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Home > Archive: February, 2022

Archive for February, 2022

Taxes filed

February 27th, 2022 at 12:10 am

Filed my tax returns today; getting a bit of a refund.  Also the paycheck with the bonus arrived in my account today (I didn't expect it until Monday but was very glad to have it early).  I paid down some debt and am actually almost to my goal for the end of the year already (meaning that I will adjust that goal downwards).  

I also am keeping aside a couple of thousand of the bonus & refund for the home/car repair and veterinary expenses that are bound to arise during the year, plus another few hundred to either repair my bicycle or buy a new one.  Will be taking the old bicycle to the shop in the next week or so to get an estimate of cost to refurbish it.  It's 30+ years old but they don't make frames like they used to--this one is sturdier, so it IS a bit heavier, but it's not *that* much heavier than a similar bike manufactured today.

Looking forward to a time when I will have time to ride it--even though I don't do tax prep any more, my work load early in the year is always disproportionately busy.  

Bonus and Raise!

February 24th, 2022 at 02:13 am

Our company gives out bonuses--if any--last year there was not--at the end of February.  Bonuses are the same throughout the company and are based on our firm meeting its target profit margin for the year.  We did, so this year, we all got a 15% bonus--one of the largest in the time I've been with the company.

This time of year is also when merit increases in pay are announced.  I got a 7.5% increase--not my highest, but still one of the top increases percentage wise.  This will take effect with my March 15th paycheck.

We had the option to change our 401(k) elective deferral for our 2/28 paycheck (which includes the bonus).  i usually contribute 22% of my pay to my 401(k), but for 2/28, I will contribute nothing so that I have have the maximum amount available after tax to pay down some debt.  After the debt is paid off, I should be close to my target for the year--whch of course means setting a new target for 12/31.  I've really been focused on paying off debt for the past 2 years and it is coming down nicely, although it's still a ways from being paid off.  But I think in about another year of dedicated debt paydown, I will get rid of most of the non-mortgage debt, and the mortgage is coming down nicely as well.  It would be paid off in less than 8 years if I paid no more than the minimum required payment, but I usually pay some extra, so it should be paid off sometime between 2025 and 2027, which means it should be paid off before I retire, which is the goal.

I won't use all of the bonus to pay down debt, though--I'll be leaving about a third as a sinking fund for upcoming expenses like home and car repairs and veterinary bills.  And I might use about $700 or so to buy a new bicycle or otherwise do something that I can use to improve my health.