July 16, 2008

Wife's Final Commission Check

My wife received her final commission check from her old company and it was her largest by far, even larger than we thought it would be: $4427.74! This will have a huge impact on our goals and is such a blessing. We are going to tithe 20% of the check ($885.55), save 25% for taxes ($1,106.94), deposit $2,000.00 into our savings account, and leave the $435.25 balance in our checking account. As usual, the 25% for taxes will be deposited in our savings account until April.

In addition to this awesome commission check, I received an "extra" paycheck this month so we are depositing another $1800 into our savings account from that. By the end of the month, our savings account should be just shy of $10,000.

Since the economy seems to continue to worsen, we have shifted our 2nd mortgage payment plan to a house deposit savings plan. Rather than put our extra cash towards the 2nd mortgage principle, where it cannot be accessed in an emergency, we have decided to just save for a house deposit, providing us with an every increasing emergency fund until we buy.

I hate the idea of paying 8.55% on our 2nd mortgage, but in tough times, cash is king.


budgets are sexy said...

Cash, and your wife, is King! haha...She is rocking it, congrats :) And it's also great that you tithe, I need to start working on that one.

1MansMoney said...

Thanks J. Money. Our lives have been so blessed by tithing. Once again, my wife was the driving force behind doing the right thing. Early on, I was more concerned about putting money into savings or investments. Now, we're completely on the same page.