Income Statement

May 2013 Income Statement

23 Comments

May was a nice large income month and a large expense month too (see attached spreadsheet).

Our total income in May was $12,074.62.  In addition to our regular paychecks, my wife and I both received a third “extra” paycheck (my wife’s was for 1 week).  I also cashed in 32 hours of PTO for $764.59 (net).  We received $25 in credit card cash back rewards, a $210 health insurance refund, a $13 state refund check, and we earned $3.47 in interest income from our online savings account.

In May, we spent a total of $10,484.87.  Some of the larger, non-typical expenses include $1,053.27 in gifts, $475 extra in nanny/babysitting, ~$315 in doctor visits/prescriptions,

June should be a normal income month, but we have a few large bills including ~$550 in auto insurance due.
 
Net Worth

May 2013 Net Worth Update (+4,037.71)

2 Comments

We saw a good increase to our net worth in May.  Our net worth increased $4,037.71 from last month, to a total of $224,597.73 (click on spreadsheet below).

What Worked

One benefit of my wife returning to work at her old company is that the benefits begin day one, including her 401(k) plan.  They match up to 6%, but we do not include that amount until it is vested.  So, we contributed a total of $1,707.17 to our retirement accounts and saw them increase a healthy $3,147.82 to $93,205.19 total.

What Didn’t Work
We had hoped to refi our home mortgage to a lower rate this month (currently 3.75%), but it didn’t happen and rates are creeping up.

Next Month
In June, we have ~$450 in auto insurance due (2 cars / 6 months) and will have guests at our house for part of the month.
 
Income Statement

April 2013 Income Statement

27 Comments

April saw a boost in our income, thanks to my wife beginning her new job mid-month.  Sadly, our expenses were extraordinarily high (see attached spreadsheet).

Our total income in April was $7,170.03.  In addition to my regular paychecks this month, my wife received $900 unemployment and 2,367.22 from her new job.  We received $50.00 in credit card cash back rewards, a $200 rebate, and we earned $5.61 in interest income from our online savings account.

In April, we spent a total of $10,281.36, requiring us to dip into our savings.  In addition to our normal expenses, we paid $1,058.06 in supplemental tax and $2,200 for a new fence.

My wife left her new job after 2 weeks and went back to work for her old company.  May will be her first full month of employment since December, so it will help us get back on track.  We also both receive a third “extra” check in May.
 
 
Net Worth

April 2013 Net Worth Update (-649.10)

3 Comments

Our net worth dropped for the first time since over 1 year ago (February 2012).  Our net worth decreased $649.10 from last month, to a total of $220,560.02 (click on spreadsheet below).

What Worked
We contributed a total of $818.88 to our retirement accounts and saw them increase $2,163.26 to $90,057.37 total.  My wife quit her new job after being stolen back by her old company for the same salary ($83,000).  What made her go back was confidence in selling the product (she made $28K in bonuses last year), a 410K with 6% company match, and an opportunity to further her career by selling another product.

What Didn’t Work
We took a good chuck of money out of savings to pay for a new fence and some bills.

Next Month
May should be a good month for us to get caught back up.  My wife and I both receive 3 paychecks in May.

Income Statement

March 2013 Income Statement

19 Comments

March was a pretty low income month because my wife was still searching for a job.  We were, however, able to lower our standard expenses a bit (see attached spreadsheet), but were hit hard with income taxes.

Our total income in March was $5,478.50.  In addition to my regular paychecks this month, my wife received $1,800 unemployment.  We also received $25.00 in credit card cash back rewards and we earned $6.30 in interest income from our online savings account.

In March, we spent a total of $7,837.81.  This included a couple of large tax hits: $1,121 state income taxes, $226 federal income taxes, and $300 to our tax accountant.

In April, my wife begins her new job, so we should have an influx of cash, which is good because we have a $1,058.06 in supplemental tax bill coming up.

Net Worth

March 2013 Net Worth Update (+1,529.02)

1 Comment

Another good net worth increase month considering my wife is unemployed.  Our net worth increased $1,529.02 from last month, to a total of $221,209.12 (click on spreadsheet below).

What Worked

We contributed a total of $818.88 to our retirement accounts and saw them increase $2,403.48 to $87,894.11 total.  Thanks to using Upromise.com to book my business travel, we’re slowly increasing my son’s college savings.  In late breaking news, my wife has just accepted a new job paying $83,000 a year with great benefits, such as a company car.

What Didn’t Work
We had to pay $226 in Federal income taxes and $1,121 in State income taxes.  As a result, we had to dip into savings a bit.

Next Month
My wife begins a new job April 8th!!!  We have a number of bills coming due in April, so it will be a tight month. 

Income Statement

February 2013 Income Statement

32 Comments

February was an okay income month, all things considered (wife unemployed), but we weren’t able to keep our expenses as low as we would have liked (see attached spreadsheet).

Our income totaled $7,716.98 in February.  In addition to my regular paychecks this month, my wife received $1,800 unemployment.  We also received a $2,154.27 refund check from our mortgage prepaid & escrow, $96.78 in credit card cash back rewards, and we earned $8.10 in interest income from our online savings account.

In February, we spent a total of $7,599.12.  Most were standard expenses, but one larger non-standard expenses was $195 for my wife’s hair and nails (interviewing expense).

Next month we should receive a $200 electricity rebate for our new pool pump.

Net Worth

February 2013 Net Worth Update (+1,730.39)

3 Comments

We’re blessed that forward progress continues, even with my wife unemployed.  Our net worth increased $1,730.39 from last month, to a total of $219,680.10 (click on spreadsheet below).

What Worked
We contributed a total of $818.88 to our retirement accounts and saw them increase $2,854.42 to $85,490.63 total.  That large increase was primarily due to an unexpected $2,061.48 distribution to wife’s Traditional IRA from old 401(k) plan.  We also continue to pay our car payment as early as possible so that more is applied to principle.

What Didn’t Work
N/A

Next Month
My wife has been interviewing a lot, so we may see a new job on the horizon.

Income Statement

January 2013 Income Statement

3 Comments

As expected, January was a low income month because my wife was unemployed.  Sadly, we weren’t able to keep our expenses as low as we would have (see attached spreadsheet).

Our income totaled $5,506.34 in January.  In addition to my regular paychecks this month, my wife received $1,800 unemployment.  We also received $50 in credit card cash back rewards and we earned $9.14 in interest income from our online savings account. 

In January, we spent a total of $8,869.22 – about $3,362 more than we earned.  Some of the larger non-standard expenses were: $685 for six months of life insurance (20 year term for both of us) and $551.36 for six months of auto insurance for our two vehicles.

Next month, we should receive a $2,154.27 refund from our mortgage prepaid & escrow.
 

Our path to financial independence and retiring early.