Life in Transition

Navigating Personal Finances During Life Transitions

Archive for the month “July, 2012”

Spending Report: June-July 2012

Here is my budget and spending for the month:

Projected Income: $2400             Actual Income: $2448.50

Catagory Budgeted Actual Difference
Rent $0.00 $0.00 $0.00
Tithe $240 $244.65 -$4.65
Taxes $400.00 $294.76 $105.24
Health Insurance $100.00 $99.04 $0.96
Cell Phone $43.00 $43.00 $0.00
Gas $50.00 $8.77 $41.23
Food $310.00 $314.11 -$4.11
Car Insurance $72.00 $72.00 $0.00
Doctor’s Appt $50.00 $100.00 -$50.00
Medication/Contacts $170.00 $224.13 -$54.13
Personal Care $20.00 $28.90 -$8.90
Home Supplies $10.00 $0.00 $10.00
Roth IRA $250.00 $250.00 $0.00
Emergency Fund $75.00 $75.00 $0.00
Tuition Savings $360.00 $268.50 $91.50
Entertainment $130.00 $154.79 -$24.79
Gifts $30.00 $21.75 $8.25
Christmas Savings $50.00 $50.00 $0.00
Misc $10.00 $57.00 -$47.00
Total $2,370 $2,306.40 $63.60

 

This is my first month with no rent! My lease is finally over.  Unfortunately most of the money freed up from rent went towards medical expenses.  I had a minor accident while I was learning how to ride the scooter so I ended up with medical bills.  Even with insurance, co-pays to doctor, physical therapist, and medication added up.  Originally, all the medical expenses budgeted for the month were for my husband’s annual allergist appointment, contacts, and regular prescriptions.  We ended up pushing back the allergist appointment buying contacts to next month.  On a high note, we spent less than $10 on gas this month! We did not have to fill up the tank for our car at all this month since we only drove it about once a week.

 

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Weighing the Offer

I heard back from the financial company I interviewed with and they extended an offer–with a catch.  In my previous post, I had mentioned that while I interviewed for a full time salaried position, I was asked whether I’d be interested in the internship position too, knowing that I would be promoted to a full time position within 1-2 months (with conditions that the company won’t tank and that I don’t completely screw up my job).  So, I ended up with the internship, which begs the question: is it worth taking since it pays less than what I make now? (Note: I haven’t heard back from the biotech job, and they told me I wouldn’t hear back for at least two weeks.  I’ve been in the biotech/university research long enough to know that people change their minds constantly about hiring, so it wouldn’t surprise me if they decided not to hire anyone in the end.  Ideally, the biotech company would tell me what their decision is, so that I can make an better decision).

The first question to tackle is whether I can trust the interviewer’s word.  I have a tendency to distrust what supervisors promises, since I’ve seen so many broken where I work.  So far, everything that people from the financial company is consistant, whether something is said or written in an email.  They’ve given no reason for me to distrust them and they’ve been very clear and open about expectations for me and what I should except out of them.  Still, my natural tendency is to distrust those I don’t know, especially if they will have a strong influence over my quality of life.

The second issue is the family finances.  If everything that my interviewers have said is true, then even with a 1-2 month paycut, I will still make more money in the long run since my salary potential is much higher than if I stay with my current job.  I have a pretty confortable amount of money sitting in my emergency fund, so short term I should be fine.  Also, my husband makes a little bit of money ($450/month pre-taxed) with his RA job that we can use (all of it currently goes into his tuition savings account).  Again, this goes back to trusting the employer keeping his word.  We will have to significantly increase the transportation budget since I will have a 20-30 minute commute everyday.

The next thing I need to consider is my sanity.  Right now, I don’t know how much longer I can handle being at my job.  There are way too many things that makes the work environment toxic and while I do my best to help I feel like I am fighting a losing battle.  The work I do itself isn’t difficult nor stressful.  It’s dealing with some of the people I work with that is frustrating.  I know that there’s no guartentees that my next job won’t be the same way, but at least I can hope for a better environment.

For the most part, I’ve made up my mind to take the position.  If I get an offer from the biotech company while I am still interning, I’ll use that offer as leverage to speed up the promotion process (I explained to them during the interview that I had already interviewed for another position).  If they can’t/won’t, then I feel like I have reasonable cause to take the other job.  What would you guys do in this situation?

The Job Search & Interviews

I’ve been really busy lately studying for my midterm and catching up on all the papers that I have to turn in each week.  On top of that, I’ve been recovering from a minor scooter accident (I’m going to let my husband drive it from now on).  But, there is some good things happening during this season of busyness:  I had two interviews!

I’ve been looking for a new job for quite some time.  The work environment where I am is pretty toxic.  There’s a lot of distrust between my boss and the employees in general.  There’s a lot of backstabbing and drama between the employees. On top of that, money is constantly being mismanaged.

The two interviews are for extremely different jobs.  The first one I interviewed for is in the financial sector.  If I get the job, I would be working with investment portfolios.  It’s an entry level job, but there is a lot of potential for advancement in the company.  During the second interview with this company, I learned that everyone who interviewed for the internship position wasn’t available to work in the specific time slot that they are needed.  So, they asked me if I would be interested in the intern position if it led to a full-time job.  I went ahead and said yes, even though I would get paid $2/hr less than I do now and have no benefits.

The second interview is with another small biotech company.  The way it’s set up is like the one I work at now, but it actually has a product out and has a source of revenue.  I learned about the company through one of my really good college friends, whose mom and dad both work for the company.  For this job, I would be working in a clinical lab 70% of the time and doing administrative work about 30% of the time.

I am not exactly sure how the interviews went.  I always try to prepare answers to common questions, but there always seem to be one that I’m completely unprepared for.  At this point, I am trying not to over analyze everything and just hope for the best.

What the Obmamacare Supreme Court Ruling Means For Me

Note: This is not a post to debate whether the health care law is good or bad, or how to best fix our health care system.  I’m not interested in a political discussion. Also, I am by no means an expert on the law.

As most of you have probably heard, President Obama’s signature legistation was upheld 5-4 by the Supreme Court last week.  Barring any repeal, the law seems set in stone.  The law overhauls many aspects of the US healthcare system, but what does it mean for my pocketbook?

Right now, my employer covers half of my health insurance premium, so the new law does not change anything for me dramatically.  I think the biggest change would be higher premiums, since the law doesn’t allow too much of a premium differential between age groups (I was hoping that the gender gap in premiums too, but it doesn’t look like that was even discussed).  I’ve already seen my premiums increase 7% this year.

The biggest benefit of the act for us is the provision that allows people to remain on their parents’ health insurance plan until they are 26 years old, regardless of their marital status and whether they are a student or not.  Before the Affordable Health Care Act passed, in order for someone to stay on their parent’s plan, usually the person had to be a student and single.  Without this, we would have to purchase an individual plan for my husband, which would be expensive (my company doesn’t cover spouses).  Instead, my husband is able to remain on his parent’s plan, which is cheaper since they have a large group policy with his father’s company.  And as a bonus, his parents offered to continue to pay my husband’s premium as a way to help him through school. 

How does the the Affordable Healthcare Act affect your finances?

 

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