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Minimum Wage Budget

Now that I have only $2000 left to pay off my credit card, I have been looking at all the things on which I would like to spend my freed-up money. The reality is that I will have to begin paying student loans soon so my dreams of a more extravagant lifestyle will have to wait a while longer :)

So I have come up with a plan - which I am still tweaking - called the minimum wage budget, to help me stay organized and stay on track with my financial goals. It looks something like this:

Minimum wage = $10.25 x 35 hours x 4 weeks = $1435.00
Child tax credit                                                     355.96
Child support                                                        300.00

(I am purposely leaving out the Universal Child Tax Credit in the hopes it gets scrapped for a real child care plan, when "the Harper Government" is defeated next month)

That leaves me with $2090.96, which is actually not much less than what I bring home, but the intention is to ignore that extra amount and hand it over to student loans.

Is it just me, or does this seem like quite a bit of money to work with? I guess I have been in the lower income bracket for so long that this seems like it will work. But next I have to figure out the spending plan.

Seriously, Karissa


  1. Would the minimum wage amount be gross or net? that could account for it feeling like more than you thought it would.


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