Bringing in More Income

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  • #2973

    Hi All,

    So, I’m in a position where I feel like I just can’t squeeze out another dime by cutting back and saving. I have to find a new position with higher pay which isn’t an easy task at all! The last time I went job hunting resulted in a pay cut. I know how people feel about pay cuts but I needed to take this step in my career in order to start over in a new industry and save my sanity. Any who, its getting hard to fill out those applications and the last time I went through this I was sending out up to 10 applications a day! The struggle is actually finding a job that I love that will pay what I need to be financially successful.

    Do any of you have tactics with negotiating salary or tips on considering what pay rate you need in order to achieve your financial goals?

    #2983

    I hear you Antoinette! Five years ago I left a job that I loved because it simply did not pay enough, and in life – money does matter. Fortunately, I have come to love this job just as much. I admit it took some time to build the relationships that make going to work feel so good. The thing is I am a teacher, so the pay is not that phenomenal wherever I am. But one one move did give me a 30% raise.

    As far as budgeting – you can budget backwards and us the 50, 20, 30 rule. 50% of take home goes to fixed costs (housing, auto, insurance), 20% goes to financial goals (retirement, savings, investments) and 30% flexible spending (eating out, entertainment, travel, and groceries). Good luck!

    #3001

    I’m with you on that one! I took a $15,000 pay cut last year to switch industries and although I know I made the right move for my sanity, like you said, I do need to find ways to bring in some extra cash. Having a side hustle definitely helps. Freelance writing and blogging has allowed me to make an extra few hundred dollars every month which has helped us tremendously. But as far as figuring out how much you need to make, start with your fixed costs. Which bills can’t you get rid of? Are there things you can cut? Maybe an expensive gym membership or some other luxury that you can live without for a period of time? Once you know what your fixed costs are, you need to figure out how much you spend roughly on other essentials like gas and food. That’s the minimum amount you need to make, and you shouldn’t accept any job offer where you’ll be making less than that. Best of luck lady!

    #3014

    Thanks ladies! I’m glad I’m not the only one in the boat and I’ll definitely look at the tips you both gave me.

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