Friday, March 5, 2010

A Raise For Grace--Kinda, Sorta

Collective bargaining at work has concluded. We've signed a three year contract, so now I know what my income will be through 2012.

Nothing to write home about!

In order to keep my 19 year old daughter insured, I'll be paying an additional $45 a month through May, 2011 (when she turns 21 and can no longer be covered under my plan).

I'll get an immediate $1000 annual raise.

Do the math--$1000 minus $540 for insurance equals an astounding $460. Divided over 24 paychecks, I can look forward to an additional $19 per pay period.

Hmm--guess I won't be spending it all in one place!

For 2011 and 2012, my pay will stay the same but I'll get an extra $800 as a lump sum.

That is probably better than the extra $19 a paycheck.

I'm at the top of our pay scale--that's what I get for staying in this field for 38 years and this employer for the past 20 years.

However, I DO have a secure job and I DO make in excess of $75,000 a year.

Nothing to sneeze at in these tough economic times.


Anonymous said...

I hope you do spend it all in one place-- on your overwhelming credit card debt! Given interest rates, $19/month could save you quite a bit in future dollars.

Not enough to make the debt go away, which is why you need to work hard at debt reduction, but every little bit spent now saves you a ton of money in the future.

velvet jones said...

Glad you have a positive outlook, however I can't blame you for being less than thrilled.

Would it be too intrusive to ask what you do for a living?

Grace. said...

Anon--exactly my thought! I'll get one slightly larger check which will include the raise back to January 1st, and then a larger but smaller check every payday after that (does that make any sense?). I plan to put all of the increases toward the credit card debt!

VJ--I am in non-profit social services, so actually, I'm considered well-paid. Of course if I were with a private business, I'd be making a heck of a lot more. But I love working with the poor and disenfranchised--can't see myself changing that.

Anonymous said...

Just stumbled upon your blog and plan on reading through. I too am catching up late and trying hard to save and reduce debt, so welcome reading about others in similar circumstances.

I must say, however, that you are extremely well paid in my book. I make about 60% of your income and think I make pretty good money. And we've already been told there will be no raises at all - for the third year in a row. Perhaps your location has a much higher cost of living, though.

Grace. said...

While I don't make the kind of money others in my field (but with private corporations, NOT non-profits!) make, I certainly make enough money that I should NOT be whining and I should NOT be scraping by. The genesis of the debt is due, in part, to my five children--I spread my adoptions out over 20 years. Though it was also part of my "see the item, want the item" mentality. Because I started late on saving for retirement, I have had to divide my money between my 401(k) and my debts. My parents (who retired very comfortably) would have been thrilled to ever make what I make. They never came close. But they lived their financial lifes in better form than their daughter. Too bad I didn't pay more attention to their financial acumen!

The Penny Hoarder said...

Congrats on the raise!

Anonymous said...

Good think you're paying attention to their financial acumen now! What's done is done, and you will be a lot more secure going forward if you keep on the right path. Keep getting rid of that bad debt so you're not losing money to the man!

Sharon said...

Any amount of raise is better than no raise...
A stable job, a stable income...I think you are doing awesome!

MasterPo said...

"While I don't make the kind of money others in my field...I certainly make enough money that I should NOT be whining and I should NOT be scraping by."

Welcome to the New America!

Tell MasterPo again how $80k, $90k or even $100k is "rich".

Sees like very bill is $200-$300. And all for vital services that you can't do without.

Four bags of groceries at the local supermarket can easily be $50. And that won't last more than a few days! (take MasterPo's word the bags don't contain a single lobster)

Yes Grace, you are now one of the "rich" working poor. And it's only going to get much much worse before it gets anything like better - maybe.

MasterPo looks at 2010 as the last "plentiful" year before the 7 (or more, probably) "lean" years.

Do the best you can this year.

G-d help us all.

Living Almost Large said...

Great job! Good luck!