PoP Income Statement – May 2015

Welcome to our May 2015 Income Statement!

Before, the plan, and current state of the windows.

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…

Income

  • 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

Expenditures

  • 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
  • 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
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • 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
Net Income = EBPPS – (Principal Paydowns + Savings Allocations)
  • $11,675 – $11,675 = $0 = Net Income

How was your income and spending this month?

 

 

12 comments to PoP Income Statement – May 2015

  • I like the bigger windows in your kitchen! When will everything be done.

    We had an awesome month in terms of income, but a bad one in terms of work/life balance. I’m hoping to have more free time this month.
    Holly@ClubThrifty recently posted..Our Frugal Theme Park GetawayMy Profile

    • We’re aiming for completion in the fall, but have the double edged sword that there’s no hard deadline we need to meet so can potentially let it drag out which has it’s benefits and drawbacks. =P

      Good luck increasing your free time in June! Hopefully you get some good weather to use with it.

  • I love the windows Mrs. Pop! I have a crazy spending this month because I just came from vacation and had a birthday dinner with my friends and family.
    Clarisse @ Make Money Your Way recently posted..The guide to memorable marketingMy Profile

  • We made the rare trip to the mall multiplex to see Mad Max, too. I think Margie actually liked it better than I did. You wouldn’t guess it from meeting her, but she does like some weird gore :)

    I like the windows! It must feel nice to see it all coming together. We are all sore too from working this weekend on our patio. We laid out and screeded 300 sq. feet of sand, then placed about 40 huge cobblestones, both of which involved a lot of squatting. Yowch. We got Chipotle take out and ice cream as a nice reward.
    Norm recently posted..The Retirement Account RankingsMy Profile

    • Yowch, indeed! You guys were probably as sore as us! =) Chipotle is awesome. Our reward last weekend after the windows was Tropical Smoothie Cafe. Mmmm! Love that after a hard day of manual labor. =)

  • Ooooh the new window is exciting!!! And yay for the near-zero electric bill! And woo for finally sending money to your taxable investment account! That must feel good!

    With starting late on the retirement accounts this year and setting aside money for grad school, I don’t think I’ll get to ANY mortgage pre-payments this year at all. But that’s okay – I’m building my net worth in other ways.
    Leigh recently posted..May 2015 net worth update (+1.5%)My Profile

    • It does feel good to be sending money back to the taxable brokerage! We had gotten so good at that last year and then this year was…. well, prioritized differently than last year. Not bad, just different. I’m sure it feels the same way to you with the mortgage payments. =P

  • We just replaced a bunch of (punctured wire) screen with pet screen. I noticed that Amazon has a give-away for pet-screening for a reader if one posts about it with an amazon-affiliate link, but I didn’t think anybody would actually be interested, so I hadn’t bothered writing up a post on the screening. I guess we’re not the only people!
    nicoleandmaggie recently posted..June Mortgage Update: And 1K interest leftMy Profile

  • ha! I wouldn’t have even thought to check Amazon for pet screen. We just get ours from the local Ace. But pet screen is some awesome stuff. I wish we had known about it when we first moved in. We probably spent the first couple of years replacing screens with other ones he could chew through – which he did. Slowly but surely, we’re getting to all the bottom screens.

  • Those windows really open up the space. Absolutely stunning!
    Taylor Lee @ Engineer Cents recently posted..Buying A Fixer Upper: Worth It?My Profile

  • Thanks for your updates, you are doing a great job keeping that kitchen renovation on a strict budget (especially considering the other renovations you’ve been up to).

    Also- Angie’s list is amazing- thanks for the recommendation. Our friends let us on their subscription for a while, and we found several qualified and awesome roofers. We’ll probably pull the trigger on a subscription next time we need to find any type of contracting work.