An Additional $300 a Month

300 and Gerard Butler.  Get it? ;)

Someone once told me, “There are two things certain in life, taxes and death.”

Pretty grim, huh?

I remember one of the big wake-up calls when I first started working full-time was seeing that deduction line in every pay cheque.  Right now I pay just over 17% in federal taxes alone.  With the Canadian Pension Plan (CPP) and Employment Insurance (EI), right of the bat almost 24% of my precious pay cheque is gone.

My Additional $300 a month

It was last year that I started noticing around December, my pay cheques would get a bit bigger.  Then, I realized because I’ve maxed out my CPP and EI contributions for the year.  They are capped at $2,217.60 and $786.76, respectively.

Since I am making a bit more money than last year (I got a 6% raise), I maxed out contributions much earlier – around mid October. So, my last pay cheque, I got an extra $150 to boot :)

I know that the money was mine to begin with, but making the money and having the actual cash in my grubby hands are two entirely different things!

What am I going to do with the extra $$$

No specific plans, but I will put it towards some purchases I had in mind, anyway.

  • Spend some of it for my “Phase II” apartment renovations.  A post about that coming up ;).
  • On a tailored wardrobe on my trip to Asia
  • A nice dinner for BF and I

Canadian readers, have you noticed this in your pay cheques near the end of the year?  All readers, what would you do with an extra $300 a month?

Cheers,

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15 Comments

Filed under Finance, Personal

15 responses to “An Additional $300 a Month

  1. I love the extra money when it comes up at the end of the year :D

    Unfortunately, having been laid off in the middle of the year, I still haven’t hit the upper limit at my current employer so I’m not getting the larger cheques yet. If I do end up over paying between the two, I’ll just get it back at tax time, so I’m okay with that *shrug*. Right now I’m just taking on lots of shop shifts at work to get the pay premium, which comes to about the same amount of money.

    This is the first year I’ve really been following a budget, so I’ve never had a specific place for the pay cheque bump money before. Next year I think I might put it into my RRSPs to help pay back my New Homebuyer’s loan to myself.

    • It’s great that you can make extra money by picking up more shifts. Any over time I work is really “out of the goodness of my own heart” and for personal development. There is no additional pay and I cannot bank the hours. :(

  2. An extra $300 a month? I’d do the boring thing and increase my roth and 401k contributions so I don’t see it. Haha =)

  3. bergiepowers

    Awesome — enjoy! Renovations are such a great way to experience the benefit of your purchases on a daily basis.

  4. Hmm, I would hope to put it towards emergency fund and my RRSP. Totally boring :P

  5. Yes I notice the additional dollars in my bank account in the last quarter of the year!!! WHOOO HOOO!!! I love it!

  6. I so wish I noticed that. Unfortunately, with my job being temporary and part time I think it would be hard for me to max out. One day! *dreaming*

  7. Pingback: Om Nom Nommies 6 « diggingoutandup

  8. $300 a month would be awesome – I’d would try to save some of it but would definitely treat myself :)

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