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Is it worth me doing the extra work?
Help with getting my head around this


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#1 tintoela

Posted 23 December 2012 - 08:48 AM

Hi,


I am currently working 20 hours a week part time 3 days a week.  My youngest is in daycare 3 days and my older daughter is at school and goes to before/after care 3 days a week.

I am considering doing an extra 8 hours next year and an extra day a week. Therefore my costs for daycare and school care increase and I pay an extra return fare on the train.

After crunching the numbers and working out how much it will affect my ccb% and FTB income I am really confused as to if it is worth me doing the extra day.


Here is the comparison I have come up with:


Current wage -                   $434.41 p/w net (after tax and super)
Train fare                          $35.04
Childcare/school care          $96.41 (after ccr deducted)
FTB                                   $37.73

so net amount to me is       $340.69


New wage at 28hrs p/w       $598.75
Train fare                            $46.72
Childcare/school care            $133.67
FTB                                     $3.29

net amount                           $421.65



Therefore I will be getting  $80.96 extra overall to work the extra hours.

What I want to know is am I wasting my time doing this when I have to put out the extra daycare and train fees of $48.94 and lose the FTB amount of $34.44 which totals  $83.38.

I am confused..........  please help........

It seems I am working the extra to earn an extra $80.96 but having to pay extra $83.38 in expenses??

I am reading too much into this?

Any help would be appreciated.

#2 PatG

Posted 23 December 2012 - 08:55 AM

Aren't you earning an extra $164, have additional expenses of $84 therefore come out around $80 ahead?

#3 sunnigirl

Posted 23 December 2012 - 08:58 AM

Perhaps look at it from an annual perspective. If you're making an additional $80.96 a week after expenses, that is an extra $4,209 each year. That could be a nice holiday, extra money on the mortgage etc etc.... Any way you look at it, it is extra money and it depends on how much you want/need it. Plus don't forget it'll mean more time away from your kids.

#4 Pearson

Posted 23 December 2012 - 09:13 AM

I think you are looking at it incorrectly, like PP, you are earning an extra $164, with an extra outlay of $84, therefore $80.96 ahead.

Would you be able to cope in the fact of not outsourcing any housework?

Are there any other things that this may affect?

Per another PP, that is $4K plus per year, that is a lot of money in the scheme of things.

#5 lilmissmars

Posted 23 December 2012 - 09:27 AM

To us, an extra $80 a week is half our food bill, or covers petrol and dance lessons for the week, or even our PHI and my phone bill.

Maybe look at it like that? Look at your normal expenses and see what $80 covers.

I would do it personally.

#6 tintoela

Posted 23 December 2012 - 09:41 AM

Thankyou all for your replies.  Yes I am overthinking things as usual and it wasn't making sense.  Ok now I can see that I am earning an extra $164.00 and getting the extra $80 odd per week!

Thankyou so much - I knew I was looking at it in an odd way.


I am putting the extra into paying off our credit card and hope to have it paid off by the end of next year.

Thanks everyone. original.gif




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