PoP Income Statement – May 2016

The tabletop, mid-finishing. It's about ready to get the legs put on and become the new dining room table!

The cherry tabletop, mid-finishing. It’s about ready to get the legs put on and become the new dining room table!  You can click on the image to see it bigger.

Welcome to our May 2016 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.

May’s spending ran away from us in a few areas due to our Chase Visa account feed being screwed up in Mint.  I’ll probably toss a post about it up next week, but to make a long story short – I had gotten a little complacent about our financial tracking systems humming along without much interference needed on my part, and Jaime Dimon’s hatred of financial data aggregators got in the way of my normally smoothly running bookkeeping to the tune of ~$1000 in “misplaced” transactions that I had to reconcile later in the month.  And only then did it become evident that we were going to end up over budget in key categories, namely food and shopping.  Not the end of the world, but I might not have been so loose at the grocery store if I had realized that I was, in fact, NOT running $200 under budget like I thought I was.  =/

That said, a good chunk of our higher spending was spent on others.  Approximately half of the travel category this month was actually spent on See’s chocolates that we brought back from the Berkshire Hathaway meeting in Omaha for our coworkers, and the vast majority of the “eating out” this month was spent taking friends and family out for breakfast, lunch, dinner, and drinks.  So… while we were spendy, our hearts were in the right place.

Spending on the kitchen was pretty high this month – we bought a few woodworking tools to help us work on our countertop and matching dining room table.  The tabletop (shown above – we haven’t yet gotten around to putting the legs on yet) turned out beautifully, and now that we’ve practiced on that easier (but not easy!) part of the project, we feel like we’re ready to get going on building our countertops.  We also went ahead and purchased the kitchen sink that we will be mounting under the to-be-constructed countertops.  That officially updated the description of the completeness of our renovation from “everything but the kitchen sink” to “everything including the kitchen sink”.  =)

The Bottom Line

  • Earnings before principal paydowns and savings allocations of $4,163.  

And the details…

Income

  • Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $6,763
  • Rental Income: $1,600
  • Miscellaneous Income (rebates, reimbursements, etc.): $433
  • Total Income: $8,796

Expenditures

  • Groceries: $419 – ooooof, that’s high!
  • Eating Out: $273 – oooof!  also high!
  • Total Food: $692
  • Mortgage: $1,150
  • Home Maintenance and Repairs: $206
  • Kitchen Renovations: $781 – a few wood working tools and finishing supplies, a kitchen sink, and probably some other stuff in there, too!
  • Bills/Utilities for Primary Residence: $277 – I forgot to pay last month’s water bill before the end of the month, so this has two water bills in it.
  • Total Home: $2,414
  • Gas: $178
  • Auto Repairs: $38
  • Total Transportation: $216
  • General Shopping: $567 – a lot of random stuff this month… the big stuff is Mr PoP’s domain squatting bill, some new running shoes for me to test out, getting my Maui Jim sunglasses repaired, about $150 in bike supplies/tuneups (this last one will be reimbursable)
  • Pet Supplies / Care: $11
  • Total Shopping: $578
  • Gym / Fitness: $53
  • Medical Treatment/Visit: $55
  • Media Subscriptions: $8
  • Media/Entertainment Non-Subscription: $0
  • Total Health/Fitness/Entertainment: $116
  • Travel: $216 – the remainder of our Omaha weekend spending… again, no less than half of this is Sees candy.  Mr 1500 felt how heavy the bag was!  =)
  • Total Miscellaneous: $216
  • Total “Personal Expenditures”: $4,232
  • Investment Properties: $113
  • Website (this one): $288 – two years of hosting… I’m fairly sure we’re over paying for this, but we’ve been too busy to shop around and migrate the site.
  • Total Investment Expenses: $401
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • EBPPS = $8,796 – $4,232 – $401 = $4,163

Principal Paydowns / Savings Allocations

  • Transfer to Holding Account for Sunny Restoration or NSX purchase?: $1,500
  • Transfer to Holding Account for 2016 Roth IRAs: $1,000
  • Transfer to Taxable Investment Account: $1,500
  • Total Principal Paydowns / Savings Allocations: $4,000
Net Income = EBPPS – (Principal Paydowns + Savings Allocations)
  • $4,163 – $4,000 = $163 = Net Income

How was your income and spending this month?

