by Hope
I’ve bitten off more than I can chew…so this past weekend I resigned my part time job, and I felt horrible about it. One because I really enjoyed just getting out of the house and my typical routine and being around other adults and just doing mundane tasks that I didn’t have to bring home. Oh, and the bi-weekly deposits into my newer emergency fund were nice.
I went in for what I assumed would be my last day this past Friday, and realized just how much I appreciate and respect my boss there. She is rock steady, a micro manager without being a micro manager and I didn’t want to lose that relationship I’ve started to build with her. I didn’t want to quit. So I let her know the circumstances and offered to just come in on Fridays and do project work. And she took me up on it!
So what was a part time job, is now really only going to be a few hours per week, but I think it’s a good compromise and I’m glad it worked out for both of us.
Since this money really only funded my EF it won’t really affect my debt payoff journey, but will continue to contribute to my baby steps to become more financially sound in the long run. Baby steps!
Hope is a creative, solutions-focused business manager helping clients grow their business and work more efficiently by leveraging expertise in project management, digital marketing, & tech solutions. She’s recently become an empty nester as her 5 foster/adoptive kids have spread their wings. She lives with her 5 dogs in a small town in NE Georgia and prefers the mountains to the beaches any day. She struggles with the travel bug and is doing her best to help each of her kids as their finish schooling and become independent (but it’s hard!) She has run her own consulting company for almost twenty years! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally in a place to really focus on making wise financial decisions.
I have to say I think this is a big mistake Hope. You are several months into your journey and have barely dented your debt load and in fact have take on more debt with additional charges to your credit card, your ex’s debt and the Honda. The fridge breaking and the car accident are recent examples of how an emergency fund is vital to a healthy budget and debt payoff journey. Over the past few months I have seen the , “OMG I am so busy theme from you” Busy traveling, too busy for the big client, too busy to homeschool in Sept.and now too busy for your part time job. I really hope that you know about a big payoff from your home and that will pay off a chunk of debt. Even if that is true I think quitting the part time job is a mistake.
Theresa,
My bi-weekly pay from this job was between $25-100…so it’s really not taking a big chunk of income away to cut back from 2 days a week to 1 day a week.
And you are right, as a single mom, working for multiple clients on any given day, having added a part time job…life is very busy. I think it’s better to acknowledge that and make adjustments before anything (work, kids, etc.) start to suffer for it.
Has to be a life balance.
Hi Hope,
I am not going to bash your decision. Only you know what you are able to bear and I’m not in your walking in your shoes. As people say where I come from “only the wearer of the shoe know were it pinches”,
However, I will say this. I think both you and Steph need to take a step back and look at the big picture. It’s nice to plan, and make goals and such. However, if the plans/goals change every month, you have no plan at all.
This is not to say that life will not happen and throw a wrench in the best laid plans – it will. I believe that the difference between those who are ultimately successful and those who mean well but do not achieve what they have set out to achieve is sticking to a plan.
Liken it to the dieter who starts atkins – does well for 3 months, is derailed by holidays, starts weight watchers, is derailed by family visiting from out of town, rinse and repeat. In a years time, this person might or might not end up with a slightly lower ending weight but it will definitely not be as great as if they had just stuck to one (ANY of them really) plan.
All this to say, you have done a lot of great things and made a lot of good plans (and implemented some). I think you just need to maybe taking more time into DEVELOPING a feasible plan that takes into consideration all the things that makes your life unique, and gives some wiggle room for occasional changes but that you will stick to at almost all cost.
Be inflexible for a little while and once it’s routine then maybe you can re-introduce the flexibility.
I really hope this doesn’t come out like I’m criticizing you. I just think it’s good to take a step back and look at the big picture.
Cheers
ETA
I also want to clarify, that I’m not saying this is a bad choice (I don’t actually remember the details of this PT job) as my whole comment was not responding to leaving the job.. I was responding to the frequent direction changes I’ve come to find in general.
Of course, growing changes must occur. But the sooner you settle in one direction and keep at it, the sooner you get to your destination!
Debtor,
I think you are spot on with this and a conclusion I’ve come to myself as of late. Currently working on life plan, not just financial that I intend to “stick” to for the length of our apartment lease for a start.
Thanks for the constructive feedback.
glad the gist of what i was trying to say came across via text. You are so right to consider it a LIFE plan. your financial situation plays a big role in your life but it is still only PART of your life.
Once you have a plan that takes into consideration all the facets of your life, it will be easier to stick to it I think.
Keep on posting.
FYI: I don’t know about the others but I would really enjoy a series on life in your smaller space. How have you adjusted? what creative things have you discovered. It was such a dramatic change that I’m sure you have tons of funny stories – especially with kids!
Hope, I say this very gently, but what IS your plan to get out of debt? Where will the extra money actually come from? How long do you want to be on this journey? I remember HATING my debt. Hating it so much that I was willing to take Craigslist jobs to rake leaves in someone’s back yard. Hating it so much that I would make daily and weekly payments. I monitored my cash flow and rate chased savings accounts. $10 here or $20 there was what was able to chip away at my balance. Riding my bike to the grocery instead of driving. I saved gas and purchased less. I ate crappy food. Ramen noodles and PB&J for lunch.
