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.
Income was boosted this month with a pretty sizable tax rebate. I apparently over-corrected on our withholdings after accounting for the fact that in 2016 we would not be repeating our big solar tax credit from 2015 and withheld about $6K more than I should have. Fellow taxpayers, feel free to thank us for the interest free loan we provided the federal government, but don’t count on it for next year. After learning this from our tax guy, I tried to adjust our withholdings so our 2017 refund won’t be nearly as big.
Cars were the big expense this month, and for the moment (after nearly 3 years of being a 1 car household), we have 2 of them. After getting Mr PoP’s NSX, we knew it would need some work to get it to daily driver status. This month saw ~$1200 in parts and labor on that front, and next month will have a bit more as Mr PoP still needs to get a jack that will allow him to install some of the remaining parts that need to be installed. Unluckily happening in the same month, our other car decided to have some non-trivial problems (the starter and the A/C). We briefly considered asking our mechanic who specializes in those cars if he just wanted to buy it from us instead of repairing it, but the repairs ended up being less than we were afraid of <$400 for a new starter and some A/C work. So for now we’re keeping it since Mr PoP isn’t convinced the NSX is quite at daily driver status. But it did end up being an incredibly expensive month for car parts and repairs.
Other than that, our spending wasn’t too bad.
Here’s all the numbers…
The Bottom Line
- Earnings before principal paydowns and savings allocations of $470.
And the details…
- Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $7,136
- Rental Income: $1,600
- Miscellaneous Income (rebates, reimbursements, etc.): $6,833
- Total Income: $15,569
- Groceries: $386
- Eating Out: $191
- Total Food: $577
- Mortgage: $1,123
- Home Maintenance and Repairs: $75
- Renovations: $285 – mostly tiling supplies as Mr PoP continues to make progress there.
- Bills/Utilities for Primary Residence: $155
- Total Home: $1,638
- Gas: $216 – high as Mrs PoP ended up needing to drive a bit more towards the end of the month for work
- Repairs & Maintenance: $418 – this is for our old car
- Fun Car: $1,183 – work on the new car that needed to be done ASAP plus some parts Mr PoP has ordered that he wants to install himself but also need to be done pretty quickly
- Total Transportation: $1,817
- General Shopping: $231 – I may return a pair of shoes for ~$95 to Zappos, so this might have been even lower.
- Pet Supplies / Care: $43
- Total Shopping: $274
- Gym / Fitness: $37 – new monthly gym fees going forward
- Medical Treatment/Visit: $15
- Media Subscriptions: $8
- Total Health/Fitness/Entertainment: $60
- Travel: $302
- Total Miscellaneous: $302
- Total “Personal Expenditures”: $4,668 ($3,200 net Reno and NSX)
- Investment Properties: $92
- Total Investment Expenses: $41
- EBPPS = $15,569 – $4,668 – $92 = $10,909
Principal Paydowns / Savings Allocations
- Transfer to Holding Acct for 2017 Roth IRAs: $1,000
- Transfer to Taxable Investment Account: $10,000
- Total Principal Paydowns / Savings Allocations: $10,000
- $10,909 – $10,909 = $0 = Net Income
How was your income and spending this month?