Our "new" payroll check details got posted yesterday. I don't usually care about the details of my checks as they are basically the same, but with it being a new year (and taxes always change a bit) and I reminded the payroll person (again) to get me set up to have state income tax withheld, I wanted to see the details. I also discontinued having any money withheld for FSA. All in all, I seem to have a total paycheck of about $80 less than previously.
I had used FSA previous years because of DH's pricey Crestor medicine, but that went generic (and free on his insurance) mid year last year, so I don't need to use the FSA this year and didn't sign up to have it deducted from my checks this year.
Last Friday my boss sent out the annual "it's time to do performance reviews" email and we are supposed to have our "grading of ourselves" back to her by this Friday. That typically means some sort of raise will be in my near future. Based on the small raises I have received the last couple of years, I'm guessing this year's raise will probably just cover the $80 less per paycheck I'm experiencing. So, it won't really feel like I got a raise, but it also won't feel like I have less money either. All good. Hopefully we meet this years sales goals and mid year (and year end) we'll get that 15% bonus, instead of the 10% we have been getting, and that will feel like a raise.
I'd really like to increase my 401k contribution, which I usually do when I get a raise, but I know (unless the raise is more than I am expecting) I probably won't want to if I'm not really seeing extra money in my twice a month paychecks. I think what I'll do is see where we are at the end of the first quarter. If we are on target for the bonus (end of June) then I will increase my 401k contributions.
It's kind of hard to get real creative with grading myself and coming up with new goals, when my job stays so much the same, for the most part. I mean, there's only so much "new" you can implement for accounting, ya know? LOL. And I'm terrible about remembering what 3 accomplishments I had over the last year. I did start a document at the beginning of last year to note something down if I thought it worthy of being considered an accomplishment. I opened the document and there was only one thing on there for earlier this year, LOL. So, I need to come up with two more. I'm sure there is stuff I did that was noteworthy, but I tend to just pass it on through my brain as just doing my job.
It's kind of interesting to see the progression of some salaries over the years, especially the managers. When my boss first started in 2007, she was making about $30k more a year than me. Now, she is making $120k more a year than me, as well as big bonus's. Some employees get 5-15% raises and some get small 2-3% raises (me!). I'm not really sure of their "formula" for deciding who gets what. There were several years that I got nice raises of 5-8%.
I'm not complaining. I'm thrilled to have my work from home job and that is enough for me right now.
I'd reconsider throwing something more into the retirement account. After all, now that daughter is on her own aren't your expenses a bit lower? And no big Crestor bill should be good for a little extra change in the account?
ReplyDeleteMaybe just keep things as they are and revisit it all at year's end and throw something in then?
I definitely want to add more to it. Yes and no to the reduced expenses. DH's insurance premiums increased 45% from what I was paying. This state was one of the states with huge premium increases for 2017. I have extra going to state tax now (but saving some in sales tax). It all seems to be evening out for the most part and not giving me a lot of extra to work with, as I wanted to put whatever I can into savings for the next 15-18 months for our house building. I think I'll be able to increase it once I see how we are doing at the end of first quarter and basically put my extra bonus into it.
DeleteI've always been on the fence with the whole retirement thing. We are following the Dave Ramsey plan and were going to stop ours completely. We are older (in our 50s) and it didn't feel quite right to stop it at this point in our life. This year we did go with a cheaper health insurance and the savings covers what we are putting in the 401K so we've decided to leave it alone...at least for now!
ReplyDeleteI'm still catching up on retirement savings, so I definitely have to keep putting some in every year until I retire. I just think I might not be able to increase it as much this year as I had hoped.
DeleteBetween what I put in and my employer contributes, I have $566 a month going into 401k. Not terribly low, but I would like to get it higher, sooner rather than later!
ReplyDelete