My Next Step
This photo reminds me of the journey towards financial freedom; lots of steps that are sometimes elusive.
I’m realizing that my goal to purchase a house with in the next year is still many months away. I started out with a 3-step plan: pay down debt, raise my credit score, save for a down payment. My first two goals are going swimmingly; I’ve paid off close to $8,000 in debt and am working towards paying off my line of credit and my car loan. I used a debt repayment calculator and found that at the rate I’m going, I should have both paid off in under two years. That’s great news, if I can pay it off before then, even better. I’ve also raised my credit score by over 100 points in a year. All there is for me to do is keep making my student loan payments, use my credit cards lightly, then pay them off in full every month. If I keep this strategy up, I should see a 740 score this year.
However, I’m struggling with the 3rd step of my plan: save a down payment. These last few months my income has waned. As a a temporary employee with a school district that is running out of funds, I’m seeing this as a long-term pattern. My husband’s business is doing okay, but he is only bringing in enough income to equate to one salary plus a part-time employee (who is a programmer). This means I have to develop a new plan for bringing in more income.
My plan is still in the fuzzy- vague-I’m not sure what I’m going to do yet stages, but at least I have a direction:
- Option A: Be a marketing genius and bring in more work for my husband, which would create a job for me. This plan is more long-term and the results wouldn’t be immediate. However, if I am successful, it would be my ideal option.
- Option B: Take on a part-time position with a local company or the Census Bureau. This would bring in extra cash for a few months while I develop a more long-term strategy, still allowing me to take teaching gigs.
- Option C: Stick it out with the current school district and hope their budget improves. This is a risky scenario, I don’t want to wait until the bitter end only to find out I was right all along.
- Option D: Go get a permanent position and switch professions. I’ve been teaching for almost 9 years, I haven’t had to work in a corporate office or go on a job interview in a very long time. I like my summers off and my three weeks of winter break. This option scares me!
As I switch gears and begin moving towards option A, I realize I need to be really organized and manage my time wisely. I can easily fall into a pattern of sleeping too late, or wasting time running errands when I ‘work’ for my husband. To optimize my time, I’ll begin focusing on tasks using my task manager in Outlook. This should keep me in line.
Have you had to change jobs lately? How do you manage your time when you’re at home? Which option would you choose if you were in my position? Do you use a program to help organize your tasks?
Rather than making a guess, why don’t you speak to folks who work in these areas you were talking about. For example, speak to other temp teachers and ask them about the process of full time employment. I know a friend in a similar situation being a relief teacher and working hard without the benefits! Speak to folks in other professions that interest you before making the plunge.
@Mr. Credit Card- Thanks for the advice. In my case, I have benefits which has made the job great over the past 8 years. Other temp (sub) teachers I talk to are saying it’s looking grim for next year. I know that I am one of the few sub teachers who has actually worked more than 70 days this year. I think I’ll have a better handle on the situation in the next month or so, there are huge rallies going on next month to try and save teaching positions. If only California weren’t so broke!
I think Option B is the best way to bring in some income while you’re figuring out your future. I’d say you should look for alternative work rather than be scrambling in the event the district no longer needs your services or doesn’t offer a full-time position anytime soon. You’re in a difficult position, I don’t envy you. Best of luck!
RainyDaySaver´s last blog ..Do You Have to Give Up Convenience in Order to Save Money?
P.S. I’ve been getting a 404 error page every time I’ve left a comment in the last week or two (but the comment still posts).
RainyDaySaver´s last blog ..Do You Have to Give Up Convenience in Order to Save Money?
@Rainy Day Saver – Thanks for your advice. I think you’re right, I should begin to plan on option B, it is a little more flexible. I think I can also swing Option A at the same time. As for my comments, I have to fix this. It has something to do with changing the way I refer to my posts. I’m not quite sure how to resolve the problem, but the comments are still being posted!
I’m a huge fan of flexibility. From the post I would lean towards option B which seems to give you the most flexibility. With this flexibility if you ultimate goal is option A then you should dabble in it. What I mean is why not commit a certain number of hours per day or per week to getting your husband more work. Pick 2 or 3 marketing initiatives and spend 10 hours of dedicated time each week to try out a few things. It will help you determine a couple of things, like making sure you like this new type of work and seeing what the fruits of your labor look like.
Evolution Of Wealth´s last blog ..Why Your Finanical Planner is Like a Buffet
@Evolution of Wealth – Thanks for the advice. It seems like many of my readers are leaning towards this option. I think I am myself. Thanks for stopping by!
Can you get a permanent position as a teacher? Or would you prefer to keep working as a sub? How about getting side jobs such as tutoring, interview-prep for high school students, selling instructional materials online, etc.?
@WellHeeledBlog- I’m in the credential program now to obtain my permanent teaching permit. However, most school districts in my surrounding area on are on hiring freeze, so no jobs look promising at the moment. I originally went back to school for my credential because I was subbing so much and one particular school would love to hire me. But unfortunately, my timing was really bad!
Keep posting stuff like this i really like it