Monday, September 8, 2008

Full Disclosure: Where My Money Goes

My first pay-stub is here with my raise included. Now I can figure out exactly how much extra I am getting. This raise puts me right over the $40k line...finally. I always thought of $40k as the starting wage for people who graduated from college with career oriented majors. I graduated from college but I was undecided about my career choices thus my major was in the liberal arts field. I went back to a community college after I got my BA in order to get a job skill. The skill I choose had a starting wage of around $11/hour. Not that great. I was incredibly lucky to land a job that paid extra for relocating so I was able to buy my property and house. But now I am back with a job that pays an average salary for this area. $40k is good for a single person. I wouldn't want to have to support a family on it.

Here it is:

-$627.36 medical insurance
-$2401.10 401k retirement
-$7,425.60 state and federal tax
-$8,400 budget of $700 per month
-$4,002 giving and gifts
-$16,800 for mortgage $1,400x12 months

That leaves $364 left to be divided by 12 months. Ohhh, I can go on a shopping spree with $28 every month! (I'm being sarcastic)

This doesn't leave much room for, well, anything really. I have been very lucky so far. Any maintenance or repair issue in the past has cost around $25. I have been able to spread them out, one a month, or put them off. Let's see, there was the water filter episode $30, the mini-fridge $50, chipped windshield $8. I should buy a swamp cooler cover but I made one with plastic wrap and duct tape :)

I know things can happen and if they do I will just skip paying extra on the mortgage that month. But knowing that it is possible to pay off my mortgage in 2 years is incredibly motivating and much more interesting to me than going out to eat, buying new clothes, having satellite TV, or even living in a real house.


Anonymous said...

Of course you are doing fabulous. If it makes you feel any better I make $43,000 after working at the same place for 24 years.

$4,000 for gifts and donations seems high - maybe you could cut back in that category. It appears to be the only one that you could.

A neighbor has had either their son or someone living in an RV in the driveway for about the last 5 months. I haven't been inside but when I am walking up and down the block it does seem quite cozy with the lgiht in there. I don't think it as big as yours - the kind where the side rolls out.

Regarding the chip - check out this web site Seems to lean toward structural repair. I am just your regular anonymous - not windshield spam, lol.

Anonymous said...

Wow $28 is not much daizy. You are doing so well, and I agree on the emergency situation. If you need money you can always cut back the overpayments.

Sallie's Niece said...

Wow, you have no idea how much more taxes I have to pay! I should move to Nevada! Be thankful for that. Also, what does the $700 a month go towards? Can you break it down any better? I'm curious, thanks!

Daizy said...

Hello Anonymous, thanks for the windshield link. I will check it out. My $4,000 donation category does seem like a lot and somehow I manage to spend it :) It is 10%(as in 10% tithe) but I allow myself to pay for gifts (birthday and Christmas), thrift store purchases, work stuff like lunches I don't want to participate in but I do to be "social", as well as donations to church, fundraisers, and the state tax donation to schools we are allowed to do in lieu of state taxes. If it benefits someone else, it comes from that fund. If I don't set that money aside I have a tendency to become miserly...or just buy more stuff for myself!

Daizy said...

Hi Laura, yes $28 isn't much. It's the lowest amount I've ever tried. I'm out of the habit of shopping though so it just might, I have no where left to put anything!

Sallie's Niece, I posted a break-down of my budget today so you can see where the money goes.