Posts Tagged ‘money’

How I’m Saving Money at the New Job

Hello Readers!

It’s been a while since I’ve posted, I know. But I’m on Week 3 of the new job, and it’s kept me quite busy. I’ve been enjoying myself immensely too, which you’ll be happy to know.

I wanted to share with you all a few ways that I’m saving money at the new job.

Money Saver #1: A public transit monthly pass

This one’s a no-brainer. Because I can now take public transit to work, I’ve bought myself a monthly transit pass. If I only just took transit to work, this would not be a good deal for me, however I also take it at least once or twice a week extra, so I come out ahead every month. PLUS, I can also claim the pass for a tax credit on my taxes next year. (Or rather, for tax year 2009, which of course I do in 2010.)

Money Saver #2: Brown-bagging my lunch

Yes I know, it’s a bit of a cliche, and I’ve talked about it before, but as long as I bring my lunch at least 3 days a week, I’m saving money. I’m actually aiming for 4 times a week, which is difficult considering all the wonderful food places in the food court in the basement of the building. There’s even an Indian take-out food restaurant! Mmm, Indian food is one of my weaknesses.

Money Saver #3: No more buying gas for my car

Taking public transit to work means I don’t have to take my car to the office, which means I don’t have to fill up the gas tank as often. When I was commuting, I was filling it up every 3 days or so, but I’ve only stopped at the gas station twice in the last 4 weeks, and didn’t even fill it up either time!

Okay, so those weren’t new or earth-shattering money savers, but it’s things that I’m doing (or not) that are helping me save money and put it where it’ll do more good: towards my debt.

Why My Emergency Fund Is A Little Smaller Than Before

I spent part of this evening working on the blog here, tweaking the stylesheet to be a little more to my liking, updating the sidebar, and so on. You might see that I’ve updated both my total debt load as well as my emergency fund.

Holy robbery Batman, your emergency fund’s looking a little low! Wasn’t it almost at 50% a while ago?

Why yes my observant readers, my emergency fund was almost at 50% of my intended total as of last week. Unfortunately I had to dip into it because I am now unemployed. Several weeks ago I blogged about my intention to go freelance, as I felt that was a better situation for me personally. My initial intention was to do it on the side until I had created enough of an income to do it full time. But my full time job was causing me a lot of stress, so much so that I actually have lost about 20 pounds because of it. Definitely not a good thing for me. I was dreading going into the office, mostly because the political situation at the office was just horrendous. I have worked for a large number of companies over my career, and I can say that this place was, without a doubt, the worst place for office politics! It was completely unbearable. So I did what we all dream of doing.

I told them (to) “take this job and shove it!” (Metaphorically speaking of course.)

Whoa Jb, how can you possibly have done that in this economy? Are you mad?

Well dear readers, I can tell you I did not take this decision lightly, nor did I do it capriciously. I had already been looking for a new job for the last several months, but things just came to a head. My doctor advised me to leave this job immediately, because after all the tests she ran, it was most definitely the stress that was causing me physical aggravation. I took stock of my financial reserves, talked it over with friends and family, and decided to take the plunge. It’s been almost two weeks now, and I can tell you that I am feeling much, much better, both physically and mentally.

So this is why my emergency fund is looking a little smaller than before. I had to take some money out of it to pay my rent and car payment. It’s a good thing I have this emergency fund, because it will allow me the opportunity to really take a good run at getting my freelancing career started. So far I’ve been able to update my freelancing website and blog, read up on things I’ve been meaning to read up on, and also continue to make some great contacts. I made my first $5 on the weekend by writing up a guest post on a freelance writing blog, which I’m excited about. I’m actually excited about the whole prospect of working as a freelancing technical writer. It’s something I’ve been wanting to do for several years now, in fact quite a few of my friends are getting sick of hearing me talk about it. So now I’m doing it.

Sure, it’s a little scary to be doing it in this economic climate, but like I blogged previously, technical writers are always in demand, so I anticipate being able to survive. It might take me a while, it might take a little more legwork than I’m used to, but I’m up for it. Most of all, I’m prepared for it. I’ve got my emergency fund and my income tax refund that will sustain me for about 3 months or so. I could possibly stretch it out if I go and get a part-time job, but that’s only in the plan near the end of Month 2. I’m going to give it a good shot at starting out as a freelancer and then decide what to do. I have faith and determination to give it a shot. Wish me luck!

