PoP Income Statement – October 2014

Welcome to our October 2014 Income Statement!

I make Kitty PoP wear his lion costume every Halloween... Poor Kitty PoP.

I make Kitty PoP wear his lion costume every Halloween… Poor Kitty PoP.

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.

Not a ton of craziness on the Income Statement this month in the PoP household.  Spending was a tad on the high side, but that’s mostly because we had another $1,123 in Kitchen renovation expenses this month.

With these kitchen expenses starting to add up in 2014, it’s going to be a tough squeeze to see if we’ll meet our $50K spending goal.  To do that, we’d need the next two months to have an average spending of ~$3,550 or so.  Certainly possible (omitting kitchen expenses this month we were at $3,320), but between the holidays and two weekends out of town coming up (and the travel incidentals those will likely carry), it’s going to be tight.  Though if we end up over $50K by an amount less than what we spend on the kitchen renovations, we’ll probably still count that as a win since the kitchen was always meant to be a 2015 project and we only moved these parts of it to 2014 to make the scheduling easier.

The Bottom Line

  • Earnings before principal paydowns and savings allocations of $5,135.

And here are the details…

Income

  • Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $8,843
  • Rental Income: $750 – lower this moth since one of our renters wants to try paying us every 2 months in advance and they double paid last month
  • Miscellaneous Income (rebates, reimbursements, etc.): $58 – a nice reminder that I need to file for some reimbursements!
  • Total Income: $9,651

Expenditures

  • Groceries: $301
  • Eating Out: $265
  • Total Food: $566 – under the $600 goal, so yay!
  • Mortgage: $1,213
  • Home Maintenance and Repairs: $132
  • Kitchen Renovations: $1,123 – more expenses to move the plumbing and 240V electric as part of our remodel!
  • Bills/Utilities for Primary Residence: $191 – $0 bill for 2 iPhones on Ting this month due to credit from phone swap!
  • Total Home: $ 2,659
  • Gas: $323we did a lot of driving this month!
  • Auto Repairs / Maintenance: $48
  • Yearly Registration: $58
  • Total Transportation: $429
  • General Shopping: $193 – mostly gifts – and this Kickstarter!
  • Pet Supplies / Care: $0
  • Total Shopping: $193
  • Gym / Fitness: $53
  • Medical Treatment/Visit: $75
  • Media Subscriptions: $8
  • Media/Entertainment Non-Subscription: $3
  • Total Health/Fitness/Entertainment: $139
  • Travel: $457
  • Total Miscellaneous: $457
  • Total “Personal Expenditures”: $4,443  ($3,320 excluding the kitchen reno items)  
  • Investment Properties: $73
  • Total Investment Expenses: $73
Earnings Before Principal Paydowns / Savings Allocations (EBPPS)
  • EBPPS = $9,651 – $4,443 – $73 = $5,135

Principal Paydowns / Savings Allocations

  • Holding Acct For Roth 2014 IRAs: $1,000
  • Transfer to Taxable Investment Account: $4,000
  • Total Principal Paydowns / Savings Allocations: $5,000

Net Income = EBPPS – (Principal Paydowns + Savings Allocations)

  • $5,135 – $5,000 = $135 = Net Income

How was your income and spending this month?

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