August Month End + September Roundup

August

Chequing Account for August: $316.46
Emergency Fund: $4009.18 (earned $9.18 in interest!)
Debt Repayment: $160

Nothing too special here. Spent about $500 setting up my business (registration, portfolios, supplies)

No earnings for the month from my new corporation yet, still have to get paid. But I also billed:

87.58 hours x $110 = $9633.80 (gross)

Assuming 50% for taxes (this is wrong, will explain later why), I earned $4816.90 net in the last two weeks.

I’ll be putting about $3000 into my debt, and $2816.90 will be in my emergency fund/regular savings account.

September

So then for my September numbers, it will be:

Chequing Account for August: $1816.90
Emergency Fund: $5000
Debt Repayment: $3160

I think this year, I overestimated on the taxes only because I forgot that I didn’t earn that kind of cash in the first half of 2008, so I earned $41,250 gross with my company.

And then add on $9633.80 gross, I may only be earning a taxable income of around $60,000 – $70,000, but I’m going to be reading furiously on how to save on taxes for 2008 with a corporation.

There. Pretty anti-climatic.

I expect to earn in the month of September:

$16,720 (gross)
$8,360 (net)

And I’ll be putting (in October), another $4000 into debt, which will leave about $6000 left of debt to clear and then I’m debt free. I’m considering putting a bit more into debt, but I’d rather hold back on the money and let it flow through the months where I’m not working, and wait for my next contract rather than screw myself.

So I’ll have $4,360 and put about $3000 in my emergency fund, and $1,360 left in my chequing account.