Because I didn't really have a budget for these outings, I will just assume that $50 'raise' to myself never happened. It will be shifted to accommodate the new decrease in income. (sad face)
Now, to come up with $30 more to be cut a month without once again changing my budget... because I'm tired of redoing it.
This is all tentative, pending the outcome of my tax 'refunds'. For whatever reason, my full-time employer is not taking near enough taxes for state taxes... which has put me owing too much state tax 3 years in a row. Once I get my W-2 for my part time job, and my tax forms from my student loans (that'll be tricky since the loan got transferred mid year...), I'm filing my taxes. As it stands right now, I am getting a $150 refund for federal and owe 935 for state, or -$785 total. Something's seriously wrong with my state withholding and I'm irritated by it. The figures will change when I receive all of the forms, but I fear the figure will only get slightly more grim. I'm prepared for the worse, though!
My take-home pay will be $80-100 less than last year. Isn't that lovely? I really should re-re-re-reconsider another part time job.
My take-home pay will be $80-100 less than last year. Isn't that lovely? I really should re-re-re-reconsider another part time job.
wow, i can't believe you already know your taxes! I haven't even gotten all my forms yet...
ReplyDeletedo you put in 0 for your state tax forms? I always put in 0, rather than 1, and then I never have to owe.
I put 1, since that's what the paycheck calculator suggested. Guess I'll have to change it to zero. Never thought of having the Fed and State be different numbers. Thanks for the suggestion!
Deleteugh! It's a pain redoing the budget, I feel your pain. We just redid ours in the fall and now have to redo again due to another decrease ($100/month) starting in April or May. Hope you're able to figure out your tax situation... we haven't even thought about our taxes yet... too early! lol!!
ReplyDeleteYeah, people look at me when I say the T word (Taxes) and it's like I've just told them they really should re-visit their wills.
DeleteWell if having to eat out is stressing you out, you are wise not to do it! Why is this a goal? Is it to get you out socializing more or ?
ReplyDeleteHow about taking your budget month to month instead of trying to map out a whole year?....or at least month to month until you get a better sense of how the money will unfold for 2013?
Do 1 month and evaluate at the end and change what doesn't work in month 1, etc. until your budget is fine tuned. I know it's frustrating to have to keep revisiting a budget but try approaching it for now in 1 month chunks until you get the right balance.
Can you change your state withholding w/your employer?
You'll get there Tanner....I have faith in you!
For the going out part, yeah. Trying to socialize a bit more, since right now, I'm doing zero of it! (Ok, ok, 5%!). For the budget, I'm an overachiever... I should've definitely mapped out through February at the most, had I known all the little changes that would pop up. I will change my state withholding, but that wont affect until Feb's first paycheck.
DeleteYikes! That's a lot! Did you already get your W-2 from your full-time employer? And can you do some cheaper socializing? Movies? Or just go for an appetizer?
ReplyDeleteI did get my W2 from my full time employer last week (but not my part time one). I could totally do cheaper socializing, though tickets cost as much as a meal (or a meal I'd pay for, anyway!).
DeleteYou can "over ride" the tax withholding by having a set amount come out, or at least an additional set amount. If you owe money...divide the amount you owe by the number of paychecks left in the year, and have it taken out. It is under "additional withholdings."
ReplyDeleteWe do this, and it doesn't always cover the total, but it makes it easier.
Yeah... it comes to over $40 per check, so I suppose I could do that. I'll try adjusting my checks, and if all else fails, I may just have to do that over-riding.
DeleteI've basically got my taxes worked out in my head. I'm getting a refund of 100ish so all I have to do is wait.
ReplyDeleteOn redoing the budget, I completely understand and you made the right move dropping the dining out. I'm not sure how you should replace it but I am certain you will find something that doesn't stress you and brings you some joy. I will hope for the best and I hope your taxes don't get any more grim.
If your goal is to socialize a bit more, what about holding a monthly potluck with friends? That way, not dining out, but achieves the spirit of your goal. :-) No need to eat out if you're not enjoying it!
ReplyDeleteAnd, I'm anxiously (nervously?) awaiting how much we owe on our taxes, so I can move on to planning the rest of the year!