<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > Raise and Car Paid Off
 

Raise and Car Paid Off

July 14th, 2018 at 09:59 am

This was my boss' last week at work, and I've been talking with our CEO about how things are going to progress moving forward (as well as learning a whole new job in just a hand full of days). Needless to say, it was an exhausting week - but of course there's good to come of all of it. One was the conversation I had about my pay increase.

I had given them a number last week that I would have been comfortable with. I'm currently making $35k, and asked for $42k as a base salary for my current job, not the interim department head. They came back with $39k for now - explaining that we can revisit after the transition time. They don't know how much they'll be paying the new hires, and there's a good chance that the department will be restructured a bit, so I can live with it. But during the interim while I'm taking over my boss' job, I'll also be making a bonus of $200/week - which would work out to more than he was paid monthly all things considered.

It's not quite what I wanted, but I didn't expect them to get there anyway. Our entire staff is grossly underpaid. Nonprofit or not, but I like my job and this raise certainly sets me up better on one income than I was before. For now, it's workable.

My boss that left, too, mentioned that they're going to need to hire someone new in his department coming up and would love to poach me. haha. So at least I know I'll have some options if things go terribly wrong. I wouldn't want to do that to the organization, so I likely wont. But again, it's good to have options.

For now, I'm just trying to stay sane and wrap my head around doing 3 peoples' jobs and enjoy my weekend. Things were overwhelming this past week, but they will be even more so without my boss around to answer questions and walk me through things. Trial by fire indeed.

***

Now that DXH and I split our finances and I have a decent handle on what my financial situation is going to look like, I decided to pay off my CC (I had racked up quite a few charges while replacing many of my belongings) and then made a $4k payment on my car, wiping that balance entirely. That's going to eliminate a $182 monthly payment, which I'm super happy about. Regardless of this raise, I'd love to have as much of my income freed up to use as I need to.

My account is going to have a surplus of about $3k at that point, which I'd like to move to a savings account and at minimum not touch, but hopefully add to. That's a nice little emergency fund. My only debt left at that point are student loans - shiny and refinanced. I'd like to start snowballing those babies ASAP. Right now I've got:

$2,570 AES Loan
$3,126 Great Lakes Loan
$31,146 Firstmark Loan
---
$36,844 Total

That total is still overwhelming but given it was over $50k at one point and largely rocking a 10% interest rate, I'm feeling okay about it. Just need to get aggressive. I'm hoping to eliminate the AES Loan entirely by the end of the year, and I think that's entirely doable given that I'm freeing up $182/month in car payment and getting a substantial raise, at least in the short term.

I'm also taking on more freelance work. Which may not be smart for my sanity, but is certainly a good financial move. That being said, I might have to step away from a couple of other extracurriculars. I'm already feeling the pressure on my time and energy. Something's gotta give. And because my goal here is to set myself up financially to possibly move out of state again in a year, the revenue-generating aspects of my life are probably not the ones to skirt.

I need to do some real soul searching here soon to determine where that energy is going to be best spent.

***

The rest of my to-do list right now is centered around getting the last of my things from the last place, getting it all cleaned up. Should be getting my $600 half of our security deposit back, so that'll help in paying off that loan as well.

Still need to start the divorce paperwork. That's a task for this weekend. As well as filling out my beneficiary changes on my insurance and adjusting my HSA - I'm planning to schedule a whole battery of medical appointments I've been putting off for a while now. Guess I should start adulting properly. I have nobody else to lean on anymore, after all.

***

At any rate, that's a lengthy update. I hope you all are enjoying your weekends and making progress on those goals! Have a good one!

8 Responses to “Raise and Car Paid Off”

  1. creditcardfree Says:

    Congratulations on your raise and paying of your car and credit card!!

  2. Dido Says:

    Congrats on the raise and debt reduction, and good luck with the soul searching. I can understand the urge to push financially but don't let it come at the expense of your health and sanity. I find this quote from Brian Dyson, former CEO of Coca-Cola, relevant: "Imagine life as a game in which you are juggling some five balls in the air. You name them - work, family, health, friends and spirit - and you're keeping all of these in the air. You will soon understand that work is a rubber ball. If you drop it, it will bounce back. But the other four balls - family, health, friends and spirit - are made of glass. If you drop one of these, they will be irrevocably scuffed, marked, nicked, damaged or even shattered. They will never be the same. You must understand that and strive for balance in your life."

  3. MonkeyMama Says:

    Congrats on the raise!

  4. pjmama Says:

    @Dido - what a lovely quote! And definitely something I need to be reminded of. I think my hesitance to "drop" work is more due to the fact that I hope to move again in a year, and would love to feel financially prepared for that. Nonetheless, a very necessary reminder. I appreciate you!

  5. rob62521 Says:

    Way to go on the raise. Hopefully more money will be forthcoming after all is said and done. Glad you paid off some bills too!

  6. VS_ozgirl Says:

    Congratulations on the raise and the debt payoffs!

  7. Amber Says:

    Congratulation on the raise and knocking that debt out.

  8. LuckyRobin Says:

    Paying off your car is fantastic! Congrats on the raise, and weekly bonus, too.

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]