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Personal Income Statement, May 2008 (Net Income: $9,943)

This article was written by in Monthly Update. 8 comments.


I ended May 2008 by spending $9,943 less than I earned, though I had some help from a $600 tax rebate and an incoming payment for a long-term advertising deal (which already finished its run).

In this post, I’ll take a look at my income and expenses for May to determine whether there are some opportunities for me to earn more and spend less. This report makes sense when viewed in conjunction with May’s balance sheet which shows my account balances and net worth as of May 31, 2008.

Keep reading to see the chart and explanations.

Income and Expense Report, May 2008

Answers to Frequently Asked Questions.

The report is made with Intuit Quicken and Microsoft Excel. Here’s an income and expense report Excel template.

Explanation and Details.

As I hinted above, I managed to keep business income up in May, mainly due to a successful month with AdSense and the receipt of a payment for a long-term advertising deal. Again, I don’t expect this success to continue. While there are some negotiations for another long-term deal, it could be a while before the details are finalized. Additionally, I’m still far too reliant on traffic from one particular source for me to start making decisions based on recent income. I was hoping to determine by the end of June whether blogging full-time would be a feasible endeavor, but it looks like I am not confident of long-term stability. Unless something changes drastically this month, I will continue with my day job, as much as I’d like to quit and pursue a number of my interests full-time.

With that being the case, I need to focus on opportunities with my day job for advancement. I received a raise and promotion earlier this year, but there isn’t much room for real advancement in my current department.

Despite rising gas prices — I paid $40 to fill my Civic when at the turn of the century it cost $15 — my spending on fuel has remained fairly steady over the past few years. I must be driving fewer miles. That was definitely the case when I changed jobs two years ago and reduced my commute by about 50%, and since moving a year ago, I cut another 5 miles off the trip, but I appear to be driving less since the moves as well.

My tax expense is significantly lower than usual this month due to the tax rebate I mentioned earlier. I recorded this as a “contra-expense” rather than income partly because it’s not taxable and partly because it can be viewed as a portion of my tax payment being reimbursed.

I don’t foresee any extraordinary expenses in the month of June. I’d like to decide on some specifics surrounding my charitable giving this summer, so perhaps that might be my mental focus for the next few months.

Published or updated June 2, 2008. 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 .

{ 8 comments… read them below or add one }

avatar Dino

That income is impressive. Is the cable tv necesary. I got rid of mine and couldn’t be happier. It gives me more time for reading your blog, r&r time, work out time, and time to study for my career.

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avatar Luke Landes ♦127,485 (Platinum)

Dino: Good question, thanks!

I wouldn’t say it’s necessary, but for about $20 a month (perhaps less starting this month), I’m getting digital / HD cable with HBO, HD sports and DVR… and super fast internet access. So… it’s a deal too good to pass up. I went without cable for a long time, when my budget was tighter and I was trying to cut back. I decided a year ago — especially with this deal offered through my apartment complex — that I would upgrade my entertainment.

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avatar Kevin

Wow, I wish I had $10k in free cash flow! Holy cow!

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avatar Luke Landes ♦127,485 (Platinum)

Kevin: I don’t feel like I have that much free cash, which I suppose is part of the reason I’m able to save it. Also, don’t overlook the fact that last month, I netted only $600. I’m still happy to be spending less than I earn, because just a few years ago, I was blissfully ignoring that concept.

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avatar 2million

Flexo – you didn’t highlight this in your report, but it looks like you found another way to save money – stop eating :-). Your grocery tab for the month was $0.

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avatar Luke Landes ♦127,485 (Platinum)

Good catch, 2million. I “stocked up” at the end of April and ate meals out more often than I should have. I’m due for a grocery trip as soon as possible, as a matter of fact.

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avatar Chris

It looks like you would definitely be cutting it close if you had no business income.

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avatar Erik

Hey Flexo, do you feel like you eat less healthy when you eat out and don’t grocery shop much? I always feel like I’m gaining weight when I eat out, even if i choose sensibly at restaurants, it always seems to be bigger portions and i tend to drink a beer or two when I eat out.

Also, you must be a bachelor, or else some of those expenses would be a lot higher! haha.

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