PoP Income Statement – May 2017

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.

IMGP0747We’re a little late delivering on this promise, but here are MOAR OTTER PICS!!!  Clicking on them should enlarge them.  I think Mr PoP did pretty well getting some good pics without scaring the little (well, kindof big) guy away.

The months are flying by here in the PoP household.  This last one started off with some great folks coming to spend the weekend in Florida while we streamed the Berkshire Hathaway annual meeting in our living room, and is ending (as I type this) with Mr PoP happily ensconced in the garage doing some work (replacing some 20+ coolant hoses and other stuff) on his NSX.

Speaking of working on the NSX, it’s more important than ever that Mr PoP gets it in daily driver shape (that’s what he’s working on now!) because we decided to sell our other car – a Miata.  We sold that over the weekend and are (kindof) back down to one car.  (We’ll explain the “kindof” soon, I promise!)  The Miata needed some work before we sold it – her pesky AC needed a better fix after the quick fix the local shop had attempted the previous month, so Mr PoP did that, and then a few other “little” things added up to several hundred dollars in repairs.  But that felt worthwhile when selling it to someone who turned out to be an early retiree!  We have little doubt that he’ll take good care of her car and use her until the very end.

IMGP0785All in all, life is pretty great, as Mr PoP seems to constantly be reminding me lately.  Seriously, he’s taken just to saying, “Our lives are pretty great” on a not-irregular basis.  It’s adorably endearing and I’m glad he’s super happy.  Though let’s be real – I could do with another three day weekend like last weekend.  =)

 

Here’s all the rest of the numbers…

The Bottom Line

  • Earnings before principal paydowns and savings allocations of $7,299.  

And the details…

Income

  • Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $7,138
  • Rental Income: $1,600
  • Miscellaneous Income (rebates, reimbursements, etc.): $4,079 – we sold the Miata!
  • Total Income: $12,817

Expenditures

  • Groceries: $422
  • Eating Out: $233
  • Total Food: $655
  • Mortgage: $1,123
  • Home Maintenance and Repairs: $77
  • Renovations: $179 – mostly the cushions, but also some wood to make the remaining cabinet doors.
  • Bills/Utilities for Primary Residence: $162
  • Total Home: $1,541
  • Gas: $168
  • Repairs & Maintenance: $677 – most of this was on tools and supplies to get the Miata in the best condition possible for sale.  Some of which we get to keep and use on the NSX.
  • NSX Payment: $727 – while we paid cash for the car, we opted shortly thereafter to take advantage of the stupid low rate our credit union was offering on car loans to take a loan on the car and have more money liquid in the market
  • Fun Car: $608 – still working on getting the NSX to “daily driver” status here, which it pretty much needs to be now that the Miata is sold!  The bulk of this is having window tinting applied, getting a custom sun-shade for the windshield, and an expansion tank for the cooling system (which Mr PoP has now completely overhauled!)  
  • Car Registration Fees: $88 – neither for the NSX, nor the Miata… yes, somehow we have ANOTHER phantom car that required a small fee to the tax man…  Will explain more soon, I promise!
  • Total Transportation: $2,268
  • General Shopping: $378 – we may have impulse bought a hammock over Memorial Day with plans to install it on our lanai.  
  • Pet Supplies / Care: $0
  • Total Shopping: $378
  • Gym / Fitness: $37
  • Medical Treatment/Visit: $9
  • Media Subscriptions: $9!  I thought Hulu increased their prices, but no!  FL decided to tax streaming media!  Mildly annoyed the tax rate is so high, too!
  • Total Health/Fitness/Entertainment: $76
  • Tax Man: $550 – bill for our expert to do our taxes this year.
  • Total Miscellaneous: $550
  • Total “Personal Expenditures”: $5,468  ($3,954 net Reno and NSX)
  • Investment Properties: $50
  • Total Investment Expenses: $50
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • EBPPS = $12,817 – $5,468 – $50 = $7,299

Principal Paydowns / Savings Allocations

  • Transfer to Holding Acct for 2017 Roth IRAs: $1,000
  • Transfer to Taxable Investment Account: $6,000
  • Total Principal Paydowns / Savings Allocations: $7,000
Net Income = EBPPS – (Principal Paydowns + Savings Allocations)
  • $7,299 – $7,000 = $299 = Net Income

How was your income and spending this month?

 

 

5 comments to PoP Income Statement – May 2017

  • Looks like another great month! I must confess, I’m so very curious to hear about The Phantom Car! My May was pretty great finance wise despite coughing up money on the exterior project for my house. My NW went up another 3%. I’m starting to see my investments pick up steam on their own and it’s very fun to watch!
    Gwen @ Fiery Millennials recently posted..Monthly Status Report: May 2017My Profile

    • Ha, the phantom car isn’t really that exciting of a story, but it is one that we hope will have a final resolution soon. =)

      It does get fun when investments start to compound and it matters more what happened in the market that month than what you happened to deposit into them! Enjoy it!

  • Also excited to hear about the phantom car! And I bet the tax thing is because FL is losing out on taxes from cable and the like.
    Leah recently posted..A little sparkleMy Profile

    • I think you’re probably right. It was funny because I actually called Hulu and they helped explain it to me! I thought maybe they had something wrong since the tax was over 10%, but that’s apparently how much they are taxing streaming (well, state + locality). Crazy, right? I mean, it’s < $1/mo on our Hulu, but if we had a big bill the >10% taxes would add up!
      Mrs PoP recently posted..PoP Income Statement – May 2017My Profile

  • I haven’t totaled mine up yet but I’m pretty sure it was gruesome. There was a trip to Vegas and a bunch of Lyfts and a parking ticket and I left my keys at airport security and had to have them FedExed. Not good!

    I suppose taxing streaming media makes sense. The XFP graciously allows me the use of his Netflix password, so I do not have this problem.
    Frugal Paragon recently posted..Jeans, More Jeans, and a Beach Cover-Up: More Sewing ProjectsMy Profile