Spending Recap: September 19-25, 2011
Monday 19th
$4.42 Starbucks
$15.44 Drink Lounge
Tuesday 20th
+ $301.38 freelance/side income
$48.38 gas
Wednesday 21st
No Spend Day!
Thursday 22nd
No Spend Day!
Friday 23rd
+ $1,100 freelance/side income
$7.39 Starbucks
$32 Locus Restaurant
$6 parking
$40 Bard on the Beach
Saturday 24th
$9.25 parking
Sunday 25th
$4.42 Starbucks
$22.40 Body Shop
$20.81 gas
WEEKLY EXPENSES: - $210.51
WEEKLY SIDE INCOME *: + $1,401.38
TOTAL: + $1,193.87
My freelancing income for the month continues to be steady, and this month is a significant one for me because of two reasons:
- For the first time ever, my monthly freelancing income will likely surpass the income that I make from my full-time job.
- I have made $3,858.31 so far this month, meaning I have shattered my September goal of making $3,000 through freelancing – and there are still a few days left.
As for my spending this week, I really felt like I spent a lot, but when I added it all up, it actually didn’t come out to much at all. Granted, I didn’t see my boyfriend very much during the week, but a friend was staying with me from Thursday-Sunday. We went to a Shakespeare play, dinner, Starbucks, shopping … the usual. I stayed strong and stuck to my shopping ban – even though I seriously tempted myself in Banana Republic by trying on like 10 things.
* This is all income I bring in that is above and beyond my full-time job. Money is primarily made through my two blogs and my graphic design business.
16 Responses to “Spending Recap: September 19-25, 2011”
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Do your freelancing employers deduct taxes, etc., from their pay to you? Or do you bill them and handle taxes on your end? And given your high total income, do you usually end up owing the taxman in the spring?
No, my freelance clients do not deduct taxes from the pay. I manage the taxes on my own end. I’ve never earned this much in freelance before (last year I think I made just over $8,000), but I have a lot more business expenses to write-off this year, as well as my RRSP contributions to help me out.
I’m going to do a trial run of my taxes in January to see what the damage is – I’m almost positive I’ll end up owning taxes. Then I’ll try to throw a bunch of cash into my RRSPs so that it reduces what I actually owe. At least that’s the plan. In the meantime, I’m hoarding cash in my Savings Fund just in case.
Wow!! That is fabulous. Good job :)
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I love love love your blog! Seriously, you have provided me so many tools and advice that I am really starting to turn around my financial mess. And that’s huge! So thank you!
I have a question though- how do you get away with not buying clothing? I work in a professional environment and new clothes I think are part of the job! How do you resist?
Earlier this year when I decided to put myself on a shopping ban, I took a really good look at my closet, and while I could definitely use new clothes, I realized 1) there are so many people who get by with a lot less, and 2) I don’t NEED anything. Sure, I want more cute clothing, but I can make do with what I have.
I did splurge and spend about $500 on clothing while in NYC this year – a planned break in my shopping ban – but other than that, it’s been okay. Whenever I see something I want, I automatically know that it’s exactly what it is – a want, and not a need.
I doubt she’d end up owing the tax man, her annual income is likely under 80k and her rrsp contributions will cover any additional taxes she faces by being into the next tax bracket, or at least it’ll minimize what she may end up owing.. keep in mind though, she can deduct other expenses too further minimizing that.
It’s very good what you are accomplishing!
I honestly don’t see why you still maintain a 9-5 job. Freedom is working freelance. without the obligation of a 9-5 you wouldn’t be so tired/depleted and be able to put yourself first, things that are Important to you.
For me, freelancing is a way to get to my goals faster. So if I quit, then I’d essentially be cutting my income in half. This month was a little bit crazy, plus field hockey just started for the 2 teams that I play for. I fully expect my schedule to settle down and for me to get into a rhythm going forward.
But like I always say, I work hard because I want to. If I ever became so miserable that I wasn’t enjoying it anymore, then I’d definitely make a change. But until that day comes, I’ll keep chugging along! :)
Holy crap, that is fantastic! I have a pretty time consuming full-time job but you have motivated me to do side work. I can definitely read less books, cook less involved meals, and earn more money. I bet you could knock that mortgage out of the park even faster!
You go girl! If I was making that kind of freelance money, I would have long ago quit the day job and be living on a tropical island somewhere. Admire you for your discipline, long term vision, and keeping on reaching for better and better.
AH! I was just going to ask the “how do you tax your freelance income” question today but saw someone else beat me to it. I’m starting full-time freelance next week (after 5 years in a full-time job, ACK!!!) but easing myself into it with a 3-month contract… however, I’m really over-thinking how much I need to put away each month for taxes. (Also–isn’t there some way that because my FT income was taxed at a 12-month rate and I’m cutting out before the year ends, I’ll have some sort of retroactive tax gain? Ah, sorry for rambling this on your blog…!!)
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I always love your rambling comments. :) To be honest, I’m not sure how this whole tax thing is going to play out. Since this is my first year generating this much freelance income, I’m a little nervous. I think closer to the end of this year, once I can determine how much I’ll actually be making, I will have a better picture of what to do about my taxes. I don’t know much about retroactive tax gains, but maybe I’ll do some research and blog about it because I’d like to know too.
ALSO, congrats on going for the freelancing thing! You have way more balls than I do. It sounds super exciting and awesome and you need to keep me updated on everything. I’ve been contemplating it for a while, but I’ve come to the conclusion that I’m too much of a worrier to go full-time as a freelancer because I have a mortgage & I live on my own. I would lie awake at night, wondering how I’d pay the bills – no matter how much money I bring in. Maybe one day in the future… hahaha
Just to add to the questions – I’m seriously impressed by how much money you make freelancing while working 9-5 AND apparently still having a life! :)
The question is, how did you get started in freelancing? Even if I only earned a couple thousand extra per year, it would help out SO much. I have a fair amount of experience at writing/editing/designing and that sort of thing…
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Hi Sarah! I’ve been a freelance graphic designer for the past 5 or 6 years. I don’t advertise, and just take up existing contracts with past employers.
As far as writing goes, I started by writing this blog. 3.5 years after I started writing, an editor stumbled across my blog and offered me a freelancing job. Then this past summer, I heard of someone looking for another freelancer. I inquired, and was hired. It’s not something I ever expected to happen, so if that’s something you want to get into, I’d suggest starting to write on your own blog, and network with other likeminded people. I’m not that great at giving advice, so I apologize in advance.
Here are a few blog posts I’ve written that might give you some more info:
http://www.givemebackmyfivebucks.com/2011/09/16/when-does-a-freelancing-career-take-over/
http://www.givemebackmyfivebucks.com/2011/08/22/the-growth-of-my-freelance-business/
You’re going to have to start paying quarterly taxes.
Don’t worry, it’s pretty easy and you pay online from your bank account to the CRA.
They have a bunch of guidelines as to how much you are required to pay, but basically you can figure out the tax rate you are looking at, add 10% for CPP and then remit that.
As long as you don’t owe too much (or any) at tax time, that will work fine.
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One correction – you already max your cpp with your day job, so you should be ok for that. If you ever go full time, then you have to pay 9.9% CPP.
I’d think about hiring a CA for at least one tax return – not that expensive and they can give a lot of guidance. After that you can just keep using them or do it on your own.
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Thanks for the tip on CPP. As fo the CA, I’m pretty sure that’s what I’m going to have to do this year. I’m already super overwhelmed just thinking about filing my taxes.