Monday, March 2, 2009
Stretching and Supplementing a Salary
My next to last fiscal affirmation/goal is a two-part-er and reads:
I enjoy supplementing and stretching my annual teaching salary.
Based on the thinking I’ve done in preparing this post, I’m making a slight change: a reversal.
I enjoy stretching and supplementing my annual teaching salary.
This subtle change puts first things first. If I am not using my current salary wisely, and the month is longer than my paycheck, what’s to keep me from repeating this mistake with a larger salary? First I need to learn to stretch my salary, then I can think about increasing it. (If I do a good job stretching it, I may not need to increase it!)
I made two lists. One lists things I’ve done to stretch my salary:
Sort through conflicting financial worries: list them.
Create budget and set it up electronically.
Use electronic bill pay.
Track spending against budget.
Update my budget based on reality and cut spending where needed (and possible).
Use my Credit Union’s Summer Saver Plan to relieve summer work pressures.
Save for annual expenses: property taxes, car insurance, etc.
Save for special expenses: my emergency fund.
Save for gifts and vacations: I found this was one of my budget busters.
Part of stretching is learning balance spending and saving. I needed to learn contentment and practice delayed gratification.
My savings plans include:
401k, IRAs, CDs, and a pension plan.
New Stretching Strategies
Pay down debt to avoid paying interest and to build equity: a 50% bonus!
Get educated re: my pension plan and make adjustments.
Learn the rules of retirement and play smart.
The second list is my list of ways to supplement (or increase) my income:
Summer jobs including working at the OC Fair and teaching Summer School.
Have not done:
Writing, lawn care, pet care, tutoring (Summer activities)
Create and Market Curriculum
Teach a night class
Have not thought of:
I left some blank space above, because I haven’t got that part figured out yet. I’ve done better stretching, so I haven’t been as concerned about supplementing. But I’ve set up my affirmations, and I go with the flow.
I’ve believed for years the adage, “Seek and ye shall find.” Now I’m discovering that affirmations and goal setting helps me find what I’m looking for. Cool.