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Raise & Budget

January 16th, 2012 at 01:07 pm

Phew!

Got another $1000 raise - now I can work on budget now that I know the income side.

{Side note: Really interesting talk with boss. He told me I am the only one in office to get a raise the last couple of years. Of course he said before raise would be bigger if economy didn't suck. But today he told me this tidbit and that it's "coming out of his own pocket, but he doesn't care." So I was kind of surprised by that, but very pleased. To be fair, most everyone else in the office is MUCH older and paid much more. But I think it kind of explains one reason everyone seems so tight with money lately - even all the ultra conservative accountants. I think they were getting accustomed to the big raises of the last decade, and buying things assuming more raises. How it seems. It's not like I identify how hard it must be to *only have a $200k income* - their spouses work good jobs and all that. But it never occured to me everyone else had a salary freeze over the course of the last couple of years. It at least explains a little}.

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As to the budget:

Health insurance went up $73/month and raise is $83/month. With taxes though, I am a little bit behind. But the *phew* is for getting another raise to cover health insurance increases. I Certainly was not counting on it.

This means I can continue to save:

$750/month to ROTH (about 12% income)**
$400/month to savings
$150/month payroll tax holiday to mortgage or savings

**Between this and credit card rewards, is $9500 per year. Last $500 per year will come from overtime. The only reason I am putting so much away at this point is that we dropped cable. I just bumped it up from $650 to $750/month when we dropped cable.

I am still waiting to finalize refi to revise numbers for new mortgage. The plan on that is to pay more principal than interest, from the start. So I may pay an additional $50/month (over current payment) to do so. Though I am not sure where that $50 will come from. Maybe will just have to do the "more principal than interest" thing on an annual basis. Or just deposit $600 when I get my overtime bonus ($50 x 12).

I'll post the numbers later - I have my little budget excel sheet.

9 Responses to “Raise & Budget”

  1. Petunia 100 Says:

    Do you mean "$750/month to Roths"?

    Congrats on the raise! Smile

  2. creditcardfree Says:

    Congrats on the raise!!

  3. MonkeyMama Says:

    @Petunia - you read my mind. Wink Thanks!

  4. Jolie Says:

    $1000 a month raise???? Wow:-)

  5. MonkeyMama Says:

    @Jolie - That's $1000 per year.



  6. LuckyRobin Says:

    I'm glad you got the raise and that it will make the rise in medical insurance doable.

  7. Jolie Says:

    Ohhhhhh :-)

    $1000 for the year is great!

    Congrats.

  8. frugaltexan75 Says:

    Nice raise Smile

  9. Looking Forward Says:

    Any raise in pay is great! Smile

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