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Financial update - new income and such

May 5th, 2017 at 05:34 pm

I've started to write a post a few times and just never actually published it.

So as of February 26, I am working 2 part time jobs. I am 21.5 hours/week at my private practice and 20 hours/week at the urgent care center. That change came with a substantial pay raise. It's impossible to know exactly how much more I'll earn this year partly because of how I'm paid at the practice and partly because I can still pick up per diem shifts at urgent care (and I already have several times and have more scheduled).

The best estimate right now based on YTD numbers is that I'll earn at least $34,000 more in 2017 than I did in 2016 which is HUGE. All of that additional income is attributable to the urgent care job so 10% goes to the 401k. After taxes and health insurance deductions, that should leave me about $23,000 extra in take home pay. Add to that the fact that our new health insurance is saving us about $5,400 this year and by 12/31/16, we should end up over $28,000 ahead of last year, or more than $2,300/month.

At first, I wasn't really seeing the impact of that extra income but it coincided with some big expenses, especially planning and paying for summer vacation plans (Visa bill was nearly $5,000 last month).

However, in mid-April I was able to make a transfer of $2,000 from checking to savings. And today, just over 3 weeks later, I was able to transfer another $2,000 to savings. If I can actually manage to do that every month, that would be fantastic.

Where will that extra money go? At least for the next year or so, it will go to cover college costs for our daughter. She's going into her senior year so the end is near. We'll have some loans to pay off but we already pay $1,000/month on the loan and if we can keep saving an additional $2,000/month, we should be able to clean it all up pretty quickly.

I can't wait until college is behind us and that $3,000/month (actually $3,300 counting the 529 contribution that will go away soon) can start going to beef up our savings for retirement and a possible relocation.

My income this year will be the most we've ever earned and I'm still adjusting to the higher figure especially since it jumped up so quickly. Certainly not a bad problem to have.

7 Responses to “Financial update - new income and such”

  1. My English Castle Says:

    Sounds like it's been a great decision! Your daughter isn't planning on Med school, I assume.

  2. creditcardfree Says:

    That's fantastic!

  3. disneysteve Says:

    No grad school for her at this point. Definitely not med school. If she does anything, it would be a Masters but no plans to do that for now.

    I'll be happy if she gets out and just finds herself a job.

  4. rob62521 Says:

    Wow, you are doing well! Bravo!

  5. LivingAlmostLarge Says:

    Great decision on the income! Enjoy the fruits of your hard work.

  6. Dido Says:

    Congrats, I'm glad things are working out so well with the addition of the Urgent Care job!

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