Welcome to our May 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.
We had quite a busy day yesterday with two rented demolition hammers, and our house officially has about 500 square feet less tile and we have about 500 more sore muscles – including our wrists! I didn’t even realize there were muscles there to get sore, but sure as anything…
In addition to removing the tile (which is not 100% complete as there are still spots of mortar we need to attack another weekend after we recover), we also put in our new windows last weekend. Perhaps we’re biased, but we think they look absolutely fabulous and have set up our small dining table in front of the new windows (where a larger table will go eventually) and are really enjoying sitting there and getting to stare out across the pool and the lake while eating. The kitchen renovations continue to be among our biggest expenses each month, but we expected that when we started gutting the area.
Other than that, we had a few higher expenditures, but nothing too crazy. Food was on the high side, which isn’t a huge shocker given what our kitchen looks like. We were a tad spendy when we went to Omaha and went over our usual $100/day aim for travel incidentals. We also spent $305 renewing our car insurance for another six months.
But the $106 that was the best spent this month was on the set of dishes I got at our local thrift store. (A random lady at the store actually high fived me on the deal I got on them.) I’ve been searching for new (to us!) dishes since we moved into our house almost six years ago since we only had our mis-matched dishes that we had from college. With dishes, I didn’t want to spend a ton, but I wanted nice dishes that didn’t scream UGLY to me, and that would last a long time. I also wanted a set big enough that if we drop some, we’ll still have enough to host a party. The new set fits the bill! A serving platter, two big serving bowls, and most of a 16 place setting set of big plates, medium plates (what we use for our every day sizes), bowls and mugs. (The previous owners probably dropped a couple over the last decade, much like we will in the next decade.) It’s a design from Dansk (this one) which is about 10 years old and when Mr PoP saw it, he cracked up. “It’s very you.” To which I replied, “What can I say, I’m partial to designs that can be constructed with a straight edge and a compass.” I’m so excited that when we have our new cabinetry we’ll be able to stock it with these lovely dishes and send what remains of our college set (not much of the tiny 4-person place settings after many dropping incidents over the last decade+) off to the thrift store for someone else.
Here are all the details for May’s numbers.
The Bottom Line
- Earnings before principal paydowns and savings allocations of $11,675.
And here are the details…
- Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $8,316
- Rental Income: $1,150 – low due to some pre-payments, next month should be back to normal
- Miscellaneous Income (rebates, reimbursements, etc.): $15,277 – includes the $15K we got back from our solar rebate!
- Total Income: $24,743
- Groceries: $361
- Eating Out: $266
- Total Food: $627 – both of these categories are on the high side, but not wretched considering the state of our kitchen at the moment…
- Mortgage: $1,151
- Home Maintenance and Repairs: $154
- Kitchen Renovations: $833
- Bills/Utilities for Primary Residence: $175 – first month with a near-zero electric bill!
- Total Home: $ 2,313
- Gas: $177
- Auto Repairs / Maintenance: $0
- Car Insurance: $305 – six months of premiums on our car
- Total Transportation: $482
- General Shopping: $389 – high this month, but it’s largely gifts, and buying a new set of dishes at the thrift shop… I’ve been looking for a nice set of dishes since we moved in almost 6 years ago and finally found a set I like at a price I like. =)
- Pet Supplies / Care: $69 – Kitty PoP decided to chew through some screen in our lanai this month, so we bought a bunch of pet screening (way more expensive than regular screen) to keep reinforcing our lanai against his teeth
- Total Shopping: $458
- Gym / Fitness: $53
- Medical Treatment/Visit: $0
- Media Subscriptions: $8
- Media/Entertainment Non-Subscription: $15 – Mr PoP saw Mad Max in the theater and was as impressed that the movie theater now sells beer as he was with the movie… On reflection, his expectations for both felt mismatched.
- Total Health/Fitness/Entertainment: $76
- Travel: $348 – a spendy weekend of incidentals in Omaha for Berkshire Hathaway‘s 50th annual meeting
- Total Miscellaneous: $348
- Total “Personal Expenditures”: $4,304 ($3,471 excluding the kitchen reno items)
- Investment Properties: $8,764 – most of which was that new roof on the duplex!
- Total Investment Expenses: $8,764
- EBPPS = $24,743 – $4,304 – $8,764 = $11,675
Principal Paydowns / Savings Allocations
- Rebuilding Buffer/Holding for Large Near-Term Expense: $4,675 – and this rebuilds our buffer for the time being, so we can start putting excess to work in our taxable brokerage regularly again!
- Holding Acct For Roth 2015 IRAs: $5,000 – allocating funds for $1K/mo for Jan – May for our Roth IRAs
- Transfer to Taxable Investment Account: $2,000
- Total Principal Paydowns / Savings Allocations: $11,675
- $11,675 – $11,675 = $0 = Net Income
How was your income and spending this month?