For the week ending 10/15/21, I worked two (2) shifts for a total of 17.51 hours, and earned $618.84, resulting in an extra student loan payment of $400.00.
I KNOW! This was the most lucrative gig week ever thanks to a shift that paid $30.00/hour and a $150.00 cash tip from the same event (which I am reporting for tax purposes). The event was super relaxed, in a gorgeous location, and the rate was so high because it was a really last minute shift (I agreed to work at 11:00AM and had to be onsite by 12:00PM). That is often where the money in gig work is and you have to balance holding out for last minute gigs at a higher rate of pay against the certainty of working, as those gigs may not materialize and/or someone else may snag the shift before you can. My luck that day was entirely accidental and I had not planned on working that day at all but a friend I met through an earlier gig text me to say, “Girl, they have shifts at over $25.00/hour, be tired later!” Sometimes, it literally pays to have hardworking and motivated friends.
You can read more about how I am landing gigs in Gig Tales: The Apps or how I determine how much money goes towards my student loans in Gig Tales: The Math. Although, at this point, how much I set aside for taxes, gas, and car wear-and-tear is a bit arbitrary. I have now started balancing how much I set aside against recent expenditures (e.g. $705.00 on brand new tires) and the fact that a lot of my gig income expenditures are tax deductible. For the most part, I am withholding (setting aside in savings) between 20-30% of the income I receive from gigs.
Net Gig Income Goal for September: $600.00 Net Gig Income Actual for September: $398.56 Difference: ($201.44) Net Gig Income Goal for October: $600.00
My program work for University B began in earnest in September and I have had to work three weekends in a row for my full-time employer, which seriously cut into my time to pick up gigs…and rest. Unfortunately, that resulted in me falling short of my gig income goal this month. While my weekend obligations for my full-time employer won’t change in October, my work on campus will settle a bit so I am hoping I have both the time and energy to pick up more shifts. For now, I am going to keep the same gig income goal for October. Especially since I’ve calculated that if I meet my gig income goal for October, November, and December, I would reach my goal of getting below $90K this year.
For the week ending 09/24/21, I worked zero (0) shifts for a total of 0.00 hours, and earned $0.00, resulting in an extra student loan payment of $0.00.
Ugh. This is the first time since I started gig work that I have posted two $0.00 extra income weeks in a row. While it is a bit sad, it’s not entirely surprising. Program work for my full time job at University B has ramped up in earnest and I have worked the past two weekends in a row; and I have to work this upcoming weekend as well. This two week goose egg damaged my pride a bit and I took a shift this past Saturday after working for University B just so I didn’t have to post another goose egg this upcoming Friday; it was also a very lucrative shift at $25.00/hour. I both regret it and would do it again.
For the week ending 09/17/21, I worked zero (0) shifts for a total of 0.00 hours, and earned $0.00, resulting in an extra student loan payment of $0.00.
This has become a pretty common pattern for me: a good week followed by a goose egg. This past week(end) had little to do with my willingness to work and everything to do with the fact that I had to cover a last minute, 24-hour, week-long, on-call shift for a colleague and unable to accept gig shifts.
For the week ending 09/02/21, I worked zero (0) shifts for a total of 0.00 hours, and earned $0.00, resulting in an extra student loan payment of $0.00.
This should come as a surprise to no one as I waxed poetic about whether or not I was being a lazy heffa by not working over the weekend. With Squaddie and Pennyfolk support, I’ve decided I wasn’t and that the break was much needed. I am working Saturday and Sunday of the this weekend so my report next week should look better.
Whew, August was…a lot. I am only too happy to see the start of September. I feel like it is going to be a good month. Okay, enough of that. To the numbers…
Private Student Loan 1
Private Student Loan 3
Private Student Loan 4
Private Student Loan 2
Federal Student Loan 1
Federal Student Loan 2
Federal Student Loan 3
Federal Student Loan 4
Federal Student Loan 5
Federal Student Loan 6
Federal Student Loan 7
Federal Student Loan 8
Federal Student Loan 9
Federal Student Loan 10
Federal Student Loan 11
Federal Student Loan 12
University Student Loan 1
University Student Loan 2
University Student Loan 3
University Student Loan 4
Personal Student Loan
August 2021 – Student Loan Balance(s): -$99,935.49
September 2021 – Student Loan Balance(s): –$98,014.00
Total Payments: $2007.47
Net Difference: $1,921.49
I mean…not bad. Despite disappointments in my personal and professional life, in terms of debt repayment, August was a pretty good month. It should be noted that the debt repayment amounts above do not reflect my very, very modest bonus, which will instead be applied to my September debt payments and reflected in my October 2021 update. This is the first balance update to reflect Private Student Loan 3 being paid off so that is exciting.
Gig Income Update
Net Gig Income Goal for August: $700.00 Net Gig Income Actual for August: $563.75 Difference: ($136.25) Net Gig Income Goal for September: $600.00
If you will remember, my gig income goal for August was $1,000.00. However, this was a gross income goal which didn’t really make sense for reporting purposes as all of my other income is net income. For that reason, I have updated my August goal to reflect a net income goal. (Your can learn more about how I decided how much to set aside here.) After losing a weekend to a terrible summer cold and deciding not to work this past weekend, I fell short of my goal. The amount of gig work I actually performed felt about right, and I’ve decided to shoot for just a bit more than I earned in August for September.
Again, not a bad month. Thank you so much to all of you who read, and especially those who comment, for your support in August. It was so very much appreciated.
For the week ending 08/27/21, I worked three (3) shifts for a total of 16.22 hours, and earned $373.64, resulting in an extra student loan payment of $263.55.
This was my most lucrative gig week to date but I have been tired most of the week. The academic year at University B started this week and I have already had to work evenings. I’m just $237.50 shy of hitting my gross additional income target of $1000.00 for August but nothing in me wants to work this weekend. We will see…