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October Reset

October 2nd, 2018 at 05:52 am

I am doing a major financial reset with my pay cut. I'd say all but the last couple of years and our two-ish years of DINK living (Dual Income No Kids), other than those years we have always been uber frugal. I mean like I was saving 80% of my income out of college because I couldn't figure out how to afford the roof over my head otherwise. & we dropped our income in half to have kids, so just more of the same (though less extreme). On one hand, I would like to just coast this next 9 months or so and see what happens. Eventually I should be able to prove myself and be in a better negotiation position. If this job doesn't work out for any reason, the experience will also help me greatly with being able to increase my salary. Also, MH really wants to return to the full-time workforce, but we just want to give it another 9 months (when MM has a drivers license and both kids will be in high school). So I don't see any drastic budget changes or anything like that, but we definitely do need to rein it in.

We've mostly never increased our monthly budget and so I don't see making any changes on that front. (It's very "shoestring" in many regards). But what will probably be more apparent in my blog is sending my kids on less extravagant/expensive trips (unless grandparents are just willing to pay for everything) and probably cutting back on things like musicals and the Symphony (which we really only added in the last few months). Oh, and no more jetting off to Europe (which I have no desire or plans for). Having not had the means for these things for 90% of my life, I don't think it will be any big adjustment.

Will also probably go back to "saving minimum 10% to retirement" (from paychecks) and won't be adding to "taxable investments" for a while. I haven't done a monthly savings update because we have just been hoarding cash like crazy. But I will reset sidebar goals (they aren't realistic at all with 20% pay cut I've had since January 1. First I lost my overtime and then I took another 12% pay cut with this new job). Instead of saving 30% of my income, we will be lucky to save 10%. Which is my minimum. I would have accepted a lower paying job versus living on unemployment (a 75% pay cut), but I am happy to say this is a job I can live with long term. We save MH's income, so household savings will be around 20%. Not bad for a 20% pay cut. You can see why we aren't in a huge rush to raise his income. (We probably would be all else being equal, but still dealing with a very emotional teenager who probably isn't ready for that. It's all good. In 9 months I can change my work schedule to 7:00-3:30 and I think things will be set up pretty nicely for MH to focus on his career. I think I would have a heart attack if he had to start a new job right now too. I'd love some time to settle into my new job and to make sure it is the right job for me, before we experience more drastic changes. Also, MM should have his drivers license by then, which will help a ton, and is why I can then work crazy early).

I do always track our expenses, but I will track in my blog for October, for better accountability. In my mind, I am just considering it to be a spending reset.

MH already told me that the film production company he has been volunteering for is running some event at the art museum this month. As museum members, I believe we only have to pay $5/each to get in? $5 or $10. Stuff like that, we can easily afford. It's paying $50-$100 to attend one show that is on the back burner. Thankfully our art museum has some pretty amazing concerts (that cost pennies), and so does DL's school (lots of theater, musicals, and concerts).

Last week was a complete whirlwind. Monday did not start out any better. Work is completely crazed. (Though I felt I actually got somewhere Monday with a week of training behind me, working a full-time day, and actually being able to pin my boss down to answer some questions from last week. My To-Do list did not double yesterday, like it had seemed to every day the week prior. Phew! But it was hard to even take a break and my boss's wish list for this week was clearly completely absurd. He also was annoyed I stayed 15 minutes extra to wrap up what I was doing, so I am not too worried about it. They are very serious re: their 9-5 "go home and spend time with your family" culture). Other than that, just endless fires to put out on the home front. Less death and dying and horrible-ness. I appreciate that, for sure. But I am still exhausted. Hoping for some down time tonight.

2 Responses to “October Reset”

  1. frugaltexan75 Says:

    Good luck on the money reset!

  2. livingalmostlarge Says:

    Good luck. But I haven't been following enough, do you really need to do a reset? You've never changed your spending a lot so really is a big deal? Living so well so long makes it a lifestyle really and I think you're way ahead of the game. If you never saved another penny for retirement could you still do it? I think so. I think that's the thing many people don't get about living like Mr MM. You and I both did it in our 20s and so now at 40 it's ridiculously easy to put it on cruise control and still finish at 55 without breaking a sweat. I say that as someone who is spending out of control money on stuff and we still honestly are 'saving'.

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