Monday, April 02, 2012

3.25% = bye, bye second job.

Last week I refinanced my house at 3.25% on a 15 year mortgage.  This dropped my monthly payment by almost $400 a month.  I also recently paid off some credit card debt, saving another $88 a month.

I had originally planned to continue paying the same mortgage payment, which would have paid off the house in 11.4 years instead of 15.

Then I looked at my taxes.  I already had them figured out for the real income, so just for kicks I calculated my taxes without the Chevron income, and left everything else the same.

Instead of paying to both the Feds and the State, I would have received a refund from both, a savings of almost $1,100.  And that doesn’t even include the taxes Chevron withheld.  In reality, I was only earning $210 a month for 36 hours of work.  That works out to be $5.84 an hour.

It’s not that I don’t like working at Chevron, I actually really like the people and the job.  What I really don’t like is having to work a second job.  Just simply having to leave school as soon as possible to run off to work another half a day’s worth (4 hours).  So I talked to the owner/manager today.

I had planned out this nice speech, “I’ve paid off enough bills that I don’t need to work a second job, so I’m thinking of quitting.”  Instead, while we were just chatting like normal, I blurted out “I need to talk to you about something.  I’m going to quit.”  Smoooooth.  As curdled milk.

Once the ice was broken, I pulled out the smooth.  Mentioned that I really liked working with her and the people there, that they have been great to me but that I just don’t need (or want) to work 2 jobs anymore.  It all ended up good.  I told her that I would work the shifts I was already scheduled for, the schedule is already set up to April 26th, but that if she hired someone sooner and needed to give away those hours, that would be fine too.

So it’s done.  Back to one job, and if I can find a good roommate I’ll even revive the increased mortgage payment plan.  But for now, a longer mortgage is better than several more years of working two jobs.


Lisa Shafer said...

It's good you're a math guy so you could figure that one out. :)
Glad things are brightening up for you. Wish I could think of a roommate for you, but, other than Chris, who found a different place, I know no one.

Max Sartin said...

Thanks. It will be really nice to not have to go to work right after working.

Carmi said...

As someone who lives a double life, I completely empathize with your decision to simplify and give yourself some time back. Good on you! It's about more than just money: It's about spending the time we have as wisely as we can.

In the bigger picture, you're as smooth as you need to be :)