I will see a raise and a small bonus in my first December paycheck. Yay!
The bonus, after netting for taxes, will be applied to: a) boosting my withholding so that I don't owe taxes for 2007*, b) paying off my credit card bill so that I get out of payment cycling (I invariably pay my balances in full, but lately it's just meant I charge them up again later), c) boosting my overdraft and condo downpayment funds, and d) taking about $50 for my own jollies. I do have holiday spending to do, but I have other funding resources for that, so I'd rather pad my savings accounts to meet my annual goals.
The raise is 5.25 percent, which is average, but that is strictly the merit pay increase. I will receive an additional locality pay (cost-of-living) adjustment for the first calendar 2008 pay period (which will pay out in February) of between 3.5 and 4.5 percent, so the overall total will be pretty respectable.
In the interim, I've upped my retirement contributions to 11%, upped my fixed dollar contributions to savings to keep that total around 10%, and intend to increase my charitable contributions. I won't see much more in my actual take-home pay, but that's all right.
Also, my student loan balance total will now be officially less than my annual salary. Point and laugh if you will, but that's a milestone to me.
*I'd rather risk a few dollars in foregone interest than owe taxes and have to pay fees (for e-file or certified mail delivery).
The bonus, after netting for taxes, will be applied to: a) boosting my withholding so that I don't owe taxes for 2007*, b) paying off my credit card bill so that I get out of payment cycling (I invariably pay my balances in full, but lately it's just meant I charge them up again later), c) boosting my overdraft and condo downpayment funds, and d) taking about $50 for my own jollies. I do have holiday spending to do, but I have other funding resources for that, so I'd rather pad my savings accounts to meet my annual goals.
The raise is 5.25 percent, which is average, but that is strictly the merit pay increase. I will receive an additional locality pay (cost-of-living) adjustment for the first calendar 2008 pay period (which will pay out in February) of between 3.5 and 4.5 percent, so the overall total will be pretty respectable.
In the interim, I've upped my retirement contributions to 11%, upped my fixed dollar contributions to savings to keep that total around 10%, and intend to increase my charitable contributions. I won't see much more in my actual take-home pay, but that's all right.
Also, my student loan balance total will now be officially less than my annual salary. Point and laugh if you will, but that's a milestone to me.
*I'd rather risk a few dollars in foregone interest than owe taxes and have to pay fees (for e-file or certified mail delivery).
2 Comments:
Hi HC,
Its really cool to have a bonus on December. I hope it will help you with Christmas shopping.
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Hey HC!
It is definitely a milestone to owe less than your annual salary! Good for you! Celebrate progress. :-)
I hope you have a happy Thanksgiving today.
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