PoP Income Statement – November 2015

Welcome to our November 2015 Income Statement!

Scooba mopping our new floors for the first time!

Scooba mopping our new floors for the first time!

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.

Ooof.  Outflows this month were high, and they don’t even include the appliances (thanks to everyone for the advice!) that I purchased online over the holiday weekend as those charges don’t seem to have hit our accounts quite yet.  (Delivery is scheduled for Saturday – so excited!)

So what drove it up?

Well, we started the month with car trouble.  Literally, on the morning of November 1st the clutch on our car failed.  The repair shop around the corner wanted us to spend $1,600 replacing the clutch as well as the master and slave cylinders, but Mr PoP was pretty unhappy with that plan.  (Sidenote – we’ve had a lot of trouble finding a mechanic that we like in this area, which isn’t great as our car now has over 100K miles on it…)  So Mr PoP did some research and found a car shop that specializes in the kind of car we have and after talking with the owner there decided that was the place he wanted our car to go.  The only trouble was that the shop is 40+ miles from our house and without a fully functioning clutch we weren’t going to risk trying to drive it there.  So we got a tow (~$150 for the additional mileage beyond what the 15 miles our roadside assistance coverage covered) and the specialists looked at our car and determined that the right thing to do would be to replace the master and slave cylinders since the clutch itself probably has another 60K miles on it.  ~$250 later the car was running and back in our hands.  This was the first major car trouble we’ve had to deal with since transitioning down to one car and we almost rented a car to make it easier.  Another day and we probably would have. Still, the net result was spending $400 instead of the original quote of $1600.

And, of course, we spent most of the month swiping our credit card at the local hardware store buying more and more pet screen due to Kitty PoP’s great escapes.  Nearly $250 later, all of the bottom panels of our lanai screen have been replaced with pet screen (which is how we spent our Thanksgiving morning)!  We’re all much happier as a result.

Costs for the ongoing kitchen renovation this month clocked in at just under $1K.  And while those don’t include the ~$2,200 (~$2K after 10% cash back rewards) for the new fridge and stove we’ve ordered, they do include the ~$560 (~$500 after 10% cash back) that we (I?) spent buying Scooba, our newest robotic employee.

Toss in a few hundred spent on travel for Mr PoP’s yearly weekend with friends, some money to charity, a complete disregard for what food was costing us ($800+ for the month!!), and you end up with a pretty high spending month.

But it gets even more ridiculous when you add in that we also spent nearly $3K on our investment properties this month.  Most of that was known ahead of time, since it went to property taxes, which we happily pay early in order to lock in a pretty sweet pre-payment discount.

So yeah, outflows were high, though honestly they were probably about where I thought they’d be for the month (even after mentally adding in the appliance purchases).  It’s months like this that make me really glad that our “normal outflow” is so much below our “normal inflow”.

Here are the numbers!

The Bottom Line

  • Earnings before principal paydowns and savings allocations of $5,950.  

And here are the details…

Income

  • Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $11,810
  • Rental Income: $1,550
  • Miscellaneous Income (rebates, reimbursements, etc.): $506
  • Total Income: $13,866

Expenditures

  • Groceries: $468
  • Eating Out: $347
  • Total Food: $815
  • Mortgage: $1,151
  • Home Maintenance and Repairs: $75
  • Kitchen Renovations: $975
  • Bills/Utilities for Primary Residence: $184
  • Total Home: $ 2,385
  • Gas: $135
  • Auto Repairs / Maintenance: $463
  • Total Transportation: $598
  • General Shopping: $401 – about half of this was SCUBA equipment, the rest was gifts and household stuff
  • Pet Supplies / Care: $241… all PET SCREEN
  • Total Shopping: $642
  • Gym / Fitness: $53
  • Medical Treatment/Visit: $58
  • Media Subscriptions: $8
  • Media/Entertainment Non-Subscription: $3
  • Total Health/Fitness/Entertainment: $122
  • Travel: $307
  • Charity: 100
  • Total Miscellaneous: $407
  • Total “Personal Expenditures”: $4,969   ($3,994 excluding the kitchen reno items)  
  • Investment Properties: $2,947
  • Total Investment Expenses: $2,947
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • EBPPS = $13,866 – $4,969 – $2,947 = $5,950

Principal Paydowns / Savings Allocations

  • Holding Acct For Roth 2015 IRAs: $1,000 – this is the last of it for 2015!
  • Transfer to Taxable Investment Account: $5,000
  • Total Principal Paydowns / Savings Allocations: $6,000
Net Income = EBPPS – (Principal Paydowns + Savings Allocations)
  • $5,950 – $6,000 = $-50 = Net Income

How was your income and spending this month?

