Not Impressed with our Debt – Back at it Week 6 and 7

There was nothing new to post on Monday so I skipped an update for week 6. I do have more to report for week 7 though!

At the end of Week 7 we are at $33,076.54 for debt amount and still at $440.00 in savings. That’s a decrease of $300 in debt and zero change in savings.

Here’s the breakdown so far this month:

• Week 4 – $33,843.33
• Week 5 – $33,376.54
• Week 6 and 7 – $33,076.54

Goal for August is $1,500 in total debt paid off so another $733.21 left to go and goal for savings is another $140 saved so just $60 left to achieve that goal. With only one more week left to reach our goal for the month I unfortunately don’t see it happening, but hey you never know right?

One quick thing I want to add this week. It’s something I discovered a few weeks ago that may affect some of you if you have been hired at a new job in the last year and a half.

I recently discovered that there has been no income tax being taken out of my paycheck. State or Federal. In January 2020 the tax laws changed and most people did not know this part. The payroll company the Town works with said now, as employees, we have to tell them how much we want withheld from our paychecks weekly, they no longer do that for us. Really?? That would have been nice to know, right? Luckily I caught this after only about 2 pay periods but my boss hadn’t had anything taken out all year! So look closely at the deductions on your next pay stub and make sure you are getting federal and state taxes withheld. The payroll company said it does not affect employees that have not switched jobs before January 2020. They are still on the old W-4 system. Let me know how you make out!

Next update August 30th – MM