Welcome to our October 2013 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.
October was a pricey month, so if you had a problem with September’s expenses, feel free to skip this one. Oh yeah, and you’ll want to skip November’s as well, just FYI. =)
Overall the household expenses were mostly in the range we like, and we especially saw an improvement on groceries from last month (I guess we had plenty of food around the house so we didn’t need to buy as much). But between spending ~$1,000 killing off the remainder of our 2013 travel budget, and topping it off with some of our 501c3 charity funding, and what I hope is the remainder of the medical bills for the year (post on all those soon…), it was a pretty price month. Luckily we had a strong month income wise, so we were still able to put a good chunk towards our savings and investment objectives.
The Bottom Line
- Earnings before principal paydowns and savings allocations of $6,693
And here are the details…
- Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $9,784
- Rental Income: $1,525
- Miscellaneous Income (rebates, reimbursements, etc.): $133
- Total Income: $11,442
- Groceries: $277 – makes up for some of last month’s crazy high grocery spending…
- Eating Out: $231
- Total Food: $508
- Mortgage: $1,167
- Home Maintenance and Repairs: $394 – some more garage expenses trickling in…
- Total Home: $1,561
- Gas: $320
- Auto Repairs / Maintenance: $171
- Yearly Car Registration: $134
- Total Transportation: $626
- Bills/Utilities for Primary Residence: $378
- Bills/Utilities for Investment Properties: $41
- Total Bills / Utilities: $419
- General Shopping: $292
- Pet Supplies / Care: $0
- Total Shopping: $292
- Gym / Fitness: $73
- Medical Treatment/Visit: $138
- Media Subscriptions: $8
- Media Non-Subscription: $4
- Total Health/Fitness/Entertainment: $223
- Travel: $990 – spending for FinCon, and prepayments for travel for the remainder of 2013 and some of 2014, which kills off the rest of our travel budget for the year!
- 501c3 Charity: $130
- Total Miscellaneous: $1,120
- Total “Everyday Expenditures”: $4,749
- EBPPS = $11,442 – $4,749 = $6,693
Principal Paydowns / Savings Allocations
- Allocation for Roth IRAs: $3,500 – which tops up the $11K we need for both of us for the year
- Allocation for HSA 2013 Funding: $3,250 – as planned for the car accident settlement money
- Total Principal Paydowns / Savings Allocations: $6,750
Net Income = EBPPS – (Principal Paydowns + Savings Allocations)
- $6,693 – $6,750 = –$57 = Net Income
With money completely set aside for the Roth IRAs, and the HSA allocation for this year taken care of that takes care of the 2013 “minimum” requirements that we had set out for ourselves.
How was your income and spending this month?