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Automatic Un-automated Savings Payments…Say what?

June 23, 2012

After reading a post about the mistakes of buying a new car when you don’t really need one on our friendly neighbor’s website, Club Thrifty, I realized something that I could do to help boost my savings DAILY.  Yes, I’m serious.  People always say to save X% of your income for savings blah blah blah.  That’s great advice, seriously, but when you work in the restaurant industry like I do, how do you save when you don’t get a paycheck?

Here’s how it breaks down.  In the state of North Carolina where I currently reside and work, serving staff and bartenders get paid $2.13 an hour.  Most people don’t realize we get paid this pittance of an hourly wage, but we do.  Now say I make $50 cash on a dinner shift after working for 5 hours.  Averaging $10 an hour is decent for a college student, but when you presume to think that I and my fellow restaurant staff are making $12.13 an hour, you’re wrong.  Way wrong.

It’s called taxes.  Now don’t think that I hate taxes.  I am an American, I like my freedom and I like my streetlights, police, fire department and paved roads.  I know taxes pay for those, therefore, I don’t mind paying taxes.  But with how taxes work in this case, after the Social Security tax and Medicaid and all that mess, my hourly pittance disappears.  The cash I walk out with at the end of the shift has essentially been taxed by the hourly wage.  So when I get that nice fat paycheck every 2 weeks, it generally always says VOID where I hope to see $1000.00.

Anyways, to the point.  Bringing home an unknown amount of cash every night sort of makes it difficult to budget and save at the end of the week.  Having the cash in my pocket makes it tough not to go out and just spend it all.  But starting tomorrow (today is my day off) when I get home, depending on how well I do that day, I will be taking 5-10% out immediately and putting it off to the side in my lock box.  I am very good at setting money off to the side and imagining that it’s invisible when it comes time to pay rent or any other bills so having it next to me won’t be a problem.  And then at the end of the month, I will just go deposit it all in my ING accounts and spread it out a bit.

This should be fun.

Here is the post I was talking about: Club Thrifty


From → Savings

  1. Wow, that’s amazing. In Canada we get minimum wage plus tips which we usually don’t claim. So most nights you can make 20-50 an hours. I can’t believe you get paid so low : (

    • jberretta permalink

      Maybe I should move to Canada! Most every restaurant here saves as much money as possible which generally results in money being held from staff and not the guests. Such as, they pay us bi-weekly which cuts costs on paper and mailing which is ok since generally all companies do this BUT they will work you 60 hours the first week and 19 the next so you don’t get any overtime at 80+. Tis the life I suppose!

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