Making ends meet on minimum wage, currently at $6.55 per hour is tough. As the numbers for a basic wage, tax and net pay breakdown show, there is not a whole lot left over after the “Tax Man” gets his cut. Just the tax on the wages earned come to just over 22% of gross wages and that’s not including the medical deduction if you’re lucky enough to have an employer who offers it. I distinctly remember working for minimum wage when my wife and I were starting out.
I contributed an additional $30.00 dollars to this account this month from additional income earned from doing some tree trimming, yard work, etc. I was paid much more than $30.00 dollars for my efforts for a two day time span and I do mean all day. Oh, my aching back! I didn’t want to skew the numbers too far out of line, but felt that I should recognize this additional earned income in some way. $30.00 dollars seemed about right to me.
As the month of October draws to a close, it’s time to see how much interest I’ve earned toward my goal of "A Dollar A Day". As the downloaded information below shows, I’ve earned 75 cents this month toward my goal of a dollar a day in interest. Yeah! Only $363.77 left to go. One thing you’ll notice besides the additional $30.00 dollar deposit is that the September 30th deposit is $15.00 dollars rather than $14.00 dollars. 2008 is a leap year and I needed to account for that in my deposits. I failed to remember this when opening the HSBC Direct account originally, so I made up the missing dollar here.
ONLINE SAVINGS: ######### (Acct number hidden)
Bank Balance: $341.23 Available Balance: $341.23
Last Statement: 10/27/2008 Interest Earned Year To Date: $1.23
Information as of: 10/28/08
Date Transaction Description Debit(-) Credit(+)
10/27/2008 INTEREST PAID FROM 09/28/08 THROUGH 10/27/08 $0.75
INCLUSIVE AVERAGE DAILY AVAILABLE BALANCE
10/24/2008 DEPOSIT FROM HSBC ONLINE-TRANSFER $30.00
10/14/2008 DEPOSIT FROM HSBC ONLINE-TRANSFER $14.00
09/30/2008 DEPOSIT FROM HSBC ONLINE-TRANSFER $15.00
A Deeper Look at Savings Rate
2 hours ago