I kind of wonder if you’ve grown complacent in your journey.
Walnut,
I certainly understand this; however, I would say my hate is even stronger now after this sudden move. The debt is the only thing standing in my way…so hate may not even be a strong enough word. However, life has gotten in the way with this move, the wreck, etc. but I am growing more and more in my conviction that the debt must go and quickly.
I have to say I can’t remember the details of the part-time job situation, but I’m a little bit surprised at the negative tone of the comments above. Don’t get me wrong, I think these comments are well-meaning and sincere; it’s just that Hope has just undergone a series of major MAJOR lifestyle changes (selling a house AND a car) to try to make a dent in her debt. Somehow it doesn’t seem fair to surmise that she is not being serious about it.
Maybe we should allow some time for things to settle down a little bit and see if the anticipated savings have materialized.
With respect to the vacation jar from a couple posts ago, I think it’s terrific. Obviously no matter how much you’re couch-surfing and taking advantage of hostels, etc. it’s just tremendously expensive to get over to Europe these days (plane fares of $800+ easily, who knows maybe the cruise ticket will be cheaper 🙂 ). But this is going to be a long-term savings affair, and everyone needs to have something like this to look forward to. In fact, when I plan a vacation, sometimes I feel like I get more joy out of the anticipation in the weeks leading to the departure date; once the actual vacation starts, it’s hard to avoid the feeling that it’ll be done all too soon. Maybe just a personality quirk!
What car did she sell?
Hope hasn’t posted an October debt update and hasn’t posted a budget since the end of August. Even when months go haywire, you have to have a plan. I’m not entirely sure that Hops hasn’t added to her debt with all the expenses related to moving. Plus, student loans are still in deferment. Perhaps this part time job could have been making a dent in any of these debt balances. How much of an emergency fund were you able to establish?
Again, not that you have to tell the readers anything, but we can’t help if you don’t post. We can’t offer creative alternatives you may not have considered.
Thanks, Joe, you expressed my sentiments exactly about where we are right now and what role our vacation jar can serve for us as a family.
I’m not 100% sure, but I seem to remember this is the second part-time job you’ve dropped. Am I wrong?
To respond to Joe, I don’t feel that Hope is not committed to getting out of debt, but I have to admit, I’m questioning her choices.
The car she was planning to sell was hit and badly damaged, so certainly not worth what she was hoping to sell it for anymore. Any news on that?
Good luck to you Hope. I hope that things settle down for you soon, but maybe you need to choose a path and just STAY on it, rather than constantly changing directions.
Actually, no. I chose not to work for a client which is part of my base income. That choice was made for several reasons. I have a stable set of 5-6 clients that I work for regularly, I just chose not to take that one on after a brief trial period.
This part time job is completely separated from my business, they take taxes out and it gets me out of the house…very different situations and reasons for the almost “quit.”
I REALLY don’t want to bang on Hope. But yes, she did give up two part-time jobs, and the house (and incurred her dad’s anger in doing so, I realize that she can’t post her dad’s side but that’s pretty clear), and the kids’ music lessons. She finally decided to give up the big car, but she got into an accident, so for now, that’s not happening.
So far, let’s be honest, Hope doesn’t have much debt progress to show for her decisions.
Let’s hope that the money from the house / her dad WILL come through and help her to make the progress she has been hoping to make.
Hope, I can’t speak for your dad, obviously. But I’m guessing that your fight about the house was about your desire to get to a place where you can foster / adopt more kids sooner rather than later.
How realistic is that, right now? I wish you all the best, I wish you a huge mansion filled with foster / adopted kids, since I’m guessing that’s what you wish for yourself.
But, you’re not there yet. It’s like on the airplane … you have to put on your own oxygen mask first.
Actually the desire to not purchase the home from my dad was based on financials only. Technically in that house I could have fostered two additional children. But as I get more and more knowledgeable about finances, I knew that having that expensive of a house would prevent me from doing other things I so want to do and things ie experiences I want to give my children.
I do plan to reveal my thoughts on my long term plan in the next month or so once I dig a little more and see how realistic they are, but for now…we live in a tiny apartment, on a really tight budget and have no plans nor space to take any more children.
I think you reached a good compromise on your part-time job situation. It must be hard to be a single parent with four children. You have to do what is best for your family situation. I look forward to hearing updates on the sale of your home, your car situation and your general budget situation now that things are hopefully settling down a bit. Keep up those baby steps!
Thank you, Mary! I appreciate your encouragement!
Hope. congratulations on coming to a good compromise with your job! I know there is a lot of upheaval in your life right now and I am constantly impressed by your positive outlook and ability to roll with the punches. You have had a lot of excuses to abandon your debt journey all together, but throughout it all you’ve kept both a level head and a view of the bottom line. I look forward to seeing how you progress and think you should be very proud of how you’ve done so far.
That’s great the house sold! 🙂