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Home > Daily Spendings 1/4/08

Daily Spendings 1/4/08

January 5th, 2008 at 04:26 pm

Magazine: $4
Dinner out: $32

Not bad, but still too much. I just found out I get paid ONCE a MONTH, at the END of the month, so we really have to be careful and be on our budget as much as possible. I also found out since I am considered a freelancer, I don't get taxes taken out. Which means not only do I have to save for this years taxes, but I will need to save for next years taxes. Grumble, grumble...

Posted in | 2 Comments »

2 Responses to “Daily Spendings 1/4/08”

  1. scfr Says:
    January 5th, 2008 at 04:40 pm 1199551258
    1199551258

    It will be tough at first, but I think you'll find that in the long run the once-a-month pay will be good because it will force you to budget more strictly.

    Does the "no taxes taken out" mean that you have to pay 100% instead of 50% of your FICA and Medicare taxes? If you're not sure what I mean when I ask this question, feel free to ask and I'll explain.

    It sounds like you may want to start paying quarterly estimated taxes. (Welcome to my world!)

    Not sure how you have filed your taxes in the past, but you may want to start using something like Turbo Tax, because it will help you stay on top of estimated tax payments.

  2. Amber Says:
    January 6th, 2008 at 07:00 am 1199602839
    1199602839

    I use to complain about getting paid twice a month but in the end it worked out because I was able to learn to budget

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