<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > Extra Income
 

Extra Income

March 6th, 2014 at 08:51 am

Since D started his real job (an an employee, no more self-employment!) in the autumn, he's had a few side jobs. Some are photography, some are small web design/updates.

When he makes any money through self employment, he puts a little bit in his business account (which he still has), 20% in our "taxes" account (from which we pay our estimated taxes) and the rest in our personal account.

I haven't done anything with the money. When he was self employed, his income was up and down, so I just left it in the account and took another look at the end of the year. I was used to leaving the money in the account because it all just averaged out to his yearly income.

But now he has a steady income, so the side jobs are all extra. How did I not realize this?

Since January, he has deposited $120 and $85 into our personal account. I talked with him last night, and he said "Put it toward the mortgage!" Yes!

So I get to make another principal payment this month. And he just did another little side job, so there will be more coming in. This is significant money compared to the piddly money I get from the gym each month.

I was talking to the woman I go to for rolfing (rolfing, by the way, is the best thing that ever happened to me, but that's another story). She and I are on the same page on lots of subjects, and I just found out that she paid off her mortgage a few years ago. She's about two years older than I am. I am so happy for her! She said that some people advised her not to do it, but that the piece of mind has been so worth it. Talking to her made me feel even more strongly about getting the mortgage paid off. (Although I still want to put money in our Roths, so it'll be a little more slowly than the way she did it).

What we are now paying toward principal:
- $150/month from our regular income
- gym money (last month it was $50)
- David's side income (probably averages $100/month)
- anything I sell on Craigslist and any other misc.

4 Responses to “Extra Income”

  1. scfr Says:

    Good for you! Never underestimate the value of peace of mind!

  2. Miz Pat Says:

    That is wonderful. I remember someone told me to never pay off your mortgage because then you lose your income tax deduction.

    I told her I would rather pay $700 in taxes then spend $7000 on interest to a mortgage company.

    I am glad rolfing works for you.

  3. Looking Forward Says:

    I just looked up Rolfing.. should have DH do this for himself!

  4. Buendia Says:

    It's the only thing that ever worked for me - my back was so bad due to a car accident when I was 16. I had to go more often, but now only go every two months. It's not inexpensive, but it's in our budget (I adjust my other "me" expenses accordingly, so I have a lower budget for clothes and things like that).

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]