Hello Ladies and Gents!

[jikki]

I have a question and need some really sound advice from you all. I am currently working full-time, but plan on working part time by the next 1-2 years. I am going to ofcourse pay off my credit card debt, car loan, and save during this time in preparation for this change. I will still have my student loan, mortgage, and other bills to pay though. I live a pretty decent lifestyle and I am not a big spender at all. I consider myself cheap to not cheap enough, lol. My question to you all is how much should I save before going part-time? What types of accounts should I save money in? Thanks for the advice and I look forward to communicating more on this site.

[sweeps]

You should save $14,350.

[safari]

You should save $14,350.

Best post of the day

[maat55]

I was going to say 14,752. But if the poster doesn't get the biggy fries they can save the difference.

[jikki]

Why such odd amounts and why did sweeps give the best post of the day?

[safari]

Why such odd amounts and why did sweeps give the best post of the day?

Only sweeps knows the formula to calculate how much money one should save before going part-time. He wouldn't share it with anyone on this forum, so you were lucky he calculated that amount for you.

[jikki]

Only sweeps knows the formula to calculate how much money one should save before going part-time. He wouldn't share it with anyone on this forum, so you were lucky he calculated that amount for you.

Oh, okay. Thanks

[Joan.of.the.Arch]

Jikki, the problem is no one here can know what your needs are. Of course you should save enough money to cover your needs which are not covered by working full time. But have you already saved enough money to cover a period of total unemployment or temporary inability to work even parttime? You might want to do that, too. I mean you could still have a break in your ability to work even when it is only part time, but your expenses might not go down much. Some people try to have on hand enough money to cover 6 months worth of no earnings.

After your period of part time employment, do you plan to return to full time work? If so, will there be expenses connected to finding full time work?--Transportation, ink cartridges, paper, interview clothes, new wardrobe, envelopes, postage, subscriptions to journals with your job ads, renewal of licenses, etc? If so, you might need to save for those things, too.

Do you need the security to be able to travel at a moment's notice to attend family events or tend to family emergencies? Yes? Save for that.

Is your reason for going part time something that could actually cost you more money than your present needs? --Going back to school, having a baby, climbing Mt Everest, oil painting 6 X 8 foot canvasses with ermine and mahogany paintbrushes? Save for all that.

There are a zillion factors that determine what your needs are and how they might be different during your period of part time employment. We here can't know those factors. But you will need to think of them and figure how much money they will cost, Then save up accordingly.

[aida2003]

Only sweeps knows the formula to calculate how much money one should save before going part-time. He wouldn't share it with anyone on this forum, so you were lucky he calculated that amount for you.

Jikki, it's you and only you will know how much to save when/if you look at your own expenses, current savings, your plans for the future, etc. It also depends where you live, etc. One might need to save an X amount of money in LA, SF, and NYC, but it would greatly differ if you lived in South like TX, AL, or somewhere in SD.

Just my 2 cents.