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Tips?

March 23rd, 2011 at 03:07 pm

I started my new job yesterday. I ended up busing tables at the lounge. It was fine, hard work and I'm tired. I'm doing it again today. Anyways, I'm getting paid $9 an hour, working full time, and now I'm getting tips for busing tables in the lounge. I made $5 in tips last night. Which sucks. I'll aim higher tonight. I'm not sure what to do with the tips. For right now, I'm keeping them in a jar in my room. Any suggestions?

It's being counted separately from the money I find on the street. I'll keep adding the tip money in that jar until I can think of something completely awesome to do with it.

Posted in Saving Money | 7 Comments »

7 Responses to “Tips?”

  1. creditcardfree Says:
    March 23rd, 2011 at 03:16 pm 1300893415
    1300893415

    I'd add it to your emergency fund until you meet your goal! I know not really 'fun', but you won't regret the security it will provide!

  2. KiwiJo09 Says:
    March 23rd, 2011 at 03:23 pm 1300893795
    1300893795

    That's a great idea. I'm going to let it collect until my first day off. And then add it to my emergency fund! Thanks!!! I don't know how I didn't think of that. LOL

  3. Ima saver Says:
    March 23rd, 2011 at 03:29 pm 1300894198
    1300894198

    I use to work in a restaurant, however, I only made $2.01 an hour. (and I had to buss my own tables) I generally saved my tips and put them in a mutual fund.

  4. Petunia 100 Says:
    March 23rd, 2011 at 03:32 pm 1300894367
    1300894367

    You have some small debts. I think I would save up my tips until I had enough to pay one in full, then do just that.

    Whatever you decide, congrats on your new job!

  5. Joan.of.the.Arch Says:
    March 23rd, 2011 at 03:43 pm 1300895018
    1300895018

    Are you in New Zealand? You spell like a USAmerican, so I'll assume that is where you are. In the US, tips are taxable. In fact, if the IRS knows you are in a job that typically gets tips, you might be surprised by the IRS taxing you on how much in tips they ASSUME you received. So absolutely make sure to either have enough taxes withheld from your check, or save back enough money to pay the taxes on your tips. Also keep good records of how much you actually earned in tips and get your employer to vouch for it in writing.

  6. creditcardfree Says:
    March 23rd, 2011 at 04:17 pm 1300897026
    1300897026

    After you get your small emergency fund in place, I would then tackle the debt...and fast!!

  7. Jerry Says:
    April 1st, 2011 at 08:49 pm 1301690956
    1301690956

    I was thinking what Joan posted above... remember that there are tax considerations that can lead to a headache if you are not prepared. I hope that you have some insurance that you will really like the new job! Good luck with everything...
    Jerry

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