Advice appreciated! Employment question...

[Sadie]

Hi All!

I hope that this is the proper forum in which to post this. I have been working very, very hard to get my budget in line and to save as much as possible. I am a single mom to a great six year old boy, and I have managed to finish college and last November I bought my first house. Things are going pretty good. But, something has come up that I just can't seem to make a decision on. I thought that I would ask all of you for some help in making this decision.

Right now, as it stands, I have a good-paying job. The problems with this job are many. First, I am incredibly unfulfilled (okay, bored) almost all of the time. Second, the job is funded annually and my contract is up at the end of October...right now we see no reason why it shouldn't get extended but oddly enough the funding for next year has not come through yet and we have no idea when or if it will come through. Combine this with the fact that our director is not the most competent man and it all makes for a pretty unstable situation. Today I found out that I am the number one candidate for a job that I recently interviewed for, and pending a background check, they will be offering me the position. This position is in my field of study from college, and it will be a tremendous opportunity, professionally speaking. It would be interesting and challenging. The problem is that the job is only 30 hours per week. I talked to the head of the hiring committee and he assured me that I could work more than 30 hours per week and write down my time, and he also offered to help me find other projects to help get me hours, but I am still worried. The pay is, as listed, 2.00 per hour less than I currently make, but I am sure that I could negotiate that higher. I am trying to weigh the pros and cons of this and decide whether to take the job or not. My son recently entered public school and so I will be saving $500.00 a month in school/childcare costs, and I was hoping to channel that money toward savings and bills. If I take the new job, I won't be able to do that. But, if I stay at my current job, I will have money but I will be unhappy and there is no guarantee that the funding will come through. I would hate to pass up this opportunity and then have my contract expire with no job. Ugh! I also have a small business that I have been running for the past 5 years...it is growing slowly but surely, and I do make money doing it, but I try not to figure that income into my monthly budget in case I do not make a consistent amount.

I guess the question is...in this particular case, which is more important, my budget and saving money, or taking a position that will help me professionally? I would so much appreciate the help. Currently I am taking home about $3500.00 per month, and with the new job I will be taking home about 2300.00. My mortgage payment alone is 1200.00. Help!

[sweeps]

IMHO If this new job will make you happy and feel fulfilled, that is much more important than making a few extra dollars.

Based on how you've asked your question, I'm guessing you feel the same way.

[Sadie]

Thanks Sweepsplayer.

I do feel inclined to take the new job. BUT, and this is a huge but, I absolutely hate worrying about money. I worry incessantly that I won't be able to pay the bills, and this downsizing wouldn't help. I don't like feeling bored all day long, though. My schedule is pretty free and I can come and go as I please, provided I finish my work...at first this was GREAT, but the novelty wears off pretty fast. I want to be challenged and feel gratified, but I don't want to stress out. I guess the best thing to do is wait for the formal offer, see if I can negotiate a higher wage, and then either try and get more hours as they said that I can and perhaps take a second part-time job, or take the opportunity to grow my business. I just wish that this was a cut and dry decision.

[lrjohnson]

If I could work 30 hours instead of 40 hours a week, I'd take a 25% pay cut myself lickety-split. I think a 30 hour week can make life more fulfilling, in that you have less stress and more you time. Also, that extra 10 hours a week can be used to do money saving activities. Those activities may even be fun ones: making gifts, baking with your child, picking berries and making jam. You may be able to cook more from scratch. If you can do the hours in 4 days that's one less day commuting (one less day fancy work clothes, one less any other work daily costs). Extra hours can also be spent on your own business.

I'd back the 30 hour week even before looking at the pros and cons of the actual work! So if the new job is better that's just whipped cream on a tasty sundae.

If I were you I would do some number crunching, and do what I could to take the new job. I am hoping you are in a debt free position starting out (excepting mortgage and maybe school loans).

(Is there someone at the new place you could talk to, to make sure that the new job is what you think it its? Someone who will give you the real scoop as to the environment and duties? And an indication if 30 hours is 30 or 35?)

[Sadie]

Thanks for the reply!

I'm not in a totally debt free position, I'm afraid. I have no student loans, but I have a car payment and some various other debt. I'm working very hard to pay it off.

I agree that working 30 hours a week could be great! They did tell me that the schedule is very flexible...I could work Monday through Thursday and take Friday off. Or, as I mentioned earlier, the supervisor will work to help me find an extra 10 hours a week if I need it.

I guess that I could use that extra time for money saving things. I just tend to worry.

I will spend some time doing some number crunching and see what I can come up with.

[greedy4chips]

If my math is right, you will be making only $700 less/month when you figure in the daycare savings. If you can just find a few hrs per week you will make that up quick at the new job.

1 part time job can help make you a portion of the $700. I know someone who does drop in daycare 1 day a week. In that one day she can make up to $250, charging $5.00 per hr per kid. She lives near a shopping mall and word of mouth keeps her busy!

I think you should take the new job. If you really like your job and do it well, they will find you a 40 hr position or a promotion with a pay raise.

A young couple in town told us a story one time at their new house warming party. After college they both worked and were married soon after school ended. With nothing tying them down they decided to let work take them wherever. He worked as a salesman and after being dissatisfied that he could not get a pay raise (non commission job) he decided to go elsewhere. When the 1st company found out they offered him a very nice pay raise. Well he let them battle it out and eventually went to the 2nd company for over twice his original pay from company 1.

Meanwhile she began to work for a bank even though she had a degree and wanted to do pharmaceutical sales. She actually liked the work and offered to relocate to any new branch opening as long as she was given a pay raise or a promotion. When she decided to quit 4 years later she was head of business loans for 5 local branches and making 60k/yr.

