January 2008 Income Statement

We did a good job keeping our expenses below our income in January (click on spreadsheet below). If you subtract out our extra $691.00 payment we made to our 2nd mortgage principle, we were more or less within our monthly budget.

I received a 4.5% raise this month and 3 paychecks (1 more than usual). My wife received a $348.98 commission check, but her standard paycheck was slightly reduced because she transitioned from being a 1099 with no taxes taken out of her check, to an employee with taxes automatically deducted. This is good because it saves us the hassle of having to put money aside for income taxes. In other income news, we received a $64.38 Citi credit card cash back reward and $19.00 in interest income on our Emigrant Direct savings account.

Next month is going to be a somewhat typical income month, with my wife and I each receiving two paychecks. However, my wife is expecting a small commission check and I hope to cash out 6 days of vacation time for an extra $1,200 or so.