Graphic by Shannon L. Buck, copyright January 16, 2017. http://www.lulu.com/spotlight/shannonbuck

30 Day Money Cleanse Day 4: Figure Out What You Make

I’ve finished day 4 of the 30 Day Money Cleanse. How about you? If not, now is the time.

This part of the challenge will literally take less than a minute if you know where your last paycheck is, unless your hours vary. I took this opportunity to do some extra stuff. Unfortunately, I’ll have to wait for my next paycheck. I recently acquired 40 hours a week! But I need to see a stub for that many hours before I can see what all the figures are. I have a pretty good idea, but I want this to be exact.

How Much I Make

As you can see, I have some pay stuff information already added to my page for the day. Unfortunately, my first 80 hour bi-weekly paycheck was incorrect. They took out far too much for state, so I don’t have know the exact amount that should be taken out and what my net income is. This is fine. I’ll get that money back next year with my taxes, and I’ll know the correct figures during the next paycheck period.

Because this task took such a short amount of time, I made some notes:

  • You’ll notice ‘+ writing income’. This varies from year to year, and there is no way for me to have a clear idea from one year to the next what it will be. Some years have been far better than others, but mainly the money goes back into the websites and writing. When I’m earning more this will change, and I’ll have more money to put toward paying down debt and saving for retirement and other things. I can’t wait!
  • Under ‘want to be earning more’ I added ‘investing some money to earn more’.
  • I also made a note of what I wanted to use money from holiday shifts, as well as overtime shifts, for. Not that these occur often but, when they do, I want to be sure of what I’m doing. It’s nothing big, but I want to put an extra $14.00 from each in a retirement account (pay myself first), put $10.00 toward stocking up on food, etc., and another $10.00 toward paying down more debt. The rest can be used for whatever I want.

As you’ve probably noticed, I like to mark up my pages with notes. This is so I don’t forget what I still want to do. When this challenge is over, I’ll be going through each item noted on these pages. If I haven’t done them by that point, they’ll be moved to my to-do list.

Question: Do you know your gross and net income, and what they take out of your check for things like taxes and insurance? Are you surprised by any of these figures? Why or why not?

Action Steps:

  1. Look at your paycheck to see how much you’re earning.
  2. Note things like gross and net income, insurance, investment plans, medicare and social security, and federal and state taxes.
  3. Decide whether or not you need to be earning more to cover all the plans you have for your future.
  4. Make notes on your page, detailing what you need to do in order to have enough income for what you want.

Congratulations on finishing day 4 of the 30 Day Money Cleanse! You are doing great.

I’ll be posting Day 5 tomorrow.

Shannon

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