My Frugal Miser - April Income: $8,969

April was an impressive month for income, even though I was not paid for my work at the restaurant. One of my tenants paid an extra month of rent and I sold some of my belongings. I also stepped up my mystery shopping.

April Income
$383 Mystery Shopping
$5,299 Rental Income

$000 Salary
$3,287 Other Sources
$8,969 Total Income for April


Notes:

• The category "Other Sources" includes non-recurring (or semi-recurring) income since I always seem to have a little something that doesn't fall into the other buckets. Last month I sold some assets as I start planning to move (more on that later), was reimbursed for expenses from prior months and earned some income from online activities.

Onward

It's official: the restaurant will close. Yesterday I began notifying employees and also spoke with my landlord. We don't have a date yet but it will be this month. Since we are current with all our bills, including the rent, we can wind down in an orderly manner. In fact, we are placing a food order this week in preparation for a busy Mother's Day.

This has been a difficult decision because I don't give up on anything. But I can't be selfish, either. My business partner has a family to support and owns no assets, so he can't keep working for no pay. I guess it is self-serving since I am also his landlord.

There are plenty of uncertainties ahead. I've never closed a business so I have no idea what is required of us to "notify" all the proper authorities. We also are super low on cash and I will probably be on the hook for some liabilities, but since we did not personally guarantee our lease I don't have to worry about that part. Sure, I feel bad about not fulfilling my commitment, but we plan to leave the landlord better off than she was before we moved in.

As for me personally, I think I will move to Tampa. Long-time followers of this blog will recall I've been considering a move for some time. In June my partner and I will probably drive down to look at houses. Stay tuned.

Vehicles and the True Cost of Ownership: How Much is My Car Really Costing Me?

I drove more miles in my Pontiac G5 last month and in the first two days of May. I forgot to check the odometer while I was visiting Omaha so I've included the mileage from my drive home in my calculation for April.

I determined that each mile I drive costs me $.0867 in depreciation. In April I drove 4,448 miles. My vehicle depreciation expense was $385.64.

My 2009 car now has over 60,000 miles on it, and I am valuing it at $7,781.62 in Quickbooks, which I think is reasonably accurate.

Taking Some Time Off

I've been terrible about keeping up the blog lately because I've been a little burned out with the restaurant. I've not taken a single day off. That's about to change. Tomorrow after work my partner and I will travel to Omaha for the Berkshire Hathaway shareholder meeting. I need my annual dose of Warren Buffett to keep me focused. Surprisingly it wasn't too hard to make these arrangements at work - our investor, who usually works a few hours a week, has agreed to fill my shoes.

We will probably close the restaurant anyway. I hate to do this so soon (we've only been open 100 days or so) but we are nowhere near where we need to be in terms of sales. Last week I told my business partner that if all we needed to do was grow sales by 20-30%, I would look at this as a challenge we could tackle. Instead, we need to triple our sales just to break even and pay ourselves a very modest salary. There's no way we can triple our sales, and even if we did I would still only be earning $500 a week.

In more positive news I am making steady progress at paying down my debt. All my tenants have stayed current on their rent for several months which really stabilizes my cash flow. More on this when I post my monthly financial update.