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…
- 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
- 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
- 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
- $4,163 – $4,000 = $163 = Net Income
How was your income and spending this month?