Wait, it gets worse! They found a house they loved and made an unbelievably lowball offer. The house was 3600 sq ft and was just being finished and listed at $309k. After sitting on the house for almost a yr, the builder called him up and asked if he was still interested in buying the house at his original offer. Scott counter-offered and asked for a couple smaller things and bought the house for $251k. That was almost 6 yrs ago. The smaller house next door is listed at $395k.

They make me sick...lol

Moral of the story...do what makes you happy and all will fall in place! And if not, please do not blame me.

[lrjohnson]

Think of your total payments to debt currently. Think of when you'll pay them off. Realize that once that happens all that money, every month, will be yours! So some short term belt-tightening may be able to be short term. (Though I still advocate living below your means, so if you "free up" $300 a month that was going to debt, I'd advocate saving at least half of it.)

Is a debt-free state soon?

[Joan.of.the.Arch]

Here is another vote that you go for the new job. Jobs that depend on outside funding year after year can cause a lot of anxiety each and every year. I also agree with the reasons others have given.

[Sadie]

Well, debt-free is not soon, but I am working hard towards that goal. I should have one of my debts paid off this week, another paid in November, and then a huge chunk of another with my tax return early next year. After that, I should be fine. I think. It's just that in the past, just when I'm doing what I consider to be "fine", something happens that requires money. Like last October, when I totalled my car. Thank goodness that my son and I were okay, but after that realization set in, I had to think of the finances. Maybe this time nothing will come up (knock on wood).

[Sadie]

Thanks, Joan.of.the.Arch....I am leaning towards the new job. I think in my heart I already want it, but I really like everyone's input. Thank you so much to all of you!

[tgavin71]

Go for it. You've worked hard to get through college. Cross fingers that you are officially offered the position.

[meaghanchan]

I'm sorry to be a voice of dissent here. I'm all for doing what makes you happy, but I think you need more assurance from company #2 that they will either make more hours for you to work or that your per-hour salary will be higher. With your take-home pay at $2300 and your mortgage at $1200, your mortgage will be over half your take-home pay. It would be very tough to make it in that situation, I think, let alone pay off debt or start saving for the future.

If you can get a part-time job that'll make up a large part of the difference, then things change- and that might be worth considering for a short time.

[boefixepa]

My vote, for reason already mentioned by others, take the new job....!

[Fern]

Originally Posted by lrjohnson

If I could work 30 hours instead of 40 hours a week, I'd take a 25% pay cut myself lickety-split. I think a 30 hour week can make life more fulfilling, in that you have less stress and more you time. Also, that extra 10 hours a week can be used to do money saving activities. Those activities may even be fun ones: making gifts, baking with your child, picking berries and making jam. You may be able to cook more from scratch. If you can do the hours in 4 days that's one less day commuting (one less day fancy work clothes, one less any other work daily costs). Extra hours can also be spent on your own business.

I'd back the 30 hour week even before looking at the pros and cons of the actual work! So if the new job is better that's just whipped cream on a tasty sundae.

My sentiments exactly.

[Ima saver]

Boy, this is a tough one, it is obvious you want the new job, so I would say, go for it!

[rickatheslicka]

My vote - take the job offer!

Happiness and fulfillment are worth every penny! And more free time? Many would PAY to have more free time!

I know someone who was once offered a much better, but more challenging and less financially stable (at least at first) job, she opted to stay at the "safe" job. She was fired 5 months later, and has had to work pretty crappy jobs ever sense.

Regret is far worse than failure - do you really want to be wondering "what if" for the rest of your life - take this chance!!!

Good luck!

[Broken Arrow]

Originally Posted by rickatheslicka

Regret is far worse than failure

That's an excellent line.

I say go for it!

[lrjohnson]

Originally Posted by Sadie

Well, debt-free is not soon, but I am working hard towards that goal. I should have one of my debts paid off this week, another paid in November, and then a huge chunk of another with my tax return early next year. After that, I should be fine.

Assuming you file taxes early, to me close to debt-free in February is very soon, actually. Take the amount you currently spend on debt. If you have that every month, for an emergency fund (so you don't have to knock on wood), and regular expenses, and savings, that might be the cushion you need. That would mean just six months of potentially hardcore penny-pinching. I'd eat oatmeal for breakfast for 6 months and not go out to eat in order to have a job I loved and a lot of free time.

[Saving in So Cal]

It's sounds like you are thinking about all the right things. I've switched careers a couple of times in my life. Each time, my first job in the new career paid less than my last job in the old career. However, each new career had a higher earning potential than my old career, so I quickly made up lost ground and ended up better of in the long run. If the switch your contemplating will do that for you, then that is one point in its favor.

Also, is this new job the only prospect of its kind on the horizon. In other words, is the new field hard to break into or do openings arise infrequently? If so, then that is another point in its favor.

[Sadie]

Thank you soooooo much to all of you that replied to me! I haven't been back for a bit because things have been so busy around here.

Well, I have taken all the advice into account, and weighed every pro and con. I got the call just this morning with the official offer, and I decided to take it. I think that I will LOVE the flexibility, and the best part is that not only did they agree to pay me what I make right now for working LESS, but they are working on a 10% increase so that I will stay for a long time! I am ecstatic, to say the least.

I do realize that just because I make more hourly doesn't necessarily translate into more money in each paycheck, since the job is technically a 3/4 time job...but I have been assured that I absolutely can work 40 hours a week if I so choose, and my new boss-to-be said that he would line up as much extra stuff as I want. So, onward and upward!

Thanks again to all of you...I really appreciate your well-thought out advice.

Sadie