Debt $ense

I don’t know the name of this song, but it’s been on the radio a few times in the last couple days, and I think one line from it pretty much sums up the key to debt reduction and living below your means: “It’s not having what you want/It’s wanting what you’ve got.”

We can always want something more than what we have - there’s just so many options out there. Not to mention that what we don’t have almost always looks better than what we have. That said, the key to not succumbing to the “grass is greener” syndrome is to figure out what’s important to you and be happy with that.

There’s been a lot of research done that shows money doesn’t make you happier, and in many cases, all these luxuries don’t make people happier. You just reset your internal satisfaction meter to the higher level, and soon you want more, setting up a spiral to an unsustainable standard of living. About the only way to stop it, it seems, is to recognize that and make a conscious decision to be happy with where you are.

Now, there are exceptions. If you don’t have enough money to buy food, or to have enough shelter for your family, then yes, some more breathing room financially could definitely improve things on a long-term basis. And not always worrying about how to pay medical bills would certainly improve somebody’s outlook. But once you get beyond just covering needs (real needs - basic food, shelter, clothing, health care) the amount of improvment is minimal.

Which gets us back to the song lyrics: “It’s wanting what you’ve got.” How many of you want what you’ve got? Or are you still in the “having what you want” mode? Since I’ve been blogging - mid-April - I’m a whole lot closer to the “wanting what you’ve got” mode, but I’m not there yet.

Using the theory that making more income is a better way to build wealth than just reducing expenses, I’ve been contemplating ways to position myself at work so that as we grow, I’m a top candidate for promotion.

Today’s discussion with my boss gave me more to chew on, as well as reassuring me that I’ve done things right so far. I’ve got a couple of additional things in mind, one of which I’ll have to do some subtle lobbying for. The others are things that I’ll be doing anyway, and I just need to go the extra step on them to really make them shine.

One thing I already started doing is turning in quarterly portfolios to my boss like the people we supervise have to. (It’s never been a requirement for me - my boss said if I do, her boss might remember she’s supposed to.) That gives me a reminder of what I’m supposed to be doing so I never slip too far in any one area. It also serves as a reminder for her of what I’ve done and gives her something to refer back to come review time.

I can’t really discuss the other pieces on my list because they relate to things we’re talking internally about that aren’t ready for public disclosure. Suffice to say they’re doable and important to my company, so there’s a high probability of success that will make a good impression.

OK, the suspense is over. I got my review, and it was good. The raise is about where I expected, so my financial projections are going to be pretty accurate. The best part was getting a sense of what I need to do to move to a new position, as well as a sense from my supervisor that while there isn’t a position that exists now, that could change in the next year and I’m in good shape to move to such a position. No promises - too much is in the hands of suits at a higher level - but some definite possibilities.
All in all, one of the best reviews I’ve had in my career.

I still haven’t had my review, which means I don’t know what my raise is, which means I’m stuck in hold on some financial planning. Grrrr. If it isn’t tomorrow, my boss is going to get chewed out, so I should finally find out. I know it can’t be too bad of a review - I’ve heard too many good things from the department head and site leader - so I can’t imagine she’s putting it off because it’s going to be a difficult conversation. Who knows?

At any rate, I hope to be posting tomorrow (well, later today) about my raise and how it affects my plans. We’ll see …

I just went in to update my electronic bill payments. It took less than five minutes to adjust my rent payment for the higher rent starting next month, kill my Adelphia payment because I don’t use their services and increase my weekly CC payment. And I don’t need to worry about making sure bills are in on time because the bank sends it automatically.

I still don’t know what my paycheck will look like come July 1. *sigh* But I have taken some time in the last few days to update my financial projections and figure out how close I am to hitting my end-of-year target for paying off my debt.

Right now, with the changes I mentioned yesterday, plus an extra payment in September because of the “extra” paycheck, I will have it paid off by late January. Adding an extra $50 a month means I can get it paid by early January. Increasing that extra payment to $75 brings it to the first few days of January. An extra $100 a month gets me to the end of December.

Short of an unexpected promotion, that $100 extra payment each month is a necessity. Even if I got twice the raise I did last year, there just isn’t enough extra to increase the weekly payments by more than $5 or $8. Which is not to say it wouldn’t add up - that’s $65-$100 over the course of 26 weeks. But that’s not enough.

I have a few things in the works for June that should get me the extra payment, so that’s one down. And I think I can come up with about $40 a month fairly easily from one source. If I can save another $15 from each paycheck, that gets me to $70. So I need to find ways to make $30-$60 a month on average.

I haven’t gone to Parks and Rec yet about fall programs. School ends this week and the pools just opened, so I figure I’ll wait a week or two until they’re not so swamped. I also still need to sit down and figure out which card designs I want to show them.

I did start designing the flyer for editing/proofing papers, and I plan to get that done and distributed around campus by mid-week next week. I don’t think I’ll get much from that this summer, but I’m hoping to get enough business to work out kinks so I can expand to the state university just north of here for the fall.

Also on my list is checking out the secondhand shop that just opened up the block to see what they buy and how they pay. I have some decent furniture I can get rid of that way that I either don’t like or don’t use. Most of my clothes for consignment are going to be fall/winter, so that will help with the later months.

No review yet, which means no idea what kind of raise I’m getting. Grrr… The suspense is killing me.

However, I did decide that I’m going to cut back my weekly money by enough to increase my payments next week to $180 and after my raise kicks in to $210. If my raise is high enough to hit the $210 mark without trimming spending, I’ll likely go higher. That will get me much closer to paying everything off by the end of the year.

In other news, my department head took me to dinner tonight to bounce ideas off me for some current issues we’re facing in the department, so I see that as a good sign. I toyed with the idea of bringing up the wishbone situation I’ve been finding myself in - today was definitely a wishbone day - but decided to wait until after my review and some new staff members start. I think the combination of my supervisor’s comments in the review and the change in my duties from the new people will provide the perfect opening to discuss the issue. My goal is to get “upgraded” so I report directly to the department head, not to his second-in-command. That would have to translate to a pay raise, plus it would improve my position relative to some other changes he wants to make down the line. I’d also get rid of the wishbone effect, which would really make life easier. But I any upgrade is likely several months off. I just want to plant the seed while he’s starting budgeting for next year.

My B&N University classes started yesterday, and so far I’m enjoying them. Not only do I like the experience of being in class again, but knowing that the whole thing is free is icing on the cake.

My mystery writing class has gone well so far, and I finally started rewriting the novel that’s been languishing on my laptop for a year. That’s one of my long-term money-making plans, plus it’s always been a dream.

The finance for women class isn’t as good, at least not so far. Less interaction and less new information. Most of the women signed up seem to be at the beginning stages of figuring out their finances, so I’m feeling “been there, done that” right now. I’m hoping as the course moves on, that will change.

And for those wondering, no. I haven’t had my review yet. Look for an update later today (I hope) or possibly tomorrow.

I had a great post earlier today, but the computer ate it and I haven’t had time to re-write it. So look for an update tomorrow, when I might also have news on my raise.