The appearance of a box in the house is reason for Kitty PoP to get excited!
Mr. PoP had a pretty fabulous month income-wise, so we’ve got some pretty strong numbers to report, even though November is also typically a very big spending month for us. Travel for Thanksgiving is pretty much always an expense, as well as the property tax bills that we like to pay in November if possible as well. (Though they are not due until March, we do get a discount for every month we pay early, and it adds up!)
After our spending cleanse midway through the month, Mr. PoP and I did much better on gas and food spending, and I’m working on keeping the fridge stocked with packed meals for lunches so that we can keep carrying this trend well into December and beyond.
But here are the numbers…
The Bottom Line
- Earnings before principal paydowns and savings allocations of $10,753.
And here are the details…
Income
- Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $16,093
- Rental Income: $1,500
- Miscellaneous Income (rebates, med reimbursements, etc.): $786 ($300 of this is in credit card rewards for Holiday spending)
- Total Income: $18,379
Expenditures
- Groceries: $440
- Eating Out: $262
- Total Food: $702
- Mortgage: $1,166
- Home Maintenance and Repairs: $70
- Total Home: $1,236
- Gas: $399
- Tag/License Renewals: $182
- Auto Repairs / Maintenance: $0
- Total Transportation: $581
- Bills/Utilities for Primary Residence: $364
- Bills/Utilities for Investment Properties: $45
- Total Bills / Utilities: $409
- Interest Payments on Non-Mortgage Debt: $92
- Car Loan Payments: $265
- Total Interest / Car Loan Payments: $357
- General Shopping: $429 – I’m tracking Holiday shopping separately, but we still record it as general shopping
- Heirloom Restoration: $520 – expect a post on this soon, it was pricey, but money we feel was very well spent
- Pet Supplies / Care: $10
- Total Shopping: $959
- Gym / Fitness: $321 – As of now, all the big races for this racing season (through March) are now pre-paid at early bird prices as I really want to reach my running goals!
- Medical Treatment/Visit: $70
- Media Subscriptions: $25
- Media Non-Subscription: $0
- Total Health/Fitness/Entertainment: $416
- Travel: $622
- Property Taxes on Investment Properties: $2,344
- Total Miscellaneous: $2,966
- Total “Everyday Expenditures”: $7,626 – and yes, you can note that $3,148 of that went straight to our local taxing authority. Our mortgage escrow account also paid out another $1,800 for the property taxes on our primary residence, so altogether the local tax collector got almost $5K from the PoPs this month. Hope you like it, Tax Man!
- EBPPS = $18,379 – $7,626 = $10,753
Principal Paydowns / Savings Allocations
- Principal on HELOC: $7,500
- Savings for Estimated Big Purchase Soon: $1,500
- Savings for Estimated Income Tax Liability*: $500
- Transfer to IRA Holding Account: $1,000
- Total Principal Paydowns / Savings Allocations: $10,500
Net Income = EBPPS – (Principal Paydowns + Savings Allocations)
- $10,753 – $10,500 = $253 = Net Income
So all told, our cash accounts grew by $3,253 this month. ($1,500 to short term savings, and $1,500 to medium term savings accounts, and $318 from net income.)
*We’ll be keeping back some extra for the next few months as I’m starting to get antsy about owing the TaxMan come April 15th. The goal is to set an extra $2,000 aside for an estimated tax bill. Not sure exactly how it’ll shake out in April, but this will let me sleep better between now and then. If we don’t need it, that’s great – but I’d rather have it just in case.
How’s your income statement looking this month?
You guys are killing it in the income department.. Very, very nice.
Thanks for being so open with hour finances, it really helps to see how other families are swinging it, in this economy..
Jefferson @SeeDebtRun recently posted..That Christmas Time of Year
Thanks!
“The goal is to set an extra $2,000 aside for an estimated tax bill. Not sure exactly how it’ll shake out in April, but this will let me sleep better between now and then.”
I don’t mean any offense by this, but I sure hope you’re exaggerating when you say you wouldn’t sleep well if you didn’t set aside this targeted savings! You have plenty of spare cash (and for that matter, spare excess income on a monthly basis) to cover a measly $2,000 tax bill without having to sweat it out at night. Isn’t that the whole point of being fiscally prudent (as you are), that you have enough cushion to not ever have to stay up at night worrying about things like that, even if you don’t specifically designate funds for it in advance?
Yes, that’s hyperbole. I sleep jut fine. That particular niggle comes from the fact that it’s a tax obligation we’ve never had before, but are anticipating the possibility of.
Mentally, paycheck withholding for taxes doesn’t bother me – but I tend to let myself be bothered if I have to write a check in April. I know it’s the same amount of money either way, I’m just aiming for some forced withholdings here so that I don’t get a sour taste in my mouth when tax time comes around.
Thank you for sharing this information. It is nice to see you guys killing it with income. I wish the wife and I could hit that mark, but we are always striving to earn more and spend less.
Grayson @ Debt Roundup recently posted..The Save Money On Groceries $100 Giveaway
Hey Grayson. Its easy to forget that 2 years ago our income (and net worth) looked WAY different. I was making much less, and the appreciation hadn’t kicked in on our Realestate. You’ll get there…
Mr. Pop recently posted..PoP Balance Sheet – November 2012
Kitty Pop is adorable I just have to say!
Mo’ Money Mo’ Houses recently posted..How I Save Money Grocery Shopping
Aww, thanks! We love him!
$18,000 a month is great income! What do you guys do for a living if I may ask?
Sam
Financial Samurai recently posted..How Much Savings Should I Have Accumulated By Age?
$18K is definitely a high month for us – Mr. PoP had a bonus that came through on this month’s paycheck. But Mr. PoP is in commission sales, and I do coding.
Sales baby! Check out the whole story here:
http://www.plantingourpennies.com/2012/10/15/how-do-you-go-from-minimum-wage-to-80k-in-a-year-part-1/
Mr. Pop recently posted..PoP Balance Sheet – November 2012
Wow that’s awesome income for the month. Keep it up and those mortgages will vanish. Good luck next month.
Justin@TheFrugalPath recently posted..Tracking Expenses: A Budget’s Foundation
you guys have a killing income in November.you have $18,379 income in November buy spend a lot $7,626 and saves less money $10,753 . but if i am at your place then i spend less and save more near around $14,000 . because saving helps us in future .
Christopher @ This That and the MBA recently posted..Tips on Buying Your First Car
It was definitely a high spend month for us, but when it’s the time of year to pay over $3K in taxes on our investment properties, well… it’s just got to be done!
That income is awesome. Care to do a November break down of your income?
James @ Free in Ten Years recently posted..Frugal grocery shopping tips – $100 giveaway
How much more of a break-down were you looking for? =)
Income
Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $16,093
Rental Income: $1,500
Miscellaneous Income (rebates, med reimbursements, etc.): $786 ($300 of this is in credit card rewards for Holiday spending)
Total Income: $18,379
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