Welcome to our June 2013 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.
I, for one, couldn’t be happier that it’s July. YAY JULY! June was a bear of a month in the PoP household, and it’s nice to have it in the rearview mirror. So what happened for us in June?
- One of our tenants notified us that she’d be moving out at the end of the month. Awesome, amiright? Then we received and paid over $4K worth of bills for the duplex. (Is it just me, or are those checks harder to write when you’ve just been told you need to find a new tenant or lose out on income the next month?)
- Then we got soaked for a week from the system that became Tropical Storm Andrea. No damage, thank goodness. Just very wet and missed the sunshine and the stress relief and exercise from biking all the time.
- Work was generally busy and brutal. End of Q2 is generally a hectic time of the year at work for me, and the end of any quarter is tough for Mr. PoP because of his job in commission sales.
- Then we had to go and get sick on top of everything else!
- But to prove that it wasn’t all bad, Mr. PoP showed the duplex and found some great new tenants that look to be a great fit, so we’ll have no gap in renters (win!) and we managed to score a 3.33% rent increase on that unit, too!
The income numbers are a little inflated since with the new tenants needing to clear their checks before the 1st, we have what amounts to a “double month” for rental income. Next month rental income will be much smaller, but hopefully we won’t have another $4K worth of expenses to shell out, so it’ll balance out long term.
The Bottom Line
- Earnings before principal paydowns and savings allocations of $2,916
And here are the details…
- Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $7,071
- Rental Income: $3,050
- Miscellaneous Income (rebates, reimbursements, etc.): $112
- Total Income: $10,233
- Groceries: $389
- Eating Out: $274
- Total Food: $663
- Mortgage: $1,167
- Home Maintenance and Repairs: $101
- Total Home: $1,268
- Gas: $301 – Biking to work got put on hold for two weeks this month between TS Andrea and getting sick. =(
- Auto Repairs / Maintenance: $23
- Total Transportation: $324
- Bills/Utilities for Primary Residence: $391
- Bills/Utilities for Investment Properties: $4,071 – can we say “ugh!” to paying for the new AC at the duplex AND the flood insurance for the HELOC all at once.
- Total Bills / Utilities: $4,462
- Interest Payments on Non-Mortgage Debt: $0
- Total Interest / Loan Payments: $0
- General Shopping: $327
- Pet Supplies / Care: $0
- Total Shopping: $327
- Gym / Fitness: $73
- Medical Treatment/Visit: $192
- Media Subscriptions: $8
- Media Non-Subscription: $0
- Total Health/Fitness/Entertainment: $273
- Travel: $0
- Total Miscellaneous: $0
- Total “Everyday Expenditures”: $7,317
- EBPPS = $10,233 – $7,317 = $2,916
Principal Paydowns / Savings Allocations
- Transfer to IRA Holding Account: $1,000
- Transfer to Savings for Personal Loan Payoff: $2,000
- Total Principal Paydowns / Savings Allocations: $3,000
Net Income = EBPPS – (Principal Paydowns + Savings Allocations)
- $2,916 – $3,000 = –$84 = Net Income
Despite the fact that almost $4K of these income gains are transient (have I mentioned how much I don’t like paying the bills for AC units. Ugh!), we’re still pretty happy with the progress this month.
How was your income and spending this month?