Thursday, January 7, 2010

It's Not All Bad...

Wednesday I posted about my big financial fear when it comes getting a new tenant. However, I have to admit that if ever there was a time for me to have this problem, it is now. The first quarter of the year is actually looking really good for me for extra income. Here's the scoop:


I got a raise!! Ha! I am so excited. I just found out about it today. It isn't some huge, massive raise, but in this economy (and don't forget, I am in Michigan - where we have one of the worst economies in the country) I am absolutely thrilled to get one at all. In truth, it was far more than I expected. I'll tell ya', this is the reason I continue to work where I do, they have always taken really good care of me, on so many levels.

Profit sharing!! At the beginning of December I wrote about getting a rather handsome profit sharing bonus. Our year end profit sharing is split up into two payments. They pay an estimated portion before Christmas and the final amount after the December books are closed. That means that sometime this month I should receive Part 2. The second half is usually a bit smaller than the first, as they try to give us a slightly larger portion before the holidays, (See? My company is just so thoughtful.) but I am still really excited about it.

Part Time Work - I have scheduled a couple of shifts at my part time job. I was only able to pick up two for January based on availability... I didn't have it, and my coworkers did. That is just fine though, I worked a ton of extra shifts last month when they couldn't so I'm happy to take the backseat this month.

Freelance Work - Okay, this is just plain nifty. You may remember that back in October I picked up some freelance work. This was a new thing for me. Someone I knew needed a project completed and a dear friend recommended me for it! Well, I just picked up another one. This work pays by the job. Admittedly, if you calculate the hourly pay, well, it isn't all that much. However, it's work I can do mostly from home, on my own schedule. I'll have to do some meetings and driving around, but it fits into what I already have planned and best of all, this is still a new thing for me so I am really excited about doing it. It is creative work with neat people and I am just tickled to be asked to do it. I'll be working on it this month and next. The final project is due at the end of February. My guess is that it will pay the first part of March.

Which brings us to next month....


More Part Time Work! I have another part time job that hires me for just three weeks out of the year, and one of those weeks is near Valentine's Day. That's always a hard week, I'm working practically two full time jobs at that point, but it is only a few days. In fact, it isn't even a full week, it is just Monday, Tuesday, Wednesday, Friday and Saturday. For a few extra hundred dollars, I can work extra hours for five days!

Plus, the part time job I mentioned above will be having some more work starting at the end of February into March, which means I could pick up a few extra hours here and there.


Not only is there a lot of part time work that could be available this month, it is also:

Tax Time - Normally I try very hard for a even balance of taxes. I don't want a refund and I certainly don't want to pay them. In fact, I adjusted my payroll taxes to decrease the amount of taxes withheld and try to even out my tax burden. However, I am able to claim 25% of that very expensive house painting project I did this summer as a business expense, along with other expenses I invested into the property. I just got my packet from the accountant yesterday, if I get all my tax forms from banks and employers by the end of January and submit it right away, I usually see payment by March.

Other Factors

Had my tenant had to move out and to another state back when I first started this blog, I would have been completely terrified about it. The fact is though, over the last couple of years I have really gotten a lot of my financial ducks in a row. Not only do I get spare income as mentioned above, but more importantly I've found significant areas where I can save or reduce spending. I've created a living, breathing budget I can work with, and I have increased my monthly income in other ways that pay every month (like changing tax withholding on paychecks.) I no longer have any consumer debt, so I have greatly reduced my bills. I've also created an emergency fund and other funds to help pay for these kinds of issues. All these things add to a much more stable situation.

So, while I'm still nervous about not having a steady source of income for a month or two, its not nearly as bad as could have been.

Photo by: Rail Life
via flickr

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