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Is Moving to Tenessee the Right Financial Move for You?

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If you’re looking to make a move to Tennessee in the near future, there are some things to keep in mind about your money and finances. Depending on where you’re coming from, the cost of living may be a more positive thing for you. Keep reading to see what you need to keep in mind when making that move to Tennessee.

Cost of Living

Compared to the rest of the country, the state of Tennessee has a cost of living that’s lower than the national average, even in the larger areas where the cost of living may be higher. There are low property taxes found throughout this state, and you have the option to choose really rural properties and suburban properties. In addition to property taxes, there are lower costs for daily expenses and utilities found throughout the state. If you’re maintaining an average salary, you’ll end up saving money by making this move in terms of cost of living.

Visiting the grocery store and other areas for shopping is something that you’ll find to be cheaper. Most items in stores are cheaper, and you can find a variety of things throughout the state. These deals that are made for in-store purchases only are great because, according to Fohlio, 73% of purchasing decisions are made in-store anyway.

No State Income Tax

One of the greatest things about the state of Tennessee is the lack of state income tax for residents. All you have to file is the federal taxes, but the rest of the taxes that are brought into the state come from sales tax. Tennessee has several areas that generate a lot of sales taxes due to the tourism industry. One of the most visited National Parks, the Great Smoky Mountain National Park brings in millions of visitors to East Tennessee each year, which makes it easy to fund the state without income tax.

Free Community College

If you have children that you’re taking with you to Tennessee, consider the option of free community college. This will help with your money and budget, which can be a great idea to help get your kids introduced to the college lifestyle at a discounted cost. They can take these courses when they’re fully enrolled or right after graduating. The tuition at public institutions is also pretty affordable, and some of the best in the country.

Fines For Jail Time

If you do happen to get arrested after moving to Tennessee, however, you will feel it in your money and finances. They are known for having fines on their sentencing and use that as a way to fund local governments. In Tennessee, a DUI 1st conviction will have a mandatory 48 hours in jail, a $350 fine, 11 months and 29 days of probation, the loss of your license for 1 year, and alcohol education classes, so make sure you aren’t drinking and driving on Tennessee highways.

Sustainable Recycling

In many parts of the state, Tennessee has moved to sustainable recycling, with recycling centers available for residents in rural areas to use at no additional cost. If you don’t want to have a monthly trash pickup, you can use these options and save money on your monthly expenses. According to Environment America, each American throws away around 4.9 pounds of trash per day, and that is close to the same amount being tossed out in Tennessee. These recycling centers make it easy to be sustainable and offer a greener lifestyle for all residents.

If you’re planning to move to Tennessee for family, work, or just a change of scenery, you will find that you may have more money at the end of the year and it’s a good move all in all. Whether you’re looking to move to the East, West, or middle of the state, there are lots of great towns with great cost-of-living and benefits that will make it worth your while to move.

Landed More Work and Back in Therapy

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More work and Back in therapy

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As I mentioned a few posts ago, my partner had a reduction in bonus income, which I’ve been trying to make up for by finding new clients. The first prospect that I found ended up only needing me to complete a one-off project.

However, I’ve since landed a client who needs regular weekly newsletters. Plus, one of my existing clients increased my workload. Between these two projects, I’m earning enough to make up for the decrease in bonus income. With the seemingly tenuous state of the economy, I didn’t think I’d be able to drum up extra work this quickly, so I’m very grateful.

Back in Therapy

Another change I’ve made recently is starting back up with therapy. One of my family members is sick, which has been taking a toll on me. In years past, I would’ve tried to struggle through this difficult period on my own to the detriment of my mental state. But now I realize that kind of grin-and-bear-it attitude isn’t healthy.

I only think I’ll need therapy for a few months as I adjust to this ongoing stress. I was lucky that this new work came through at the right time, giving me the ability to return to therapy without worrying too much about the cost.

I’m also planning to look for a free online caregiver support group. If I find a good one, I’m hoping that it may be able to take the place of therapy. Besides my ADHD medication, I don’t want to continue to pay for mental healthcare for the rest of my life. I want to find some other supports and resources so I no longer need a therapist.

Professional Development

My partner has also made progress on professional development at work and has found a mentor. The mentor is in the department that my partner wants to switch to, so this is a positive step in the right direction. They’re going to meet a few times in the upcoming months for shadowing and training. Hopefully this will help my partner be more prepared to interview for the role that will be opening in that department in the summer.

With my workload increasing, I don’t think I’ll have time to complete the financial coaching certificate that I want to get. However, upskilling has been on my mind recently because of the changes that are being made to the classification rules for independent contractors.

My understanding is that it will be much harder to prove that you’re a freelancer, and not an employee. This could make it more difficult for freelancers to get work. Clients may be more wary of hiring us due to the risk of incurring misclassification fines. These changes are similar to the AB 5 law that was passed in California and caused a 10% reduction in self-employment.

Although this is a bit concerning, I just plan to monitor the situation and keep my professional development plans in my back pocket. If these rules make it harder to get work, I can always pivot by getting new certificates to improve my skills and grow my career in new directions.

Are any of you freelancers as well? Are you worried about these new rules? Let me know in the comments.

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