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11/17/2014

Feeling Blessed by New Opportunities

When I began Project Money in June, my coach Adam encouraged me to think about ways to increase my income.  While I was open to having rummage sales or selling some of my extraneous items collecting dust in my basement, I was adamant that I did not want to take on a second job.  In the fall, my work schedule increases and I have two classes to teach.  I had two major reason for this: first, I didn't want to over-extend my time and commitments.  Second, I didn't want to get used to an increased income.  I believe we learn to live into our income, so I didn't want to get used to a temporary increase and then struggle when my income went back to its normal level. 

That being said, two weeks ago, I was asked to tutor a few nights a week at a local boarding school; despite my adamancy about a second job, I decided this opportunity was too good to pass up.  Not only will I be able to work with students in a different capacity than I do on a day-to-day basis, but I get to dust off my math skills (I was a math major in college).  This opportunity will bring a substantial increase to my weekly income, so I immediately began pondering how I will handle this change in finances. 

 The pondering was relatively short lived, since the decision was relatively easy: I've decided to save 100% of it.  My goal is to be able to max out my Roth-IRA contributions for 2014.  I also don't want to succumb to temptation and spend any of it or change my budget.   I've been doing really well with my current budget and I want to continue with this pattern of saving and debt-elimination.  This new opportunity just allows me to save even more!

Comments

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Congrats Katie! I hope you enjoy your tutoring job. What is important is to make sure it isn't too much on top of the rest of our responsibilities, right?

Congratulations, Katie! A second job is a great way to increase your savings and/or max your Roth contributions for this year.

Yes, you're right, Andrea. For the time being, it's working out well. The time sacrifice is worth it given the financial rewards.

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