Thursday, March 31, 2011

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 comment:

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


Thanks for commenting! I will have it published as soon as I can ~ Karissa