Unexpected Tax Deficit
Hey everyone,
I've been pondering these unexpected expenses and bills that keep popping up on my pay slip lately. It's a new challenge for me, despite having a higher salary now than ever before. Even with this bump in pay, I still find myself facing unforeseen costs. Let me break it down for you.
So, I've seen an 85% increase in my salary compared to my last job, which has been fantastic. I've been enjoying treating myself on paydays, indulging in meals from fancy restaurants and splurging on food delivery services like FoodPanda and GrabFood. But then, out of the blue, I noticed a significant deduction of eight thousand pesos for taxes on my pay slip for two consecutive months. Naturally, I reached out to our payroll team for clarification, and after four days, they got back to me, explaining that it's due to be billed four times over my next few paychecks.
This deduction hit me hard, especially since I recently lost one of my bedspacers, impacting my income. But no matter what, I have to ensure everything is covered, especially since my credit score depends on it.
From this experience, I've learned some valuable lessons. It's crucial to have an emergency fund ready and understand the payroll process. I also need to ensure I'm making the most of my resources. Money truly matters, and here's what I've learned so far:
I invested some extra cash into crypto and lost fifteen thousand pesos shortly after.
I lent money to a friend without completing my emergency fund.
I splurged on dining out and online shopping, neglecting essential expenses.
I didn't track my expenses properly.
Moving forward, here's my plan:
Utilize my Citypay All account to cover expenses from my cards.
Use Chase Jaypee for top-up online payments.
Remind friends to repay any loans.
Cut down on unnecessary expenses and manage resources wisely.
Complete my emergency fund.
Keep track of income and expenses.
Cook at home more often.
I'm realizing that what I thought was a significant increase in earnings before might not be as substantial as I once believed. It's essential to explore other options and set achievable goals to overcome these financial hiccups.
Here's to resolving these money matters by April, starting fresh, and aiming for greatness. Let's make it happen!