Welcome to our May 2013 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.
Did you know that June is National Adopt a Shelter Cat Month? We adopted Kitty PoP just over 4 years ago, and can’t believe what an entertainment value he’s been since then. Such an awesome little guy. If you’re on the edge about adopting a kitten, I say go for it! But get one from a rescue shelter, please!
On to the finances, though…
May started with a bang (getting that car accident finally settled was a nice relief), plus a decent sized bonus check for Mr. PoP hit (yay for commission sales!) and went out with a budget buster (though the expense for that new AC system won’t technically be billed until this week – the first week of June).
So the numbers look super awesome… for this month. But June’s going to be a buster of a month, I know it already.
The Bottom Line
- Earnings before principal paydowns and savings allocations of $15,942!
And here are the details…
- Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $12,291 (yay for bonus time for Mr. PoP!)
- Rental Income: $600 (Net rent after reimbursing some security deposits for tenants that moved out…)
- Miscellaneous Income (rebates, reimbursements, etc.): $7,012 (most of this is that car accident settlement)
- Total Income: $19,903
- Groceries: $420
- Eating Out: $221
- Total Food: $641
- Mortgage: $1,167
- Home Maintenance and Repairs: $100
- Total Home: $1,267
- Gas: $297 – Biking to work helped out a lot, but we’re still running around a lot on the weekends in our cars.
- Auto Repairs / Maintenance: $16
- Car Insurance: $697 (six month premium for both of our vehicles)
- Total Transportation: $1,011
- Bills/Utilities for Primary Residence: $371
- Bills/Utilities for Investment Properties: $81 – We haven’t received the bill for that new AC at the duplex yet.
- Total Bills / Utilities: $452
- Interest Payments on Non-Mortgage Debt: $0
- Total Interest / Loan Payments: $0
- General Shopping: $476 – included new bike helmet and eating the cost of that $200 load of laundry
- Pet Supplies / Care: $20
- Total Shopping: $496
- Gym / Fitness: $73
- Medical Treatment/Visit: $0
- Media Subscriptions: $8
- Media Non-Subscription: $13
- Total Health/Fitness/Entertainment: $94
- Travel: $0
- Total Miscellaneous: $0
- Total “Everyday Expenditures”: $3,961
- EBPPS = $19,903 – $3,961 = $15,942
Principal Paydowns / Savings Allocations
- Holding Account to Pay for New AC Unit: $3,700
- Transfer to IRA Holding Account: $1,000
- Transfer to Savings for Personal Loan Payoff: $11,300
- Total Principal Paydowns / Savings Allocations: $16,000
Net Income = EBPPS – (Principal Paydowns + Savings Allocations)
- $15,942 – $16,000 = –$58 = Net Income (but significant growth in cash holdings for the time being!)
Despite the fact that almost $4K of these income gains are transient (have I mentioned how much I don’t like paying the bills for AC units. Ugh!), we’re still pretty happy with the progress this month.
How was your income and spending this month?