PoP Income Statement – March 2015

Welcome to our March 2015 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.

Start to current on the kitchen.  Sorry for the image quality on the current pic.

Start to current on the kitchen. Sorry for the image quality on the current pic.

The numbers this month are not stellar, there’s no way around it.

Top of the list is what we spent on the Kitchen Reno this month, $2,517.  We’re making progress, but the punch list to getting inspected and getting a ceiling ended up being much longer and much more complicated than we had talked about initially.  Instead of re-using much of the electrical and HVAC system that was initially over this area, it’s all been redone to be more robust and up to current code (mostly).  Overall, that’s a good thing (though I do love re-use!) – it’s going to be significantly harder to blow the breaker than it used to be and our lighting system is going to be much more customizable than our previous lighting system.  But these additional improvements added costs in terms of time and money.  Blessedly we had one last cold snap last weekend and hopefully the weather will stay mild enough for another week or so until we can get inspectors out to the house.  We’ve already had some 90 degree days and more of those (and warm muggy nights) are going to be killer without some insulation and a ceiling before too long.

Food spending was totally over as well, at 25% over budget overall.  Groceries were about $50 over, which has seemed to be par for the course lately as I struggle with limited cooking facilities and eating out was $100 over, mostly due to taking friends out to eat – friends that we would normally have over to eat at our house.

Excluding those items, the rest of our spending was actually pretty good.  Turns out when you’re spending this much time renovating your house you don’t have a ton of time to spend money doing other fun things, like the scuba trip Mr PoP was originally planning on going on this month.  He has postponed his next scuba trip until after we get a ceiling and for both our sakes I hope he doesn’t have to wait long.

As less than stellar as they are, here are March’s numbers.

The Bottom Line

  • Earnings before principal paydowns and savings allocations of $3,586.

And here are the details…

Income

  • Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $8,359
  • Rental Income: $750 – low due to some pre-payments last month
  • Miscellaneous Income (rebates, reimbursements, etc.): $27
  • Total Income: $9,136

Expenditures

  • Groceries: $394 – $400 seems to be about where we’re falling here given the craziness of less than ideal cooking space at the moment, which is $50 more than we aim for in normal times
  • Eating Out: $356 – this is about $100 over our goal for this category… most of that extra $100 was spent taking friends out or going out with friends that we typically have over instead… 
  • Total Food: $750
  • Mortgage: $1,151
  • Home Maintenance and Repairs: $130
  • Kitchen Renovations: $2,517 – oof.  That is all.
  • Bills/Utilities for Primary Residence: $276 – higher since we’re still paying electric (a sore point given the awesome solar array currently on our roof), and we ended up paying twice for internet this month due to a billing snafu last month
  • Total Home: $ 4,074
  • Gas: $202 – you don’t want to know how many trips to Home Depot this includes.  =)
  • Auto Repairs / Maintenance: $0
  • Total Transportation: $202
  • General Shopping: $121 – a new stem for Mr PoP’s bike, and a few other odds and ends
  • Pet Supplies / Care: $0
  • Total Shopping: $121
  • Gym / Fitness: $83 – gym plus one race registration.  I think that’s the last one for the running season.
  • Medical Treatment/Visit: $80 – my new healthplan has slightly higher copays, but lower monthly premiums.  I think overall it will work out in my favor, but we’ll see how the year shakes out  
  • Media Subscriptions: $8
  • Media/Entertainment Non-Subscription: $0
  • Total Health/Fitness/Entertainment: $171
  • Travel: $0
  • Total Miscellaneous: $0
  • Total “Personal Expenditures”: $5,318  ($2,801 excluding the kitchen reno items)  
  • Investment Properties: $232 – normal expenses plus hiring a plumber to fix a leak near the water main.  When it rains it pours, eh?  Just glad this one turned out to be cheaper than we feared at first.  Though we’ll also be paying the overage due to the leak on the renters’ water bill when it arrives.  
  • Total Investment Expenses: $232
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • EBPPS = $9,136 – $5,318 – $232 = $3,586

Principal Paydowns / Savings Allocations

  • Holding Acct For Roth 2015 IRAs: $0
  • Transfer to Taxable Investment Account: $0
  • Rebuilding Buffer/Holding for Large Near-Term Expense: $3,586
  • Total Principal Paydowns / Savings Allocations: $3,586
Cash is still king in the PoP household for now.  We also have one more near-term large expense (around $9K) that we’ll have to pay in either April or May.  Once that is done we hope to start sending money to our taxable brokerage account every month like we had gotten so good at in 2014!  =)

Net Income = EBPPS – (Principal Paydowns + Savings Allocations)

  • $3,586 – $3,586 = $0 = Net Income

How was your income and spending this month?

 

 

21 comments to PoP Income Statement – March 2015

  • Because of new glasses, house-buying expenses, and a weekend vacation, I ended up spending $1000 more than I was planning to this month. Yikes!
    Taylor Lee @ Engineer Cents recently posted..March 2015 Spending UpdateMy Profile

  • Still a pretty awesome month, Pop family.

    The weather’s been getting hot early here, too, so hopefully you can button everything up before it gets crazy warm. Best of luck.
    Done by Forty recently posted..Middle Class? How about Middle Quintile?My Profile

  • I’m pretty impressed that you’re doing a kitchen reno out of cash flow. While not your ideal month, you’re still accomplishing good things!

    My $ issues this month weren’t pretty . . . my credit card auto-debited my bank, and I also paid, so that was double paid this month (timing issue on my part). Ooof. I had to juggle money to make it work with the other auto-debits I had coming out.

