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Personal Income Statement, June 2007 (Net Income: $2,223)

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Late last night, I published June’s balance sheet. This is my income and expense report, which goes hand-in-hand with the balance sheet, explaining a little bit about how my net worth changed from May 31 to June 30.

Thankfully, my higher-than-normal expenses were matched by higher-than-normal income. Here are the details.

Flexo's Income Statement, June 2007

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.
No change in the salary category. Out of everything in my report, this is the category over which I actually have the least influence. Overtime is discouraged and raises only come about once a year. Business income on the other hand is more related to the effort. The business income comes mostly from Consumerism Commentary and from web development work for a small number of clients. Everything else is negligible.

Regarding my expenses, I bought a new hard drive for my desktop computer the other day, accounting for the “computer” expense. My “household” category reflects my moving costs (I reviewed my experience with Two Men and a Truck earlier). My rent expense for the month has skyrocketed thanks to paying for June’s rent in my old apartment, rent for June 21-30 in the new apartment, July’s rent in the new apartment, and my security deposit all in one month.

Technically, my security deposit shouldn’t be an expense. The amount of the deposit is being held in what is basically an escrow account. The interest earned on the account is a pathetic 0.1%.

My tax category reflects the regular payroll taxes deducted from my day-job paycheck as well as a quarterly estimated tax payment. I may have estimated my 2007 tax bill lower than what I will end up owing, so I will need to look into options for catching up. I want to avoid any underpayment penalties arising from a tax bill significantly higher than last year’s. I suppose that is a “good problem” to have.

Now that we’re at the half-way mark for the year, it’s time to review some of the goals I set for myself and see how well I’ve done.

Published or updated July 2, 2007.

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About the author

Luke Landes 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 Luke Landes and follow him on Twitter. View all articles by .

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