Late Payment (Okay, Late Expense Report)

April 30, 2016 by Jimmy

This post is past due. The last time I posted about finances was last September. I honestly planned to post in January to finish out 2015 (our first full year full time), but with Angela in Virginia taking care of our daughter and the new grand. I was dialed-in with my work schedule, so I have just now gotten the opportunity. In this post I will finish out 2015 and up date for the first quarter of 2016 (it’s hard to believe that the first quarter of 2016 is already in the books), wow.

As always, remember my life is not an indicator of yours. Your job will be different than mine in terms of income, expenses, lifestyle, etc. This is an update of my costs to allow you to think of the things involved in living full time in an RV. It’s very important that you provide yourself a buffer so that if you are out of work for a period of time that you can survive to your next paycheck. Angela and I have a six-month buffer built for that purpose and it has worked well for us so far.

All the numbers presented are monthly averages. Here are our 2015 income results for the first and second third of the year (not colored); the last third of the year (Sep – Dec 2015) is in orange, and the full year monthly average is in blue.

2015 income

I had a couple of small projects at the beginning of the year but was full time on contract from April to the end of the year.

  • Net Business – My business income less self-employment tax, insurance, and specific business supplies. This was lower because we took vacation in October to go on a cruise, in November for Thanksgiving, and in December for Christmas, and being self-employed, when I don’t work, I don’t get paid.
  • Net Salary Related Inc. – None last period as all my income is from my consulting business
  • Total Other Income – Travel reimbursement and per diem, less the related travel expenses, and other income.

Income All Sources – This pretty clearly shows that I had a couple of small contracts in the beginning of the year and worked full time after April.

2015 exp

  • RV Expenses – RV payment, Lot Rent, Storage for family heirlooms, RV Insurance, Major maintenance or upgrades.
  • Auto and Truck Expenses – Auto and Truck Payments, Fuel, Auto Insurance, Service and Maintenance – Lower due to semi-annual payments for insurance in first two thirds of the year and none in last third.
  • Utilities Expense – Cell Phone, Electric, Propane, Shipping, Laundry (Client pays Electric & Propane)
  • Household Expenses – Food and Dining, Shopping (Amazon, Walmart,etc), Pet Expenses, Walking around Cash – Lower because not as much walking around cash was needed when I was on vacation and during the holidays.
  • Health and Medical Expenses – Health Insurance and Medical and Pharmaceutical Expenses
  • Other Misc Expenses – Retirement, Donations, and other Misc – Lower because cruise and flights were paid for in second third of the year.
  • Net Income/Loss – Income less Expenses – Even though the income in the last third of the year was less than the second the reduction in expenses gave us a higher net income

Now, a little explanation of the 2015 year. It was nice to have a full time contract from April to the end of the year but that kept Angela and I from doing as much travelling as we would like, but that is part of working and living full time in an RV. If you read our blog history you will see that it’s not all campfires and s’mores. Not having water and heat in the winter was something I didn’t care to have happen, but it did, and you have to roll with the situation and keep a positive attitude. This year Angela and I were able to pay down a lot of long term debt, and if we have another long-term contract, we could be debt free by the end of 2017. However, if we have a series of short contracts and get to move around the country, well, that would suit me right down to my socks. You see, it’s the journey, not the destination, that makes this life style enjoyable.

Okay, enough rambling on to 2016. I will provide the same information for 2016 as I have for 2015 with one change. Instead of providing a four-month average I will provide a three-month monthly average. Here are the income numbers for the first quarter (Jan – Mar) of 2016.

2016 income Q1

Net Business Profit/Loss – This is reduced because this quarter is the only one that has two estimated self-employment tax payments, and we increased those payments this year to keep from having to pay as large of a tax bill next year.

2016 exp Q1

Some of the Expenses have been reordered for the 2016 Budget.

  • Auto and Transport – Insurance, Gas, Parts, and Payments
  • Discretionary – Gifts, Donations, Professional Fees, Clothing, Pet Care, Postage and Shipping, Personal Care, and Other Misc. (this pulled some lines from 2015’s Utilities, Household, and Other)
  • Bills and Utilities – Cell Phone, Gas, Water, Electric
  • Food and Dining – Groceries, Restaurants
  • Travel and Entertainment – Vacation, Family Travel, Movies, Books, Music, Entry Fees (This allows us to break out travel to visit family and vacation out from regular travel in the RV to client sites)
  • Health, Fitness, and Medicine – Medical Expenses, Health Insurance, Dental, Vision, Pharmaceuticals
  • RV Home – Improvements, Maintenance, RV Insurance, Supplies, Payment, Site Fees, Storage Rent
  • Other Misc. – ATM, Student Loan, Life Insurance, Retirement

Since some of the expense lines have been moved around, comparing the details to 2015 is not possible. However, the total averages just under $6,300, which is a reduction of about $900 from the average expenses of 2015. We were able to continue to reduce expenses with Angela in Virginia and me working and dealing with the RV and the dog. The net income/loss was an income of over $1,500 per month, which seems to be pretty consistent with when I’m working.

Well, now I’ve updated through the first quarter of 2016. This year will bring the end of this contract, and at the time of this writing, we have no idea where the next one will be. There will be travel to Vermont to the Escapade, so the adventures continue.

Until later… Later…

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.