As the days left in December tick away Jordan and I have started to solidify our income transition plans from his bi-weekly pay schedule to his new twice/monthly pay schedule. He has approximately $4,500 worth of vacation owing to him that will be paid out, and I have 30 hours of overtime that I have requested be paid out. As Jordan has hit his CPP/EI maximum's, I expect that after taxes the vacation will net about $3,000 and my OT will net about $650. We also just received the second portion of December's rent ($300) so it looks like we're in fairly good shape to ride out whatever changes come our way.
My mouse trigger finger just wants to sweep that $$ onto our debt, but the plan is to hold strong until mid-January to feel out our 2014 cash flow strategy first.
End of The Year Income
Posted by Jessie's Money with 1 comment
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I think this is a very smart strategy. I've seen on a few episodes of TDDUP where Gail suggested to set up a "float" so that people can smooth over times where money is tighter than other times (people who are self-employed or get commissions). I want to set up a float too, not because I'm in either of those categories but I find myself going over budget in areas like clothes because I decided to purchase a jacket ($100 or up) where most months the average clothing spend is maybe $50. It would help to keep the budget from going completely out of whack. Good luck!
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