July 5, 2008

June 2008 Income Statement

Not only was June the 2nd month yet in which our net worth decreased, it was also our 2nd largest month of expenses (click on spreadsheet below). The only month our expenses were greater was in November 2007, when they totaled $9176.12.

We spent a total of $8,610.66 in June, but our income was only $6,324.00. Obviously, we do not want to make a habit of this, even if we did make enough money to support it. Large expenses included $1,071.09 for our vacation at the end of May (bill was due in June), $407.76 on gifts, $301.42 on household items, $187.69 eating out, and $104 on my eye exam and contacts.

My wife's income in June was a bit less because of the transition to her new job - her first check in July will be for three weeks of work. She earned a nice $519.12 commission check during her last month with her old company. We also earned $109.79 in mileage reimbursements, $74.83 in Citi credit card rewards, and $13.26 in interest income.

God willing, we will substantially reduce our expenses in July. Incomewise, we should have a great month. My wife will receive her first paycheck from her better paying new job, I receive an “extra” third check, and my wife may receive a large ~$3,800 commission from her old company.

2 comments:

jd said...

Why aren't you doing a budget based on a worst case month then ONLY spending what's on the budget. How can you expect to get ahead doing it the way your doing...

1MansMoney said...

Hi JD,

We base our budget on our average expenses using our historical numbers. I try to update our budget from time-to-time to more accurately reflect our actual numbers.

-1MansMoney