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EF Refunding Update

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Hey everyone. I hope you are all having a great day.

On Friday, I gave a short update on where I stand on refunding my EF- I’m currently at $1,300 with my goal being over $2,000. There’s an item on the horizon that have me worried about keeping my EF any lower- I have a state inspection for my car on November 9th. After talking with the mechanic over the summer, he let me know that to pass inspection, I’m going to have to have a bunch of work done. In the range of $500-$1,000 of work. Depending on the cost, I’ll most likely just pull this money from my EF.

In the meantime, I did get a credit card to help me if an emergency arose. Thankfully, at this point, it hasn’t. I’ve owned credit cards in the past (those terrible mall store cards that give you 10-15% off when you sign up. Never used them but the one time. I’ve since cut the cards up, but the accounts are still open) but never a card with a sizable limit. Not only did I read many articles and see the ill effects of poor credit use for myself, but the cards I had in the past only had a limit of $100 and $150- not much in an emergency, hence why I never used them; they just weren’t worth the trouble. Anyway, I had a meeting with my bank a few weeks ago (the same meeting where the person inquired as to who Navient was), and since I could see and feel my EF dropping, I acquired about a card I could use to get me through any tough times while I built my EF back up. They sold me on the fact that the card is tied to my checking and savings accounts, which would make payments instantaneous, and I could pay off the card as soon as I bought something with it. I experimented by buying some gas to see if this were true, and it turns out that it takes a few days for the purchase to post. While it’s great my payments can be transferred from my accounts instantly, it doesn’t matter much when my purchases take a few days to appear. The card has a 1.75% cash back bonus, but I don’t intend on using it now or once my EF is back up.

This past week, I manged to seal the windows and doors I wanted to in hopes that this will help make the winter a little more bearable. I used the Duck Tape brand, which was fairly inexpensive.

I have 2 more weeks until I will begin paying down Sallie Mae 01- I can’t wait!


Panic Mode to Inspiration – The Nuts and Bolts (Part 2 of 3)

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So yesterday I woke up with a vengeance, time to look at the reality this job loss puts us in. The first thing I did was get to work.  I completed my tasks for the existing clients and put some work into a new website I am working on, sent out bills and THEN I sent a thank you note/reference request to these clients:

Thank you for the advance notice of your downsizing. I cannot express how sad I am about this for you both and XXXXXX but also for myself as I have been truly gifted by working for and with you both for these last 7 or so years! I certainly would love to be kept in mind for further projects or on-going work if the need should arise again.

In the meantime, would you mind doing me a favor….would you please write a reference for me on LinkedIn as a consultant under my EPOH business and also provide a letter of reference I can include in job applications (or take blurbs from for website presence.) I would greatly appreciate it.

I full intend to continue work as normal through the end of the month, please let me know if there are specific tasks you want me to complete….on my list are: ….

They responded in the affirmative that they would be happy to do this for me.  For that I am truly grateful.

Then I started looking at the money.  THANK GOD for MY EMERGENCY FUND!!!  Based on a cut throat budget and estimated income from all existing clients and projects, I figure we are good through the end of the year, maybe a bit longer depending on what we do with holidays and the twins’ birthday this month.  I can BREATHE!

And then I exhaled for the first time since the call on Monday.  And I started poking around on the internet looking at local jobs…just a tiny bit.  And then I started making lists.  I made a list of:

  1. Things I could sell
  2. What are my passions in rank order
  3. What are my priority in rank order
  4. What are needs I see around me that my skill set could meet
  5. What other resources can I reach out to for temporary assistance

And I decided to give myself a small break from panic mode.  I need to process and decide what the next step is without rushing into a wrong decision.  Not that I am going to sit back and twiddle my thumbs.

 


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