-get-rid-of-fluorescent-lighting/ ) Removing it was THE VERY FIRST thing we did to change the house and we did it the day we closed. =) So much has changed since then, but I’m pretty sure it’s all for the better! Here’s the link for anyone who can’t see it easily.

      As for the insurance, honestly our agent couldn’t even explain why our rate decreased and said he hasn’t seen many residential decreases this year. But it’s definitely not related to depreciation. We always need to insure for re-construction and replacement value, which if anything tends to rise as time passes and construction materials get more expensive and building codes more robust. We have yet to increase the value that we are insuring for our house in the seven times we’ve renewed, but honestly we probably should up it a little to account for the solar panels that would be quite expensive to replace.

      As for why we saw a decrease… well, a friend who lives in an adjacent zipcode also saw his rate decrease 15-20%, and we’ve seen commercial policies we deal with at work decrease, so initially this friend thought it might be more about the reinsurance space becoming more competitive and driving prices down (something Buffett mentioned at the Berkshire Hathaway Annual Meeting this year – http://blogs.wsj.com/moneybeat/2016/04/30/live-analysis-of-the-2016-berkshire-hathaway-annual-meeting/). But googling it looks like most of Florida saw homeowners rate increases this year… so I really have no idea for why our rates decreased. Though, after HUGE increases that saw our policy nearly double within the first 6 years of owning our house (if we hadn’t drastically increased our deductible last year), I’m happy to take a decrease just once. =)

  • Tell Mr. POP to have a great time at burning man. I went to college in Reno, so obviously I spent 4 years attending the event. It’s a great time.
    Investment Hunting recently posted..Options Income And Trades – July 2016My Profile

  • Sorry you never found your wallet. That sucks.

    Glad that kitty is okay, and the kitchen’s coming along! Almost done.
    Done by Forty recently posted..Are We on Track to Retire by Forty?My Profile

    • Yeah, the wallet being long gone kindof sucks. But I’m still hopeful it’ll turn up someday around the house since there was never any activity on any of the cards before I replaced them. Getting the cash and gift cards back would be pretty sweet. =)

  • Looks like you’re keeping up with your aggressive savings efforts! I also didn’t know that tires can be so expensive.. I struggled learning how to change one when I got a flat tire on my way to the mall but I had rented the car with a rental car company so there was a spare in the trunk. I guess if I ever get a tire, I need to spend a lot of money!
    Solve FInance recently posted..Fight for What You Want Your Entire LifeMy Profile

    • Yeah, tires can be pretty pricey. For us, that’s a pretty good price for 4 decent tires. In the past, I’ve spent as much as $300 per tire to get fancy tires mounted on my Mini by the bmw dealer and have the privilege of driving a loaner car for the day… Now that was expensive!

  • Good job on the tire shopping! My car is so old, I always just get the cheapest thing they have. I don’t need them to last 60,000 miles! I actually have mismatched tired now but at least two new ones are on the calendar for next spring (when the snow tires come off). Bonus–I won’t have to store the regular tires all winter!

    I stopped tracking halfway through the month wen it became apparent we were going our separate ways. What’s the point of tracking spending for a month that was half living-together and half not?

    BUT I have a shiny fresh-start budget in YNAB, greatly stripped down (only my two personal credit cards!). Let’s see how low I can go in August! (I do need to replace a couple of thingw that MR. FP took. Like the bicycle pump.) Now we just need to get this house sold so I can find an apartment and really move on.
    Frugal Paragon recently posted..Well, This Will Be DifferentMy Profile

    • The ones that are coming off lasted right around 60K miles (20K miles/year as our one car with Mr PoP’s long commute and no snow tires in FL!), but they are pretty beat and definitely need to go. So we definitely got a good amount of wear out of them.

      I think your fresh start is going to be wonderful in the long term, though with things like a bike pump I can definitely see how there are going to be some “startup” costs for that fresh start. Well worth it for long term happiness, though!

  • Hey that’s some good budgeting 8K income and saved 3K. WE just vaccinated a stray cat, that kept coming over the house. IT was a big vet bill of 400 bucks. Hopefully from now on this kitty is just as cheap as your kitty. Good luck with kitchen, it looks better.
    EL @ MoneyWatch101 recently posted..What is Debt?My Profile

    • Awww, how nice of you to take the stray under your wing. Kitty PoP was a little more expensive his first year due to extra shots, but he’s been a remarkably cheap source of love and entertainment since then. I hope yours will be cheap too (because that means he’s probably a very healthy kitty, too!).