Check into your true "income" when taking on that second job!

**missmollymayhem** · 01-07-2006, 01:11 AM

I took a part time job from August-December this year, so I could have some extra money around. My best intentions were to put it onto my debt, but that never really happened. ANYWAY!

Now tax time has come around. I made about $1500 (take home) and spent every weekend away from my daughter for this job. The outcome? Adding this job into my taxes reduced my return by almost $800!!! My wage was $11.50/hr, but after figuring it in to my taxes it ends up being $3.98/hr. I could have babysat in my home for that.

Had I known that I'd never have taken the job. I'd rather have NOT been burned out (working 7 days a week for 5 months) and spent that time with my daughter.

Moral of my story is that it pays to do the extra "figuring" before taking on that supplimental income!!!

**frugalnana** · 01-07-2006, 03:22 AM

I agree with you. I work about 21 hrs a week and my husband and are trying to figure out if its worth it. We'll have the answer after taxes this year. I don't have small children at home, my son is a senior this year, but it does get frustrating. I can think of ways to make extra income at home.
The biggest thing is the gas, when you have 3 vechicles to fill every week, it gets pretty exspensive. I just don't see the advantage for me.
Enjoy being home, the kids grow up quick.

**Scattymum** · 01-07-2006, 06:45 AM

This is one of the reasons I have not gone back to work. although in Ireland obviuosly tax systems etc are different but we have been over this several times. By the time I have paid for childcare, taxes etc it would cost me more each week to go back to work than to stay at home - its ridiculous!. So even though I would love to go back to work part time it is not worth it at all

guest7 · 01-07-2006, 06:56 AM

I agree with you all.
MissMolly, I am sorry you had to spend time away from your daughter. And didn't pay down debt to boot!

But a big lesson learned. And your experience can help others make a difficult decision.

I was fortunate not to have to work until the children were able to care for themselves- so no day care. Now I work 32 hours/week. At $40/hr- where did my money go! I was so excited about all the money coming in- I just spent, spent, spent.

New me. frugal, frugal, frugal.

I never considered checking the taxes against whether is was worth it for me to work. I'm going to try that this year.

My pay essentially goes toward descretionary spending, college tuition, savings and groceries. hmmmm. I wonder if I can decrease my hours more!

**Darlene** · 01-07-2006, 09:28 AM

Good idea Miss Molly, with our tax bracket (gas etc.) and what I would have made it wouldn't have paid for me to go back to work either.

Would like/need to find something to do from home.

**missmollymayhem** · 01-07-2006, 12:56 PM

Looking back (hindsight being 20/20 LOL) I could have spent that time "yard sale-ing" and selling the finds on ebay. Or watching someone's kids. Or *gasp* cleaning my house

They're begging me to come back, but now I have a real excuse not to- it honestly isn't worth it! The family was very nice (I was doing physical therapy and hygene for thier quad. son) but it was hard work.

**canadian gardener** · 01-07-2006, 03:55 PM

GOOD POST and a TERRIFIC point there missmolly!!!

I totally agree.

Dh and I don't even have day care to factor in, as the kids are grown and gone, but the cost of a second hand beater of a car and the gas and insurance on it to run it

roughly EQUAL a good part time position after taxes.

Which means that as long as we get along fine on one car, I'm saving myself the bother of going out to work.

WAY TO GO FOR doing the figuring, and sharing the lesson with the rest of us.

big thumbs up from me