6/11/2009

A thought about making more money…

I have been thinking about ways to save money lately – here’s an idea for making more money.

I COULD get a part time job and would likely have to commit 10-20 hours a week. I would probably make about $10/hour for a retail sort of position (waitressing would not work for me right now, because I have to wake up in the mornings and being tired would likely make my performance suffer).

Retail Option:

So lets say $10/hour * 10 hours/week = $100/week
Less taxes (lets say 30%) = $70
$70/week @ four weeks

If I did that every week I would take home about $280/month.

I would also have to spend more in gas to drive to a different job as well as consider the time constraints that would place on life and family commitments.

Option Work more at current job:

My current schedule is for 37.5hours/week. If I work overtime I lose the hours between 37.5-40. I can ‘bank’ overtime after 40 hours/week at straight time. This can be taken off at a later time or I can request to be paid out.

Lets say I worked an extra two hours every day (we have a serious amount of filing to do, and they are taking about hiring a temp – so I figure maybe this would work for a month or so if I can convince them to approve the OT).

That would give me 7.5 payable hours/week. My salary translates to an hourly rate of about $23/hour.

So 7.5hours/week * $23 = 172.50/week
Less Taxes (30%) and times four weeks equals about $483.

This option would mean no increase in commute or parking expenses. It would also only take away one ‘at home’ hour a day (I’m thinking of working 7:30am to 5:30 pm instead of my current schedule of 8:30am – 4:30pm).

IF I can get my bosses to agree with me – this could help pull in some extra funds. The BONUS is that I would only get paid when I asked for the $$ so I could ask once a month or after 3 months – this way, the large sum can be used towards my debt. Instead of a hundred or two bucks a pay which would be easier to frit away.

What do you think?

I think Jordan will tell me to just relax, and let the plans that I have in place have enough time to work.
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5 comments:

  1. I'm also working extra hours at my current job. It brings me in about $200 extra a month and its been really helpful so far this year.

    Also, it would look good on you that you're willing to work extra to get the filing done. Brownie points at review time are always good. :D

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  2. Got to love brownie points!! (and extra money!)

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  3. I agree with Jamie above, generating more income at your current place of employment would be far less stressful and you wouldnt be feeling over worked because you wouldnt be travelling extra distances and wearing different clothes gas food etc etc.

    plus you could keep all your commitments that we have planned :)

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  4. The current job scenario def sounds much better! I wish I could swing something like that with mine but they're being so nit-picky about OT lately!

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  5. I agree. If they will pay the rate ( and remind them that the first 2.5 hrs are free) then go for it, and get that monkey off your back. Most of your stress comes from the Visa bill - you need to free up that cashflow! And remember, you DID still have time for a life when you worked 2 jobs in the summers.

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