14 comments to PoP Income Statement – May 2016

  • This month necessitated about $200 in medical bills after I picked up a bacterial infection on my face in Omaha. I would’ve rather had all that chocolate! Travel spending was also higher because of trips to Omaha (great to meet you two!), St. Louis, and Seattle. Totally worthwhile so I don’t mind :)

  • $700 total on food isn’t really all that bad. Sure it can be lower and will be lower most months, but if you can afford it I would be more worried about the candy costs…

    Nice table! How much did the wood cost?
    Vawt recently posted..December Travel Points UpdateMy Profile

    • Yeah, $700 on food isn’t the end of the world, mostly I was just annoyed with myself for getting complacent and letting a mistake totally throw me off.

      The wood was actually a gift from Mr PoP’s parents, so we didn’t have to pay for the boards. And if I’ve got the story right, they didn’t pay much of anything for it, since Mr PoP’s dad chopped the cherry tree down himself over thirty years ago. The wood had been sitting in the barn up north drying and aging ever since, and on his trip down in his truck last year, Papa PoP kindly towed a trailer with a load of this wood down to Florida for us to use in our kitchen.

  • Going out to eat is what kills us too! We need to do a better job of not spending so much money eating out but im glad to hear you are at least positive that month.

    My may update is negative!! :(
    Alexander @ Cash Flow Diaries recently posted..May 2016 Net Worth UpdateMy Profile

    • Going out to eat is tough – and in May it seemed like almost everyone we went out with had just bought a new house, started a new job (or both!), so we were happy to treat them to celebrate. It’ll be nice when our kitchen is done and we can more readily have people over to celebrate instead of taking them out, though. =)
      Mrs PoP recently posted..PoP Income Statement – May 2016My Profile

  • Very impressive! I love your new table and can’t wait to see your new kitchen :)
    Mint can be a little funny sometimes. Sometimes our transactions show up twice or under weird names, or sometimes it randomly won’t connect with accounts for a few days, but overall it’s still pretty helpful to keep my hubby and me on the same page.
    I hope you got some chocolate for yourself too!

    • We’re loving the table too! It’ll be even better when it’s got legs. =) Now on to the countertop!

      Out of the chocolate haul, Mr PoP had some dark chocolates for himself, and we shared a small pack of some excellent “polar bear” clusters with the 1500s for dessert on our final night in Omaha. But the rest went to coworkers who very much appreciated it. They love it when we go to the Berkshire Hathaway annual meeting!
      Mrs PoP recently posted..PoP Income Statement – May 2016My Profile

  • That is one handsome tabletop! I built our computer desk the same way (just a board with legs attached), and I wish I had done the same for our dining room table.

    We spent some of our only takeout food expense so far this year over the past weekend while we were on vacation. We split a house rental with another couple, and it turned out to be a surprisingly frugal trip. The owner had recently renovated the bathroom and there was a drip from the ceiling which was really no big deal, but in compensation the owner gave us $100 back! That’s a pretty good pay rate for emptying a bucket twice a day.

    Overall our quarter has been extremely frugal, and it looks like we will average around $1,600 in expenses per month, outside of debt payments.
    Norm recently posted..We Paid Off Our Student Loans – Now What?My Profile

    • Thanks, we think the tabletop is pretty lovely, too! Can’t wait to see what it looks like with legs, though! =)

      I’m impressed that your “eating out” budget also includes eating out while traveling. We lump that all into travel spending so don’t count it “against” our restaurant budget.

  • We were negative this month by a smidge because of the car and (expected) credit card bills landing after our travel, but it was just a touch. It could have been a lot worse, honestly, so I’m not feeling terrible about it and it was a really nice break.

    I love the new table, y’all are so handy! And it’s awesome the wood has its own little origin story.
    Revanche @ A Gai Shan Life recently posted..Just a little (link) love: toast and toddlers editionMy Profile

  • The table is going to be gorgeous! Don’t you just know Thos. Moser is eating his heart out?? :-)
    Funny about Money recently posted..Orlando: What to think?My Profile

  • Just came across this site for the first time and feel like you are managing your expenses well based on your post! One question I do have is if it’ll be possible to break down the miscellaneous income section you’ve allocated as part of your income, It says rebates and reimbursements but rebates from which website, reimbursements from who, etc. :) Just curious!