Budgeting on a Commission

A Few Ideas on How to Budget When Your Salary is Commission-Based

There are a few different ways to receive payment for work performed; you can be an hourly employee, working on a fixed salary, completing a project for a contracted amount, or working for a percentage of the sales you make (AKA Commission).  There can also have a combination of these methods of payment – you can work on a salary up to a certain amount of hours and then qualify for overtime at an hourly rate.  An employee can have a base salary and get a commission for sales.  Generally speaking you wouldn’t have both a salary and a contract payment but almost any other combination is possible.  I recently started in a position with a sales role.  While I’ve been in sales in one way, shape or form before, this was my first foray into a pay structure that involved commission.  I have a base salary, but the question came up – how do you budget for commission?
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Can You Save Too Much?

Can You Save Too MuchA couple of months ago Des from Half-Banked had a blog post about how to spend or save your tax refund for maximum happiness.  One of the points was to treat yourself; guilt-free. (Check her site out if you have not already!)   Her point was if you are responsible with 90% of it you don’t have to feel guilty about spending 10% of it.  It’s a great concept and it really works for people who are more likely to spend 90% and save 10%.  The problem with that is that I can’t seem to put that into practice myself.  So I was wondering if I should feel odd for saving/investing 100% and if I’m missing out on something.

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Why Being Money Nerds Makes Us Happy

Time For a Money Nerd-Out!

Ever since before we got married Sarah and I have been money nerds.  When we launched Couple of Sense  we had an outlet (besides each other) to talk about money.  This outlet lets you read into the inner money dork in us, our concepts and habits that really drive our voice.  We may not be completely unique in our dweebing out (1st paragraph and I already have used three variations of nerd).  What is important to us in our budget is analytics.  In order to have pertinent stats, we need to gather data.  This is where we really rev our engines.
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What Is The Value?

ValueI work a stressful job for the industry I’m in.  It’s not brain surgery, active military duty or coal mining however it is fast-paced, active and I have to think on my toes and dance every day.  I love my job and it’s the best role I have had in the 9 years I have worked for this company.

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How To Make Budget Decisions

Budget DecisionsMaking Budget Decisions

When was the last time you made budget decisions? Changing your budget is important. A good budget makes a difference between financial success and crisis.  This isn’t just making sure your extra money is moved into the right investment vehicles.  This could also be dealing with a loss of income or other financial setbacks.

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Basement Laundry Room Renovation – Part One of Two

A Sneak Peak Of Our Current Renovation Project

A couple of years ago, Sarah and I decided to do a basement renovation.  The ground level floor plan of our house didn’t leave much for living space.  We wanted to expand our square footage, and we had this unfinished basement sitting there waiting for some work.  The great thing about our situation is that we both are able to do renovation work (yes Sarah can use a drill).  We both make decisions on design, and then we both get our hands dirty making it happen.  Additions included an entertainment area, a little eating area, a wet bar and a 2-piece bathroom.

The second half of the basement was left unfinished (storage, laundry and furnace room).  A few months ago – we started to tackle a renovation on the 2nd half of the basement.  One of my big regrets with the first renovation was that we didn’t take pictures of the progress and that is something we corrected this time through.  So here is part one of our 2nd basement renovation.  Part two will follow once we are finished the area.

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Purchasing a New (To Me) Car

Car PurchaseAs part of Scott’s change in jobs at the beginning of 2017 we needed to make a car purchase.  Scott has had a company vehicle since 2009.  A new car as well as the increase in insurance had not been part of our budget.  Setting aside money every month for a replacement car for me was.

For the record I don’t buy new cars.  I have a tendency to run the car until it doesn’t work anymore the math doesn’t work out for me.  If I want to spend $300 a month on a car if I were to buy a new car for $35,000 I would have to drive that car for almost 10 years to make it worth my money.  If I were to buy a 4-year old car for $15,000 I would only have to drive it for a little over 4 years to make it worth my money. Which is the difference between , making the car 8 years old vs 10.  So much deprecation happens within the first few years of the car you can save some money buying used.  I would rather someone else pay for the deprecation vs me.

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A Delicious Balsamic Salary Reduction

Our Recipe for Successfully Losing an Income

In a previous post, I provided some insight into a big change in Sarah and I’s financial world.  In 2016 I was given a working notice for the job I had been at for the past decade.  This meant that we had to prepare for the possibility of going down to one income for 2017.  It was a scary situation.  Sarah and I have had comparable salaries for several years.  We both considered ourselves lucky to have solid incomes. We had worked really hard to get to where we were.  The potential loss of my pay meant that we’d have to prepare to cut our expenditures in half. Read more

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Have You Ever Been Influenced By A Banking Advisor?

Banking AdvisorDo you have a banking advisor?  Have you ever been influenced to change your actions because of what they said?  I have.  And it sucked.  This is going back a bit but to be honest this put me off of bank advisors.  To this day I have a really hard time trusting anything that they say is legit.  Did you know that 95% of Canadians who use bank advisors have confidence in their advisor? That is an insane high number.  That’s like dictator approval rating high.  Not at all saying that banking advisors are dictators however with all the frustrations that we see in the media about shady practices that number seems off to me.

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