Last Night I Made $27 Tutoring

I wasn’t on the schedule, I just logged on and waited for there to be more students than tutors. When I wasn’t in session I felt free to log myself off, eat dinner, watch the finale of Date My Ex, ect. In the normal time that I was home doing my normal things, I also managed to make $27. Not bad for one evening. At this point I feel it is completely reasonable that I should be able to make $70-100/week — especially once I get on the schedule and make money for the time I’m waiting. However, the tutoring during peak hours as a floating tutor is a really good deal — especially since it gives me the freedom to stay late at work when I need to. So I’m thinking of just scheduling my hours to be in the mornings from like 7-9am 2-3x per week. There are very few people who log on during these times, so I’ll just make a minimum amount with the possibility of someone logging on and me tutoring them. Essentially, I would be getting paid in the morning to check my email, look at facebook, read the news, watch tv, and wait for anyone who might log on. Then in the evenings do the floating tutor, so I get to tutor but I don’t HAVE to tutor so I don’t have to commit to being home at a certain time. Which is great in terms of my main job as a post-doc.

So, I think that making $70-100/week is reasonable (since I made $27 last night with minimal effort). This is (or at least should be) the amount of money that I can survive on during the course of the week. Food. Gas. Movies. Ect. All without really decreasing MUCH my standard of living. Thus, starting October 1st, the following plan will go into effect:

1. I will open up an ING savings account. It is online, earning 3% APR, FDIC insured, but not easily accessible. This will act as my “Emergency Fund.” Every month I will automatically have $100 from my paycheck deposited into this account. I will also close my BofA savings account since the balance on this is $13 and I have to pay $3/month if the balance falls below $300. This will be replaced by what I hope will be a more functional ING savings account.

2. I will have my paychecks from Tutor.com go into my Chase checking account. I will also deposit $100 into the Chase account every month. This account will serve as my day-to-day expense fund. This will buy groceries, pay for movies, trips to Target, buy clothes, ect. If I want to purchase a regular day-to-day item (or luxury item, i.e. iPhone) then I save up tutoring money in this account to pay for it. At the end of the month, when my $100 deposit is made from my regular paycheck, ANY money that is left over in this account will be deposited into my ING account. This will continue until my ING account reaches $1000. Then all money will simply be left in my Chase account for saving and spending on desirable items.

3. My normal paycheck will still go into my Bank of America account. ALL of my bills will be paid through this account — NOTHING but bills will be paid through this account. Any extra money in this account at the end of the month will be transferred into the ING savings until that account reaches $1000. After the ING savings account reaches $1000, I will continue to deposit the $100 into it every month, but any extra money in the BofA account will go to paying off debt. Any ‘normal’ once a year purchases (i.e. ACS membership, car registration, car repair) will be paid through the BofA account, if this account does not have sufficient funds to pay for these ‘normal’ expenses , then this qualifies as an “emergency” and the funds will be transferred from the ING account. If this occurs, money will be transferred into the ING account until the balance reaches $1000 again.

4. The credit card will be not be used. Starting October the credit card will be put on ice. The idea of the emergency fund is that this account will serve as my safety net instead of the credit card. However I will still keep the credit card stored so that if I absolutely HAVE to use it or else someone is going to DIE or things are going to go REALLY, REALLY bad… then I have it available. I will only be making minimal payments on my credit cards until I have $1000 in my ING account. Once I have the $1000 of fall-back funds then I will start the snowball method of paying off my debt, by paying off the smallest debt first and working my way up to the largest.

I’ll have to sit down and do the calculations properly, but I think that this could result in my putting an extra $400-500 dollars away every month either in savings (to begin with) or on my credit cards. It this is true, it is theoretically possible for me to be credit card debt free in about a year and a half. Which is INCREDIBLE. That means I could also be free of my student loan debt by the time I start my first academic job.

Yes, this will require a lot of diligence on my part (as well as some extra work in the tutoring area). But seeing a way now that I can live (almost) the life I want and still be able to pay DOWN my debt, rather than see if go up is incredibly encouraging. I’m excited to get this started.

September Goals
1. Open an ING account.
2. Set up Tutor.com to pay to Chase
3. Talk to Chase about rewards ATM card
4. Send in insurance claim to Anthem
5. Change direct deposit amounts through IU
6. Close BofA savings — see if Keep The Change can be used to another account
7. Switch over Sprint bill to BofA checking
8. Go to water company to discuss check they didn’t receive
9. Call Comcast to find out what my new rate is, possibly cancel cable TV

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