I've been thinking about money long before I've chosen to blog about my money issues. Working as a temp changes the way a person thinks about money. At least it did for me. Back in the day when I had a permanent job, I could count on a certain amount of compensation on an annual basis and was compensated for vacation and sick time. Even though my income is arguably steady, I've never thought of it as something that could be relied upon. It changes so much from project to project. However my fixed costs are such that they require steady compensation. It's difficult looking at a minimum of $1500 a month in expenses, including $900 for my student loan.
Recently I had surgery and I was fortunate that my project wrapped up two days before my scheduled surgery. I'm in recovery and the doctor recommended that I take 2 weeks off, but I can't see myself having no income for 2 weeks. Since I am in between projects, I have some time to recover, yet I am looking for work as well.
Many times I feel as if I "hit a wall." I start out with the best intentions that I will save money and not use my credit cards and then life gets in the way. The combination of unsteady income and high fixed expenses and life circumstances can derail the best of intentions. Sometimes the only thing a person can do is stay positive and ride it the lean times and try to make up for it when times are flush.
Unlike many of my colleagues, I have not put my student loans in forbearance or defaulted on my credit cards. I have been able to keep up with my expenses in spite of short times.
I do get frustrated at the thought of limitations. Worrying about small things like lunches, transportation or little indulgences is frustrating to me because I do make good money even though it disappears quickly.
Trying to stay positive for now. I just finished paying my monthly bills and I am happy that I have paid everything for August and the beginning of September.
Hit the wall
August 18th, 2013 at 05:24 pm
August 18th, 2013 at 05:44 pm 1376847850
Do you have a budget? Even with an uncertain income, you need to have a budget. Also, are you trying to pay down your credit cards and student loans? You really need to try to stop using the debt cards (my phrase for credit cards), and you really need to cut those unnecessary monthly expenses that you can cut. Otherwise, you're probably not going to have a good time of it in the long run.
August 18th, 2013 at 06:00 pm 1376848844
August 18th, 2013 at 06:29 pm 1376850558
There's no way to go bankrupt without spending more than you earn.
Let that sink in: The only way to go bankrupt is to spend more than you earn. You started out in the hole with your student loans. "Everybody has student loans when they start out," most people think. And in many cases it's true. So, you've already started spending more than you earn, and you haven't even earned anything yet (for the typical college grad).
You just had surgery, and you think eating out is cheaper than fixing it yourself. Let me just tell you, fixing it yourself is cheaper. I live in Dubai, and if you think Manhattan is expensive, I suggest you not come here for dinner.
You can always find reasons to do what you want to do. Heck. You work to earn money so you can buy what you want, when you want. That's the whole reason for the effort-reward thing.
But the reality is that unless your income exceeds your outgo, you're going to have problems. Your choice is to either increase your income or decrease your outgo... or deal with the problems.
One last comment: You didn't answer my question about whether or not you have a budget.
August 18th, 2013 at 11:48 pm 1376869724
Until your work becomes more reliable, aka a salaried job, you will have to rein in the "small indulgences," as you put it.
August 19th, 2013 at 12:15 am 1376871343
My brother is an attorney who was recently unemployed. He said that while interviewing it was made aware to him that his credit is checked as well as references. I would think that it is important to keep your credit blemish-free if you wish to find secure employment one day.
Also, in your defense regarding eating out, my best friend is a single person who regularly eats out - mostly at Middle Eastern restaurants where the portions are generous and the prices are moderate - so she gets leftovers for lunch or the next dinner. I don't of course know if this is your case.
I'm also not sure of your gender, but what are the small indulgences you speak of? A $7.00 bottle of OPI nail polish in lieu of several $19.99 manicures or pedicures. The occasional $12.00 scarf at TJ Maxx to perk up an older outfit? A first-run matinee on a Saturday?
The first thing that I do when I need a reset is to become acutely aware of the expenses for the month, then rank in priority the "wants" in accordance with what remains. I've got a large family and sometimes all that funds that remain are for gas and basic groceries at Aldi's. However, we go to the park or the library. My kids participate in all the free programs that our public library offers. My daughters have had to reduce their dance lessons down to once a week and they no longer work with a driller from Ireland. My oldest daughter practiced tons and passed the first several tests to become qualified to teach and has drilled younger dancers.
August 19th, 2013 at 01:55 am 1376877308
If you have cable, cut it or look for a cheaper package. Do the same with phone, car insurance, etc.