11 comments to PoP Income Statement – November 2015

  • On a scale of 1-10, how much more do you love your new floors? They look beautiful! I love the scooba too. How does Kitty PoP feel about it?

    Do you transfer a set amount to investment each month? Or would you vary that depending on your income and outflow? I still think you’re doing well in a month in which you were able to put away so much. It’s wonderful to be able to cash flow your expenses.

    Also, when your net income for the month is -$50, where does that $50 come from? Do you have a cash buffer that sits in your checking accounts? Or is this more of a math spreadsheet thing?
    Leah recently posted..ThankfulMy Profile

    • LOVE the new floors! And I’ll love them even more when the hallways are done, too! =)

      We don’t transfer a set amount each month, we just figure out what’s left after inflows/outflows and then transfer the remainder after we figure that out.

      The negative/positive net income every month just goes to the buffer we maintain, which we keep around $20K, not including the cash we have set aside to fund our Roth IRAs, which varies throughout the year. Maybe I’m weird, but I really like transferring even numbers, so I’ll generally only transfer in increments of $500 or $1000.

  • November was the first month we’ve received a full month’s rent ($950) from our apartment, so that really pushed our income up and felt nice. We should have the second apartment occupied by January.

    Our November expenses were low, at least if you don’t include what we’ve been spending on the apartment! (washer & dryer hookups, another washer & dryer themselves, chimney lining) I think all that rental spending is helping to keep personal expenses low because it feels like we shouldn’t be spending anything on ourselves!
    Norm recently posted..I Went On Vacation And You Didn’t!: Japan, Part 1My Profile

    • Yay for rent! And it’ll be even nicer when both units are rented out.

      We also find that big spending in one area does tend to tamp down spending in other areas, even if only subconsciously.

  • Nice job! Our home renovation lingers on, but we also managed to snag a deal on a gas stove (which we paid for this month, but put off for delivery until January in the hopes that we can beast through our remodel in the next 3-4 weeks).

    • Good luck beasting through! Our appliances get should be delivered Saturday, and even though we’re not done, we’ve got enough done to have them and I’m pretty excited. =)

  • Do you love your Scooba? I’ve thought about getting one.
    Cat@BudgetBlonde recently posted..5 Amazing Financial Gifts to Give Your Children This HolidayMy Profile

  • Wow that is exactly why its so hard to trust mechanics, i feel like most of them are out to get you! Really glad to hear you were able to research and find a MUCH better deal. Kuddos to that!

    Also considering you spent a lot of money with the rental with taxes and stuff and you still barely came out negative. I would say that was a solid month!
    Alexander @ Cash Flow Diaries recently posted..November 2015 Net Worth UpdateMy Profile

  • Congrats on getting the pet screen installed. Surely hope it works!

    :-) I remember having cats: about 30% of my lifetime was spent trying to cope with their escape acts and their general vandalism. Now instead of struggling to keep my cat IN, I bang around trying to keep the neighbor’s cat OUT.

    Wow! $400 vs. $1600??? That was worth the hassle. It’s infuriating how mechanics try to take advantage of people…and the more complicated and computerized cars get, the easier it is to do that, since fewer and fewer consumers know how their vehicles work. $13,866 income? That’s admirable!!! Congratulations!

    The kitchen is looking very nice. Love that flooring.
    Funny about Money recently posted..Most Expensive US Postal Service in the Country…My Profile

  • Isn’t it amazing how the restaurant bill can creep up when you’re not keeping super close tabs on it!!?? The hidden expense of kitchen renovations. We’ve been there too :)
    Jess @ Best Credit Cards Canada recently posted..Simple Ideas to Help You Avoid Credit Card Debt This Christmas!My Profile

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