Transitioning From Working Girl to Lowly Intern
photo credit: Jessica DeWinter
Today will make two weeks since I quit my job. And while it was necessary to accommodate my busy schedule and to allocate more time to coursework, this involved revisiting our budget as we made the transition from a 2-income household to a one-income household.
This should be more of a test drive for us as we are planning to do this once we start having children. I plan to stay at home while my husband will continue working. We reviewed the budget and we planned for this last year when I took the job. The Internship requires 20-25 hours of unpaid time at a local site providing clinical services. I’m not all that hot about working for free for the remainder of the year but it must be done. I’m enjoying the placement and the experience thus far so this makes up for any issues with free work LOL!
Anyhoo, so we reviewed the budget and these are the things that we came up with:
Reduce Random Spending Habits
This is primarily my issue because I spend hours on Amazon.com, Ebay and other sites just cruising for crap to buy and I am so guilty. I can’t even tell what we’ve spent so far on random stuff but I have and its so sad. You know you’ve got to rein it in when you can’t recall what you spent money on within the last few weeks. Hubby isn’t much of a spender and so I’ve got to rein it in on my end. I’ve been good so far, cross your fingers.
Pay down or pay off credit card debt (significantly)
While reviewing our expenses we were trying to decide if paying off the credit card bill in its entirety was a good move vs paying it down to below 30%. We agreed on half because we are still rebuilding our savings since purchasing the house last year. More than likely we will pay off the whole thing once we move into the summer and hubby starts the new job. We did pay off the Dell account, which was $834 so, that’s step in the right direction. We took advantage of their 24 months same as cash promotion and paid the final bill last week. Makes no sense to rack up $400 in extra interest.
Kick Frugality into High Gear
Frugality is such a dirty word to some of you, I know, LOL! But I really enjoy it and even more now that I am aware of how much we spend on different things. When I realized how wasteful I’ve been in the past it really made me rethink money and what it means to us. Do I want to build wealth or just be able to spend at a moment’s whim?
Nix the Land line Phone
We don’t need it. And, with the bill hovering around $250 because we only have it so the alarm company can dial out, its time for it to go. That or stop using it or just get a standard plan. We’re a bit stuck on this because I like having a land line just because but with the basic service we pay higher fees if we actually use the phone than if we got a standard plan. We may end up keeping it but put the phone out of site. We have relatives that call the house when they can’t reach us on our cell phones and that’s going to have to stop.
Get Pet Insurance
Our cat, Scotch has been sick on and off over the last 6 months, and we just adopted another kitten, Max. Scotch’s vet bills are near $1000 so far and that’s out of pocket so I plan to ask the vet about how the insurance works, as I know this particular carrier takes all licensed vets into their program.
We are also benefiting from my not working by not having to drive into work, my internship site and then to class. I’d be paying for gas, and parking which would throw the budget out off because both are so expensive. Now I only pay for parking at the metro, which is a straight shot into my internship site and costs about $10/day. No more eating out for lunch and dinner since I get home so late, I actually have the time to bring a snack with me throughout the day, which cuts back on daily food spending.
Do you have any suggestions for us? What did you changed about your budget when cutting back on expenses?
About the Author: Girls Just Wanna Have Funds is for the woman that wants to take charge of her personal finances. We value budgeting, investing, frugality and remain mindful of our spending habits. Move over and make way for women who are in control of their financial destinies and not afraid to say it. We're armed with a positive net worth and not afraid to flaunt it while breaking financial ceilings one stiletto at a time!
