Welcome to our October 2015 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.
Despite feeling a little like we were buying all the things at one point this month, our October numbers ended up pretty good (with the caveat that this is “good for us while in the midst of a remodel”!).
Income flowing through from our paychecks was high, but this is mostly because we’ve both now maxed out on our 401Ks for the year, so the money that was going towards funding those earlier this year is now coming straight to our pockets. In full disclosure*, there’s $110 in Miscellaneous income on there that represents about 3-months worth of google-ads revenue.
Food spending was on the high side, which we’re mostly ignoring for the time being. We’ll see if it settles down or if we want to make a permanent adjustment upwards for our grocery budget starting in 2016.
Kitchen spending came it at around $1K with ~$800 of this going toward grout and thinset and a new over-the-range microwave. The rest went to assorted cabinetry supplies (the awesome bins here were ~$20!) and other random needs. This pushed the total for the year to just over $20K ($20,079). The optimistic range of what we wanted to spend on this year on the remodel was $20-$25K, and we’ve still got some expensive line items ahead of us (particularly in November when we’ll hopefully buy a new fridge and stove/oven), so there’s a good chance we’ll overshoot the top end of that range as well. That doesn’t thrill us, but we don’t want cheap out on supplies and then regret it later.
Shopping was also high for us this month, ringing in at double our YTD average in this category. But, no regrets here as the bulk of it went towards buying ourselves equipment to support us in fitness endeavors. Mr PoP spent $200 on SCUBA equipment as he continues to build his frugal SCUBA gear setup. I’ve made him promise to write a post on how to avoid spending thousands on SCUBA gear when he’s got it all done. I also spent a fair amount to support my fitness habits this month. For running, I spent $200 stocking up stocking up again on running shoes (hopefully this batch lasts me 9-months or so), and in the fitness category I also splurged spending $30 on a 5K for a charity I wanted to support. I don’t usually spend on 5Ks since I don’t consider the cost to be a good $/mile value most of the time (something to consider when you run marathons), but this was a good charity, and a course I hadn’t been to before, so I indulged and am glad I did since I posted a PR and took home 2nd place! =)
I also spent another $65 buying bike lights to keep me well-lit as the change with daylight savings has started to impact my daily bike commute. Luckily a good chunk of this should be reimbursable via my bike benefits at work.
Our investment properties had a bit of an expensive month, too. Mr PoP is gradually making repairs to the 30 year old aluminum windows over there (we don’t want a repeat to the accident where one of our renters had one break on her while she opened it!), and we also paid the septic company to come and pump the tank – a literally shitty job that we are happy to pay someone else to do every few years.
But even with all that, we’re still pretty happy with the way the month shook out. Here are the numbers!
The Bottom Line
- Earnings before principal paydowns and savings allocations of $8,905.
And here are the details…
- Wages and Salaries (after taxes, 401K deposits, HSA allocations, etc.): $11,816
- Rental Income: $1,550
- Miscellaneous Income (rebates, reimbursements, etc.): $110
- Total Income: $13,476
- Groceries: $430
- Eating Out: $205
- Total Food: $635
- Mortgage: $1,151
- Home Maintenance and Repairs: $75
- Kitchen Renovations: $1,062
- Bills/Utilities for Primary Residence: $171
- Total Home: $ 2,459
- Gas: $128
- Auto Repairs / Maintenance: $0
- Total Transportation: $128
- General Shopping: $527 – see the notes above on where this went!
- Pet Supplies / Care: $0
- Total Shopping: $527
- Gym / Fitness: $83
- Medical Treatment/Visit: $35
- Media Subscriptions: $8
- Media/Entertainment Non-Subscription: $58 – Mr PoP went out to see The Martian (he does not recommend), and we treated friends to an evening of mini golf.
- Total Health/Fitness/Entertainment: $184
- Travel: $77 – A night on AirBnB for a marathon in a few months, in some ways more fitness spending. =)
- Total Miscellaneous: $77
- Total “Personal Expenditures”: $4,010 ($2,948 excluding the kitchen reno items)
- Investment Properties: $561
- Total Investment Expenses: $561
- EBPPS = $13,476 – $4,010 – $561 = $8,905
Principal Paydowns / Savings Allocations
- Holding Acct For Roth 2015 IRAs: $1,000
- Transfer to Taxable Investment Account: $8,000
- Total Principal Paydowns / Savings Allocations: $9,000
- $8,905 – $9,000 = $-95 = Net Income
How was your income and spending this month?
* Mama PoP was asking us about this a couple of weeks ago. We decided a while ago that we don’t really care to make a lot of money on this blog, but we do host Google ads that kick off income that’s just a tad higher than the site’s ongoing expenses to us. In case you’re curious, a deposit this-size usually happens every few months (a little more than $1/day on average). We’re not trying to hide this income, it’s just so small that we lump it in with other items like health-care reimbursements that are small and irregular and tend to not think about it.