My ‘Working Again’ Debt Payoff Budget September 2013

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Photo credit: LabMinions.com

Now that I am working again and no longer unemployed, I’m revisiting my old unemployment budget and making updates.

NET Income Per Month (after taxes & required deductions)

Job #1:  $4,935    Omg, taxes are a BEAST!  Grrr.

Job #2:  $540

I am not pursuing any additional side hustles at this time. Between these two jobs, I’m maxed out on hours and stress (60-75 hours per week). Any more than that and my health suffers noticeably.

Total Income:  $5, 475

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The Outgo per month

Rent+Utilities:  $1465   (Unfortunately, I’m back in an expensive apartment, this time WITH a roommate.  How this happened.)

Phone:  $70    (Yes, I still have my iPhone. Sigh.)

Student Loan 1: $40    (This one is not bundled with my others, so I pay on it every month.)

Food: $500    (Yes, this is too high. I am not cooking and still eating out a lot.)

Public Transportation: $200  (Yikes! Public transit is waaay more expensive here than I thought it would be. )

Health Insurance: $100  (Yikes again! This is the cheapest High Deductible plan offered.)

Credit Card Debt:  $2,000  (Ouch!  Did I mention how much I HATE debt!? The credit card debt will die first.)

Student Loan 2: $850    (These payments begin next month. This is interest only. Aggghhh! This should be retirement money!)

Gym Membership: $65

Netflix: $15

Fun/Misc/Clothing: $100

Emergency Savings: $70

Outgo Total:  $5,475

 

What Does This Mean?

rough-road-ahead

This will roughly be my budget for the next year. I will not be having fun. This assumes that all goes well with my new job and that I don’t get fired again. This assumes that I don’t have any major health problems. Items in red are targets for cutting. This apartment complex makes it virtually impossible to get out of your lease, so I may be stuck here for a while, but I will consider my options. As soon as I am able to look for cheaper housing I will do so. That will save me hundreds of dollars each month that I can put towards retirement and emergency savings.

What Does This Really Mean?

“Debtor’s prison is real, and opportunity cost is a bitch.” (DDSW)

Post-Job Loss Euphoria

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Thank you to those of you who sent me well-wishes after I lost my job a week ago.

I thought that would be devastated by losing my job. I was shocked by the swiftness and finality of it, but I was not surprised.  They say that job loss is one of those things that everyone will go through at least once in their lifetime. Well, I guess I can cross that off my bucket list.  I did spend one day feeling depressed about my lot in life. And not one former co-worker has contacted me to say anything. It’s like I never existed. But I was only down for that one day. I’ve found that another emotion has taken over.

Enjoying the sun

Relief! I really was not happy there. And now I’m happy that I don’t have to put up with some things that I had to deal with all the time. I should have made moves to get out sooner, but I felt trapped by my debt. So they made the move for me. Now, I feel like I have a chance to make a fresh start.  When I say fresh start, I mean finding a career that is better suited to me.  And I would do that, except that I don’t have the time or money to start over. I have debt that is accruing interest daily. I do want to get my side projects off the ground, but those take  upfront money to make happen. So, right now I’m in a holding pattern. I have tons of ideas and the time, but not the money. I am in emergency finance mode until I line up another job.

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On that front, I have spent the last week applying online for jobs. I have submitted about 15 applications. That may not sound like a lot to some people, but in my small niche industry, that’s a large number. Most job postings in my specialization are for senior level positions.  I’ve applied for all decent jobs at junior/mid-level that I can find that are here on the West Coast.

Here is another issue. I like the small city where I live, but it is rather provincial and not diverse at all. My dating life has been nil. I’d like to move to a place that is more cosmopolitan and multi-cultural and where my dating prospects will hopefully be better as a single woman. I don’t want to move to the middle of nowhere just to have a job. No offense if you happen to live in the middle of nowhere. But it is another thing that I will have to keep in mind depending on how long I am out of work. Hopefully, I won’t have to make that decision. I will see what happens.

Good news!

I have an interview. This was a job that I applied for before I was let go. I’ve gone through two rounds of interviews with them by phone. The second one I was sure I bombed. I was in a tricky situation because during the first interview I had a job and right before the second interview, I no longer had a job. I had to explain that I was no longer employed and why, etc. The interviewer did not seem very interested, and the interview only lasted 30 minutes instead of  1 hour. I was shocked when I was notified that they want to fly me out there for a third round, all-day, face-to-face interview. When I saw the email, I thought it was a mistake.  No mistake.  I’m guessing that the first interviewer liked me and overruled the second one.

interview

It is a senior position. I must have applied while in a state of delirium, because the job is too senior for me, but who knows. In my field, our interviews are  4 to 8 hour gauntlets, complete with a project exercise, a portfolio presentation, and back to back interviews. This interview will be an 8 hour one.  I do frazzle easily, so I’m not getting my hopes high on this one. However, it does give me something to hang on to for right now. I haven’t heard back from any of the other places I’ve applied to. If I can make it out of this interview without embarrassing myself, I will consider it a success!

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On the personal front, I still have not told my family. My parents will flip out and overreact. They will do this because I “don’t have a man to take care of [me].” My siblings will be concerned but more steady.  I will have to have “the talk” this weekend.

In my next post, I’ll give a run-down of my finances and what my emergency budget and strategy will be for the foreseeable future.

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“Debtor’s prison is real, and opportunity cost is a bitch.” (DDSW)

April 2013 Update: Back from the Dead Edition

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I’m back for a brief update. My credit card balance is still at $24,998. Right now, I need to build up my emergency fund. Why? Well, the last few weeks have been brutal on the job front.

Right when my second job started, I became entangled in an unusually large project at my 9 to 5 job that required more and more time. For the past two weeks I have been working all day, all night, weekdays, and weekends. No sleep. No breaks. Between the two jobs, I was exhausted, stressed out, and at my breaking point.

My relationship with my manager at my 9 to 5 job has been rapidly deteriorating over the past several months, and this past week has been one of the worst. I’m certain that she’s already laying the ground work to fire me. Poor work review in writing (where I’d had none previously), check. Replacement hired, check. Oh yes, she’s hired someone new to “join” the team, but it’s obvious to me that this person will be replacing me.

I’ve realized that I’m better suited to working “in-house” at a company than working for clients.

I’m literally waiting for the axe any week now.  I have a standing monthly meeting with her next week, and it will not be pretty. If I walk out of there with my job I will be surprised. In the meantime, I’m submitting applications to various places and have already had one phone screen.

Buckle-up. It’s gonna be a bumpy ride.

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“Debtor’s prison is real, and opportunity cost is a bitch.” (DDSW)

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photo credit: Cristiana Gasparotto @ flickr, “Exhaustion”, Creative Commons 2.0