January 13, 2010 14 Comments
Those of you who subscribe to me via an RSS reader saw my post on PART of what happened. Actually, what I talked about in that post was what happened on Friday. On Monday shit really hit the fan. However, I’m going to refrain from talking about it here. Period. Suffice to say, it is surprising that today I actually had a really great day at work.
While I’m not in danger of losing my job in the next 3-4 months, or potentially even longer than that. I feel this uncertainty within me that I’m not sure what is going to happen in July when my funding will be half up. It isn’t unreasonable to break it at this point, to be perfectly honest. Though my boss and I both had intentions of using the entire time on the funding. However, circumstances have changed – for both of us. I’m no longer sure how much longer I want to be working here and I’m pretty sure that if I didn’t have an outside funding source I would be on a much more severe probation than I’m on.
All of this to say, I’m starting to rethink my strategy and goals for the next few months.
I still want to be credit card debt free by December 31st, 2010. However, I have to weigh this against my happiness and my general life well-being.
I’m debating for the next 6 months, paying $500/month of my credit card (rather than the $1,512 I was planning on paying) and instead put that extra $1,000/month into my E-fund. Essentially, I’d be bulking up my savings in case I need to be unemployed for a period of time or need to relocate for a new job. If things seem fine in June/July region, I can then take that extra money and put a large lump sum payment on the credit card. I’ll be able to save up probably around $5-6,000 into an E-fund. Which would subside me for a few months of job searching and living expenses (especially when combined with potential Tutor.com money, community college teaching, ect).
The other option is to continue paying off the card at my current rate and just live off the credit card if situations become dire. I don’t like this option as much – as I’m afraid if my CC balance goes up again I’ll never have the motivation to bring it back down again, but if I don’t end up leaving then I’ll save money on interest because I’ll still be diligent at paying off the balance.
I have to clarify that, there is a 80% chance that this will blow over and I’ll finish out my post here with flying colors. However, that isn’t a certainty. I’m just not sure what the correct financial move is to make here without costing myself too much money and without knowing the future.
I’d really, really, really appreciate your opinions on the two options. (Or any other options you might have for me!)
What made me happy today: A very kind DM on Twitter from eemusings. Thanks!