If you haven’t already, please read my May balance sheet for the first part of this story.
After an April in which my expenses outweighed my income (thanks to gifts purchased and tax owed), I was back in the game in May and posted a net income above $8,173, although almost $3,000 is “realized gain” from when I moved around investments in my 401(k). There are no tax consequences for this action, but Quicken still counts the gain as income, so it is here in the report.
For more details regarding my income and expenses, keep reading.
Answers to Frequently Asked Questions.
The report is made with Intuit Quicken and Microsoft Excel. Here’s an income and expense report Excel template.
Explanations and Details.
May was another good month for side business income. This income comes mainly from working on several websites, and this month I did perform a bit of web development for a client. I do a small amount of web design and programming, but I don’t actively look for clients.
More travel in May meant a higher toll expense. The bridges between New Jersey and New York seem to get more expensive all the time. Also, while I was paying about $2.70 for a gallon of gas at the end of April, I’m now paying about $2.90 a gallon. As I mentioned last month, I was on vacation for a week in April, which accounted for a dip in fuel expense. In May, I returned to a normal commuter schedule.
I’m surprised to see my Dining Out/In category so high in May. Most of this expense came early in the month. My minor goal for June will to knock this expense down a few notches. I suppose I should be a good goal-setting and make that goal “measurable,” so let’s get that amount down to about $200.
My Rent category is a bit higher because I included $250 for the application holding fees for my new apartment. My application was accepted and I’ll be moving in during the last week of this month. This month, this category will also include my security deposit. That’s not technically an “expense” because the funds are placed into an account for me on which I’ll earn interest, but I’ll take the cash flow approach in this case.
My July Rent category will reflect my new rent which will be significantly higher than what I pay now. My new apartment complex includes cable television and internet in the rental fee, so I’ll probably split the value of each into the appropriate categories.
Looking at my year-to-date Utilities: Power category, while my expenses are higher this year, it’s not due to higher usage. I checked some old statements while going through (and shredding) old papers, and my usage is down, but the prices are higher.
Other than what I mentioned above, the only other expected out-of-the-ordinary expenses this month should be related to moving to my new apartment. In order to move my furniture, I will have to hire some movers. The two options highest on my list are placing an ad on Craigslist and using a moving company that offers a discount for my company’s employees. A co-worker recently hired one such company, and I may ask for their details rather than go through a search. I’m especially concerned about this process thanks to a number of recent articles on The Consumerist about moving company scams.
Email this article
Print this article
Share this article: Twitter | Tip'd | Facebook | Delicious | Reddit | Digg
About the Author
