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Personal Income Statement, March 2007 (Net Income: $13,529)

This article was written by in Monthly Update. 4 comments.


As I mentioned in my latest net worth report, in March I fared much better than February, thanks to a confluence of a few events. I’ll get to that shortly.

To summarize, my income totaled over $18,000 this past month thanks to a three-paycheck month, a bonus, higher than average income from my side business, and some funds sold in my 401(k).

My expenses were more than $4,800, almost have of which were tax payments.

Keep reading this post for the details.

March 2007 income and expenses

Income.

My raise and bonus took effect in March, so that provided a boost, as the third paycheck did. In order to fit 26 paychecks into 12 months, every month except two have two paychecks, while the remaining two have three. The specific months with the extra paycheck depend on the calendar.

Thanks mainly to some long-term advertising deals, the side business income is up to a nice amount, overtaking my day-job salary this month despite the third paycheck.

My company’s 401(k) managers decided to replace one fund with another, which means my holding in that first fund were sold to buy the new fund. That sale created realized gain according to Quicken, but as the gain is in a tax-advantaged account, I won’t owe any taxes on that income. On the other hand, I won’t be able to touch that income until retirement; it has been reinvested in the new 401(k) fund.

Expenses.

Auto: Service and Registration. I had to pay a traffic ticket which I include in this category, as well as the yearly registration fee to the New Jersey Motor Vehicles Services for my 2004 Honda Civic.

Dining Out/In. I set a goal of $100 per month for this category, and I’m getting closer. When I’m at work, I go out to eat with my co-workers every day — which ironically, is usually less expensive than the in-house cafeteria. Packing a brown bag for lunch is a better option, but I can’t motivate myself to do so. In the end, this doesn’t save a heck of a lot of money, so if I don’t make this goal, and manage to earn more income, I won’t be disappointed.

Tax. No, this isn’t my income tax bill. That will come in April, and will possibly throw that month’s expenses out of whack. The tax expense for March is mainly due to the higher taxes withheld from my bonus.

That’s all for this month’s income and expense report. It would be great if this growth continues, but that wouldn’t be a realistic assumption.

Published or updated April 5, 2007. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

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About the author

Luke Landes, also known as Flexo, is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow Luke Landes on Twitter. View all articles by .

{ 4 comments… read them below or add one }

avatar Fellowes

WOW! Excellent job this month. Is the business income all from this site? I know you get some great traffic here, but that is amazing!

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avatar MT

Wow!
It looks like you may have passed a tipping point. I find it interesting that you had a monthly net income of $13,000 yet your Net worth is $87,000.

perhaps you will start to see some more rapid growth in the near future?

congrats again.

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avatar Hamburger Flipper

Amazing! Who’da thunk? $13,529 is exactly how much I made last year!

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avatar Luke Landes ♦127,386 (Platinum)

What an amazing coincidence.

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