    We have a high deductible health plan, and our kid has been sick/”sick” a lot. Each visit is $140. I have to pay those soon. Ka-ching, ka-ching. And I renewed our opera ticket subscription. Not ideal timing, but we save a lot of money on doing it early. Our tickets to three operas cost less than buying two operas outright due to when we renew, so I’m just sucking up this expense right now and looking at the long game. It’s our one big entertainment expense and totally worth it for us.

    • Thanks so much for the words of encouragement, Leah. They mean a lot right now!

      So sorry to hear that your little one has been sick! Hopefully she’s feeling better soon, and though those $140/visit charges aren’t fun, I’m sure a sick and unhappy tiny person is a lot less fun. =(

  • March was very ugly for me :( I went on a cruise with my girlfriend and her family. And then I prepaid for a bachelor party happening at the end of May. At least once the bachelor party comes, I will have very little out of pocket expenses. Looking make up for lost ground in April!
    Fervent Finance recently posted..How much house can you afford?My Profile

  • I’m watching your kitchen renovation expenses very closely (and I’m excited to see progress pictures).

    We’ve got our kitchen slated for a DIY remodel in a few months, and we don’t plan on any high end upgrades, but we do have to re-do every thing (there was a flood/roach infestation prior to when we purchased the house, so we aren’t going to attempt to salvage much).

    • I’m trying to keep a somewhat itemized list of what we’re spending on the Kitchen, but I’m not big on itemizing receipts, so we’ll see how well I can keep it together. So far we’re in for a little under $7K, and most of that is the big structural changes that we’re doing to increase the size of our kitchen’s footprint and raise the ceiling.

  • Taking home reno cost out of the picture you guys did very well. Even with reno cost you guys managed to save quite a bit of money in March. Good job!
    Tawcan recently posted..What you focus on expands – positive approach to lifeMy Profile

    • Thanks, Tawcan. For now the “savings” feels a little bit surreal since we actually drained more cash this month (spoiler alert for the balance sheet post!) funding the remainder of the solar panels. Though we expect to get a big hunk of reimbursement for that within the next couple of months, in the meantime it’s hard to view the month with “savings” when our cash balances actually dropped by a BIG chunk. =P

  • Our grocery spending was also off the chain this month. It’s amazing how fast things add up. We moved in the middle of the month, so there was more convenience food–store bought hummus, rotisserie chicken, that kind of thing.

    Little Brother’s broken leg has already cost us $215, but since we haven’t exhausted our FSA yet (we only put $400 in it, so once the bills start coming in for the X-rays, that might change), we didn’t really “feel” it.

    Also, I spent almost two hundred dollars on lightbulbs. I feel a blog post coming on abou it. We have like 58 built-in light fixtures in our new house, mostly fitted with incandescents (!) and we decided to upgrade to LED. And I think that’s the right call, but damn it added up fast.
    Frugal Paragon recently posted..We’re Homeowners AgainMy Profile

    • I know what you mean about the FSA and not “feeling” the health expenses. It’s actually why I stopped using the FSA debit card shortly after getting it and actually much prefer to go old school with our health expenses, paying upfront with our personal cards, saving receipts, and then submitting them for reimbursement every couple of months. I hope little bro is feeling better soon!
      ooh, and I want to hear all about your LEDs. Our new light fixtures are going to be pretty much all LED and I’m really excited about it.
      Mrs PoP recently posted..PoP Income Statement – March 2015My Profile

      • That’s what I do with our HSA — I pay myself and get reimbursed. Definitely helps me keep an eye there. Plus, since our HSA can accumulate year over year, we only reimburse ourselves for expenses as needed. We’re trying to let that build up as yet another retirement vehicle. I don’t want tons and tons in there, but having $30-40k upon retirement available for health expenses will be nice.

  • The kitchen is looking good! Rolling right along! March was normal for us I do believe (though we haven’t actually run the numbers yet… ) but, I suspect it’s nothing too far out of the ordinary. That’s great that your weather is holding cooler for the time being–we seem to have the opposite problem here, it’s too cold for April :)!
    Mrs. Frugalwoods recently posted..Frugal Hound Sniffs: How Do The Jones Do ItMy Profile

    • Thank you so much for the kind words on the kitchen, Mrs Frugalwoods. Gotta say I really appreciate that positivity right now as I’ve been pretty stressed out with the ceiling-less-ness (that’s totally a word, right?) rounding the bend toward 3 months. =)

  • We double paid the mortgage this month (due to a billing error)!
    nicoleandmaggie recently posted..Do you think there’s any point …My Profile

    • Darnit! At least that means no payment next month? Or did it end up as an extra principal payment? (you’re slowing those for the time being, right?)
      Our internet provider basically did that. They didn’t auto-debit our card because it expired (but didn’t notify us until it was technically late), so I had to go in and modify the expiration date on the card on file. Annoying, but not that big of a deal. But that’s the card we have all of our auto-debits on and they are the only company that cared that the expiration date changed. All the other auto-debits went through without a problem!

  • EL

    The kitchen will turn out 10 times better, I know your happy its almost done. Good job stashing over 3 grand, that’s a great feat. Will you add one day, all the dividend income your earning? OR is that reserved for income posting when you reach FI?
    EL recently posted..The Real way to get out of DebtMy Profile

    • Our dividends are just being reinvested at this point so we view them much more like capital appreciation than income. Though we did have a big enough chunk of dividends in our taxable brokerage this year that I noticed them when it came to our taxes…

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