Increasing My Income – Redux

Part of any good debt reduction strategy is to try and increase your income as much as you can. Step 1 for me was getting the new job last summer, as that increased my monthly take-home pay. Step 2 is to possibly get a part-time job to supplement my income on a temporary basis. So this year I started drumming up my freelancing writing career. If I haven’t mentioned it before, I work as a technical writer for a software company, and have been doing it for the last 8 years now. Over the course of that time I’ve always had full time positions, even though the majority of tech writing jobs tend to be contracts. This summer I realized that I really wanted to work contract rather than full time, and so when I started looking, I was looking for contract jobs. But then that really good full time job fell in my lap, and since I thought I wanted to move out of the big city, I took it.

Turns out I was wrong! I am a big city girl now. Phew, okay, I said that out loud. I feel better now.

Plus I’m just tired of “working for the man” and having to go into the office, so 2009 is the year of the freelancer…me! I spruced up my freelance website, and have started networking and applying for freelance jobs. I’m quite excited about this on a number of fronts, but the main one is simply that I could possibly bring in a few extra dollars here and there. That is the number 1 goal for doing it. But if I can get the monthly income and client list up to a decent level, I am most definitely going to chuck the full time job.

But wait, what about the current state of the economy? Aren’t you worried?

Surprisingly no, I’m not worried. Technical writing is a small enough market that if you’re good at it, you’ll always have a job. And it’s one of those types of jobs that lend themselves to contracting because it’s a great way for companies to save money. They get you in to work on the project they really need done, they pay you a fair wage, and they don’t have to pay you any benefits or retirement savings matches. One other cost-saving measure for them is that I am able to work online, from home, so they don’t even need to set me up at a desk in their offices. Technical writing covers such a gamut of topics that I’m not worried at all. Tech writers work for software companies, hardware companies, banks, insurance companies, the government, the military, your local transit commission…I could go  on here. So I’m not even limited to just tech companies.

This is why I am excited about starting on this adventure. While I haven’t landed any freelance contracts just yet, I know that with my current efforts, I should land some soon. Wish me luck!

Creating Your Own Snowflakes

As I sat here working from home today because the roads were too slippery to make it into the office, I was admiring all the snow that was falling. It was quite pleasant to watch, and got me thinking about snowflaking and my debt. One good thing about working from home today was the fact that I saved on gas. I was going to have to fill up the tank today, so staying home meant I got to postpone that till tomorrow.

But the real snowflakes got me thinking about my debt snowflakes, and how I need to get a few together to start that whole debt snowball thing. I’ve actually been trying to get a bit of freelance work on the side partly because I want to transition to full-time freelance work in the long-term, but of course it has the short-term effect of lowering my debt. Initially the freelancing money would go 100% towards my debt, but I think once I was able to cover minimum payments on all my current debts, then I might start putting any excess towards topping up my emergency fund. Once that was topped up to my “comfortable” level, I’d start divvying some of it up towards my “fun” savings accounts.

To that end over the weekend I sent out a few emails in response to some job postings I’d found. I’d also installed Google Analytics on my freelance website, and when I checked today, I was happy to see that I’d gotten a few clicks. I’ve started leaving comments on a few freelancing websites with my site in my signature, so it was nice to see that the traffic is slowly starting to trickle in. My main focus will be freelance technical writing, as that’s what I do for my day job. It’s specific enough that I can focus pretty well  on those specific jobs. But I’d also like to branch out into other types of freelance writing, as I do consider myself a writer first, and a computer geek second.The next step is for me to start practicing other types of writing as well, so that I can market myself in those avenues as well, and increase my chances at earning a decent enough income to eventually do it full-time.

I don’t expect the money to start rolling in quickly, but like the snowflakes that built themselves up into a snowdrift on my balcony during today’s storm, I’m hoping that the money will slowly trickle in. Slow and steady is what I’m looking for. The old adage is cliched, but true: slow & steady wins the race.