May 2011 Income Statement

May was a very good income month and an relatively low expense month (click on spreadsheet below).

This was my wife’s first full month at her new job. She takes home $2,142.21 (net) each bi-weekly check. That’s a total of $444.84 per check more than her previous company! In addition to our salaries, my wife received a $45 reimbursement from her company for internet. We earned $20 in credit card rewards, received a $100 gift from my parents, and sold an old GPS for $40. We also earned $19.34 in interest income from our savings.

Our expenses were pretty reasonable, at a total of $5,708.25. We have worked hard to spend less and save more and were very successful in May. It helped that both my wife and I were traveling on business part of the month. Some of the larger expenses in May were: $223.80 for cobra insurance, $285.49 in clothing, and $424.01 for a little vacation.

I wish I could say we will carry over our low expense level into June, however, we have some large bills due. We have to pay $1,464.90 for auto insurance (Cars 2 & 3), $376.82 in rental insurance, and $447.59 in Cobra insurance. Thankfully, I will be receiving a third “extra” check for $1,781.07 in June.