PoP Income Statement – May 2014

Welcome to our May 2014 Income Statement!

Mr PoP's watch was due for a repair...

Mr PoP’s watch was due for a repair…

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.

Thanks in large part to selling the Jeep, we had an awesome month on the income side of things, which is awesome.  But on the other hand, it was a pretty expensive month with quite a few good-sized expenses all stacking up on top of one another.  And that is less awesome.

Some of the things we were up to that impacted the bottom line this month included that weekend trip to see Warren Buffett and Charlie Munger, spending a weekend repainting the outside of our house (~$300), stocking up on some Vibrams, hanging and going out to eat with a lot of friends (especially Memorial Day weekend!), registering for my first-ever triathlon (time to see what GoGo can do in a race!),  paying for the next couple of years of hosting for this gem of a site, repairing Mr PoP’s watch, and much much more.  It really was a very full month!

The Bottom Line

  • Earnings before principal paydowns and savings allocations of $14,247.

And here are the details…

Income

  • Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $9,033
  • Rental Income: $1,525
  • Miscellaneous Income (rebates, reimbursements, etc.): $9,150
  • Total Income: $19,708

Expenditures

  • Groceries: $350 – spot on goal!
  • Eating Out: $345 – a bit high, we used up a good chunk of the buffer we built up earlier in the year enjoying meals out with friends
  • Total Food: $695
  • Mortgage: $1,213
  • Home Maintenance and Repairs: $452 – mostly painting the house, but also fixing the lawnmower
  • Total Home: $ 1,665
  • Gas: $289
  • Auto Repairs / Maintenance: $74
  • Total Transportation: $363
  • Bills/Utilities for Primary Residence: $218 – solid!
  • Bills/Utilities for Investment Properties: $46
  • Bills for this Website: $216
  • Total Bills / Utilities: $480
  • General Shopping: $1,138 – Lots of big stuff this month: a new iPad to replace the loss last month (though we should still get $200 reimbursement for loss to help offset), watch repair, stock up on running shoes, and renewing a bunch of domain names Mr PoP likes to sit on and do nothing with =)
  • Pet Supplies / Care: $0
  • Total Shopping: $1,138
  • Gym / Fitness: $171 – triathlons are expensive registrations, yo!
  • Medical Treatment/Visit: $29 – skin cancer free!
  • Media Subscriptions: $8
  • Media/Entertainment Non-Subscription: $0
  • Total Health/Fitness/Entertainment: $208
  • Travel: $412 – Incidentals at the BRK meeting, as well as the excess cost after using mostly miles to book two air trips for later in the year.
  • 501c3 Charity: $0
  • Tax Prep: $500 – yep, we used our tax man again this year… no regrets.
  • Total Miscellaneous: $912
  • Total “Everyday Expenditures”: $5,461
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • EBPPS = $19,708 – $5,461 = $14,247

Principal Paydowns / Savings Allocations

  • Holding Acct For Roth 2014 IRAs: $1,000
  • Transfer to Taxable Investment Account: $13,000
  • Total Principal Paydowns / Savings Allocations: $14,000

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

  • $14,247 – $14,000 = $247 = Net Income

 

How was your income and spending this month?

19 comments to PoP Income Statement – May 2014

  • I had a crazy spending this month, from Mother’s day, my birthday, family outing and a very expensive plane ticket. I had purchased a promo ticket last month for my hubs, but unexpectedly he missed his flight, so he bought another ticket for a triple price! Btw, good job on your monthly income guys!
    Clarisse @ Make Money Your Way recently posted..May blog income and stats recapMy Profile

  • What you BOTH spent on groceries is what I spent on just myself! Oink! :) You may have had an expensive month but what great income you had!
    Tonya@Budget and the Beach recently posted..Six Month Check UpMy Profile

  • I love that you guys own your spending! Have fun with the triathlon!

    It still astonishes me how much you guys spend on gas! I’m still at $35 spent so far this year.

    Woo! $13,000 to your taxable investment account! That’s awesome :)
    Leigh recently posted..May 2014 net worth update (+7.0%)My Profile

    • $35 in gas would be pretty much impossible to do – it costs more than that for Mr PoP to drive to/from work in a single week! Compared to our peers down here in FL, though, we do pretty well with gas costs.

  • That’s a great month I must say, wideing the gap between income and expenses, very smart. Is the website income included in the Misc, category? I think FI is one step closer for you guys. Good Luck.
    EL @ Moneywatch101 recently posted..My Dividend StrategyMy Profile

    • When there is website income, it is in the Misc category, but the reality is that there isn’t much and can be irregular with months going by between payouts.

  • Kim

    I’m curious to hear more about the triathlon. Is it a crazy long one? We have a new ac system going in the commercial building this week so that’s an ouch but last month wasn’t bad at all for spending.
    Kim recently posted..You Can’t Pay Off Debt With ExcusesMy Profile

  • It seems like you had a good month. I had a very spendy month. My car broke down and I had to rent a car for a week. Not fun on the budget at all. Oh well, at least my car works again.
    Debt and the Girl recently posted..What Defines You?My Profile

  • That’s awesome, guys. Do you plan on replacing the jeep or are you bike-only now?
    Holly@ClubThrifty recently posted..Joint Birthday Parties: Our Frugal Birthday Party StrategyMy Profile

    • We’re going to live with one car and two bikes unless it becomes impossible. So far it’s been fine, so we’ll see what happens!

  • I’m curious about the domain names. I actually purchased an up and coming basketball player’s name and number, I even put up a quick 3 page site. In my head I thought he or his reps would see the site and say let’s buy that one. The reality was it was so simple to change the name a little bit. I’m not sure I’m a believer only one example to go off of though.
    Even Steven recently posted..Cutting Back on Expenses-MortgageMy Profile

    • Mr PoP owns one domain that’s related to a subject he knows about, so I imagine he’s squatting on that for the potential of a niche site or a e-course down the road. The rest, though, are far from investments. They’re every combination of [Our last Name].com, .net, .info… you get the idea. Mr PoP bought them when a sibling accidentally let their registration expire about 4 years ago, and insists on squatting on them all, but in a weird way, I don’t think he ever intends to do anything with them lest he end up providing IT services to relatives that want email addresses ala first@last.com. So we sit on them. =P

  • Wow, you had a rocking month…and I’d be willing to bet the trip was well worth the money!
    Joshua L Rodriguez recently posted..Debt Free In 2017…Our 3 Year PlanMy Profile

    • Yes, May was a very full month, and followed a very full April, too! We’re eager to see life slow down a bit around here for the summer, though. =)

  • Also a crazy month for us. I earned very little money because so much of my time was taken up with the move (still at least covered my childcare). And we shelled out for a long-distance moving truck rental and so forth.

    On the other hand, a couple of generous relatives have been helping us out (completely unsolicited) with moving costs, so we should be able to maintain forward momentum–but as I’m still surrounded by boxes and toddlers trying to help open them, I may not be able to run any numbers for a while :-).
    Frugal Paragon recently posted..Debt-free and Why We Did ItMy Profile