Changing Income Without Changing Lifestyle

Posted by idawrites on February 8, 2008 in Decisions, Finance, Jobs |

I was contacted by a recruiter friend yesterday. He knows of an opening for my dream job, which I am qualified for, at more than double my current salary. He’s offered to pass on my resume for the position.

More money
Extensive experience in a growing field with too few qualified candidates
Challenging job where I get to learn more and love what I do
Likelihood of a long term career with a HUGE nationwide company

It’s contract work, and the contract ends at the end of the year (but will likely renew).
Our health insurance is through my current employer
The hours will be less flexible than they are now
I lose my accrued vacation time (2 weeks starting at the end of April).

Of course, these are not the only considerations. Currently, I work for a nationwide moving company. We are entering/have entered a recession. The first thing that happens in a recession is that people and companies stop relocating (using professional movers anyway) which makes my current employment extremely precarious. If the economy does not improve, I will not have a job in two months, much less the end of the year.

So, I’m rolling the dice and I’m at least hoping to interview for the new slot. I’ve pulled up my handy dandy budgeting spreadsheet. I have input all of the numbers, and even with the expense of COBRA coverage, changing jobs is hands down the best financial decision.

The real challenge will be in maintaining our current spending habits and lifestyle in the face of a substantial increase in salary.

Right now, when there is extra money in the budget, we don’t talk about saving or getting out of debt. We talk about replacing the carpet, fixing the front steps, rebuilding the back deck, adding a room onto the house, etc. If I do manage to pull a rabbit out of my hat and double my salary, I’m going to have to keep a tight reign on the finances until we’re on steadier footing.

Looks like I’m going to be reading up on how to deal with this situation. I’ll be sure and post any links that are helpful. Does anyone else have suggestions?

1 Comment

  • Alaska Wild says:

    I think I would talk to him and ask him what his long term goals are. Find out if getting out of debt and saving is important. You both have to be on the same page if you want to get anywhere I think.

    Good luck, I hope you get the job.

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