I got that job that I interviewed for on October 2nd! There was a lot of internal back and forth before I applied and accepted the position. In the long run, this position is going to greatly benefit me, but there are going to be some short-term financial impacts.
Here’s the run down:
PRO - I’m going from non-Exempt to Exempt status
PRO - I move from an 11am-8pm schedule with Saturday hours to Mon-Fri 8am to 5pm
CON - I lose overtime eligibility
PRO - I gain 2 more weeks of paid vacation
CON - I lose my 10% shift differential for working nights and weekends
PRO - I gain a 7.5% raise in base salary, with another review coming up in the Spring.
PRO - I have a much greater opportunity for advancement from this position, plus I am more attractive to outside companies given the new job title.
This last one was the most important. Currently, I work in a department of 80 people or so. Yearly, maybe 2 or 3 promotions open up a year. The new department has about 15 people and there are several opportunities for advancement in that department as well as several other departments. Also, I now have a much more attractive position to put on my resume. This will give me management and quality experience, which will make me eligible for more experienced positions in the future.
Overall, I am losing overtime and essentially taking a 2.5% pay cut. But given that I just had an annual review that went into effect in September, I am about 3.5% ahead of what I was making 3 months ago.
Since I've been doing so much overtime, I've become pretty lax with some spending catagories, just using overtime to pay for it. Well, that stops NOW.
I need to buckle down with ALL spending. I am going into what I call Super Frugal Mode. That means curbing spending, lowering non-essential expenses, being more rigid with eating out and grocery spending.
It also means looking into alternative ways to get extra income. I am thinking of taking up a second job for the holidays. And I am looking into the possible roommate situation again. I am just so scared of opening my home to a stranger. And I got burned with Craigslist. But I am putting out a LOT of word of mouth through friends and coworkers, hoping that I’ll hear of someone needing a place to stay for a while.
In the end, I am VERY happy with the new position. I think I'll really enjoy it! And I am good at, but bored by my current position. This is also give me more time to work with other aspects of my life, such as losing weight, exercising and being social! This was definately the right decision for me!
New Job Means Being MORE Frugal
October 26th, 2007 at 06:23 pm
October 26th, 2007 at 06:35 pm 1193423737
October 26th, 2007 at 07:40 pm 1193427634
October 26th, 2007 at 09:18 pm 1193433480
October 27th, 2007 at 03:33 am 1193455980
October 28th, 2007 at 01:25 am 1193534712
BTW congrats on the new job position.
cheers
October 28th, 2007 at 08:59 pm 1193605163