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.
Nothing new or exciting to report this month. The economy continues its death spiral down the toilet driven ever onward by job loss, the housing crisis, the credit crisis for businesses and banks. I hope that President Obama’s economic stimulus plan kicks in soon.
As the month of February 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 $1.89 this year toward my goal of a dollar a day in interest.
ONLINE SAVINGS: ######### (Acct number hidden)
Bank Balance: $486.93 Available Balance: $486.93
Last Statement: 02/27/2009 Interest Earned Year To Date: $1.89
Information as of: 02/28/09
Date Transaction Description Debit(-) Credit(+)
02/27/2009 INTEREST PAID FROM 01/28/09 THROUGH 02/27/09 $0.95
INCLUSIVE AVERAGE DAILY AVAILABLE BALANCE
02/17/2009 DEPOSIT FROM HSBC ONLINE-TRANSFER $14.00
02/02/2009 DEPOSIT FROM HSBC ONLINE-TRANSFER $14.00
A Deeper Look at Savings Rate
2 hours ago