Welcome to our June 2014 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.
Sorry for the radio silence on the blog here lately. We’ve been pretty bogged down with some craziness both in work and personally, and hopefully most of that will settle soon enough to do some more sharing about where things ended up in the meantime.
Income this month was pretty average. We did get a slight boost in the rental income thanks to new tenants that moved in at a slightly higher ($25!) rent than the ones they are replacing, so that’s nice.
On the expenses side, I was surprised it turned out as well as it did (slightly below what we aim for) given the several irregular and one-off expenses that occurred this month: 6 months of car insurance (lower thanks to being a 1 car family now!), spending $300 to pay back Mr PoP’s folks after that fiasco, and paying $450 upfront for 3 nights for AirBnB in New Orleans later this year for a wedding. (Have I mentioned how much we feel like everyone should just elope?)
A smaller item(but still of note) that won’t really show up in our income statements, but will be worth $240 in reduced expenses in the next few months is a credit that we got through a Ting promotion. Remember how we told you about using Glyde to swap our Verizon iPhones for Sprint/Ting iPhones when we switched our cell phones to Ting? Well, now they have a promotion where they will refund you the difference and the Glyde fees on your swap. I applied on a lark, knowing we might not be eligible since we completed our swap in February (Mr PoP even made fun of me for applying it had been so long), but they gave it to us! So even though we had already paid our bill for this month, we now have enough credits from the swap that we won’t pay a phone bill for the next 5 or 6 months. Seriously. I can’t say enough good things about Ting. If you want to give it a try, feel free to use this referral link for Ting as proceeds will go to pay for this blog’s expenses.
The Bottom Line
- Earnings before principal paydowns and savings allocations of $4,269.
And here are the details…
- Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $7,106
- Rental Income: $1,575
- Miscellaneous Income (rebates, reimbursements, etc.): $226
- Total Income: $8,907
- Groceries: $422 – we ate ALL THE THINGS! Well, and we stocked up on protein powder at Amazon which goes in this spending….
- Eating Out: $228
- Total Food: $650
- Mortgage: $1,213
- Home Maintenance and Repairs: $92
- Bills/Utilities for Primary Residence: $272 – Includes our $47 bill on Ting for 2 iPhones!
- Total Home: $ 1,577
- Gas: $288
- Auto Repairs / Maintenance: $42
- Car Insurance (6 mos): $330
- Total Transportation: $660
- General Shopping: $481 – includes paying Mama & Papa PoP back for that PayPal fiasco!
- Pet Supplies / Care: $19
- Total Shopping: $500
- Gym / Fitness: $53
- Medical Treatment/Visit: $88
- Media Subscriptions: $8
- Media/Entertainment Non-Subscription: $0
- Total Health/Fitness/Entertainment: $143
- Travel: $450 – AirBnB booked for a wedding this fall!
- Total Miscellaneous: $450
- Total “Personal Expenditures”: $3,986
- Investment Properties: $652 – flood insurance renewal, referral fee for new renters (no vacancy!), and a repair
- Total Investment Expenses: $652
- EBPPS = $8,907 – $3,986 – $652 = $4,269
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)
- $4,269 – $4,000 = $269 = Net Income
How was your income and spending this month?