Are you done being upset yet?
Unfortunately, being responsible means doing the hard stuff some times. Now you have to implement a plan that will fit your new circumstances. This is the hardest part, decide what expenses get cut and who gets paid first.
If you have been reading my blog, first of all I want to thank you. My readers have been a ear to my money concerns and triumphs. But if you remember, I started this blog as financial journal about my financial position in life. My first blog post was about the plan I put together and how I would implement it. Now you will see how I reconstructed it. I also included some tips that could help others who are not in the exact situation I was in. The numbering continues from the previous blog post.
6). Start fresh: Get some coffee (or whatever), and a computer.
After what I went through the day before, I was in no condition to create a job search agent or crunch numbers (weird huh?). So I got up at my usual time, powered up my trusty laptop and turned on my tea kettle. As the kettle warmed, I began to think of where I want to work and what I want to do there. I jotted down some notes. For some reason, actually writing my thoughts versus typing helped me crystallize my ideas. Then I pulled out that resume I updated yesterday and began to research the market. Salary.com is a great site to get background information of job you may want and also your monetary worth. Set up job searches (or agents) on some of the site I mentioned in the previous blog post. After all, that is what everyone else is going to tell you do anyway.
7). Decide to pay Paul, Peter, or no one at all.
When I began this blog, I had a very rose colored view of my financial future. I had a timeline set for my financial freedom and plan I was actually living up to everyday. Now it’s black and white, not even gray. Some stuff will have to go and I will have to make some sacrifices.
I was originally on a plan where I paid debt with the highest interest rate first. I paid balances down and had only two credit cards left. Now I have about half of the income I was accustomed to. So I have to try a new budgeting technique. I decided to try the 50-30-20 method. There are two reasons why I selected this method: 1).It seems feasible and forces one to make some sacrifices and 2). I love the work of Liz Weston! The 50-30-20 budget states that your necessities should total about 50% of your after tax income, while your wants total 30% and debt repayment and savings amount to 20%. My income is now $1,236, therefore my new budget limits are $618(50%), $371 (30%), and 247 (20%). I will have to see how this will work in the month of November 2012.
8). Turn some skills into cash flow
While you are looking for a new gig, why not create a new part-time job for yourself. Everyone on the planet possesses a skill or talent that is beneficial to someone else. Why not get paid for that talent? Are you great with kids? Maybe you should look into nanny positions. Are you a math whiz? Consider becoming a tutor. Athletic and love sports? Coach a sports team in your community.
I am good with creating budgets and scheduling bill payments, etc. So, I added a new service for my business: money management. I priced the service to be affordable for low and moderate income individuals and families. I also love telling people what they should do with their money LOL!
9). Attend a Professional Networking Event
Even though you do not have a job, it does not mean you cannot mingle with other professionals. You represent yourself now. Get some business cards printed for about $10 at Vistaprint.com. In Milwaukee, there a few organizations that offer some FREE networking events. My favorite one is FUEL Milwaukee. But others I am going to check out this month are Translator and Northwoods Software’s Fall Business Kickoff.
10). Do Something Fun!
If you are not ready to face the world yet, stay in and have a movie night (preferably a funny one!). But if you are suffering from cabin fever, take $50 and go out and have some fun. After all, you deserve it!
"Putting My Money Where My Mouth Is" is a journal about real life experiences and answers to tough tax questions posed to Jéneen R. Perkins, Owner of Eclat Enterprises, LLC