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.
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…
- 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
- 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
- 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
Net Income = EBPPS – (Principal Paydowns + Savings Allocations)
- $3,586 – $3,586 = $0 = Net Income
How was your income and spending this month?