PoP Income Statement – June 2016

Welcome to our June 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.

We’re pretty glad that June is in the rearview mirror. The month started off on a bad note when Mrs. Pop was running on the beach and happened across a dead loggerhead turtle! The rest of the month wasn’t amazing financially, but unlike the turtle we made it out alive.

The Bottom Line

  • Earnings before principal paydowns and savings allocations of $4,250.  

And the details…

Income

  • Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $7,649
  • Rental Income: $1,600
  • Miscellaneous Income (rebates, reimbursements, etc.): $275 – A bright point of the month, our Vibram settlement checks arrived, as did a couple of other random refund checks
  • Total Income: $9,524

Expenditures

  • Groceries: $406 – not bad considering this also includes 7 lbs of protein powder (2lbs vegan, 5lbs whey) as we are both trying to up our protein intake a bit
  • Eating Out: $169 – much better than last month!
  • Total Food: $575
  • Mortgage: $1,150
  • Home Maintenance and Repairs: $100
  • Kitchen Renovations: $676 – I have high hopes that this will translate into some more progress that we can share soon, but for now, not much.
  • Bills/Utilities for Primary Residence: $165
  • Total Home: $2,091
  • Gas: $217 – our highest since October 2014!
  • Auto Repairs: $407 – Murphy’s law does dictate that the car will always fail to start when most inconvenient and this time was no exception.  This covered the expensive tow to our specialist mechanic, a new starter relay, and finally fixing the window problem that hadn’t worked in over a year.
  • Car Rentals/Taxis – $11 – We Ubered (our first time) to Mr PoP’s parents’ house and borrowed one of their cars since they were out of town at the time.  Luckily the fix was quick, or we would have rented a car.
  • Car Insurance – $340 – Mr PoP’s ticket from months ago has seemed to bite us when it comes to renewals this time around to the tune of ~$30.
  • Total Transportation: $975
  • General Shopping: $737 – About 2/3 of this is a new iPhone SE (and case!) for me.  My 4.5 year old iPhone 4S was starting to die (the battery was draining quickly and the sound card was failing with increasing frequency).  We were planning on spending the $60 to replace these parts to keep the phone going for another 6 months or so, but when I then dropped my phone and shattered the back, it was just time to move on.  I wish the SE were even smaller than it is, but overall I’m happy with it and plan to keep it for at least another 4.5 years.
  • Pet Supplies / Care: $0
  • Total Shopping: $737
  • Gym / Fitness: $53
  • Medical Treatment/Visit: $197 – not fun, enough said.
  • Media Subscriptions: $8
  • Media/Entertainment Non-Subscription: $0
  • Total Health/Fitness/Entertainment: $258
  • Travel: $464 – a last minute weekend trip for Mr PoP
  • Total Miscellaneous: $464
  • Total “Personal Expenditures”: $5,100
  • Investment Properties: $174 – includes $120 in trimming two (three?) incredibly tall palm trees in the backyard of our duplex.
  • Total Investment Expenses: $174
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • EBPPS = $9,524 – $5,100 – $174 = $4,250

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: $1,500
  • Total Principal Paydowns / Savings Allocations: $4,000
Net Income = EBPPS – (Principal Paydowns + Savings Allocations)
  • $4,250 – $4,000 = $250 = Net Income

How was your income and spending this month?

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