August comes just before the fall
At the end of July now and it is hotter than hot, but soon it will cool down and leaves will start to turn. My wife found out that her summertime job will come to an end in two weeks (8/15) so things could get real tight this month. The last thing we need to do is continue our current spending habits if the income goes down. I hope these schools she has applied to start calling soon so she can secure a spot in time. If she’s not going to be a teacher she has got to find a job doing something, even being a teacher aid again.
When it comes to paying off debt, I am keeping everything current in order for our heads to stay above water. Since her car repair wiped out the EF, that needs to be built back up before I can pile on debt. I haven’t cashed my IRA yet, partly due to fear but at the same time it’s also a safety net too. Our overall debt is going up since the student loans are adding hundreds of dollars in interest each month. Even if the credit card balances go away, the progress is lost in the student loans. We have more debt than I alone can handle.
I’m starting to wonder if I should start considering a higher paying job. While I currently make a decent amount of money, my earning potential out there is probably higher. I’ve hit the three year point and am fully vested in my retirement fund, so I wouldn’t be taking any financial loss to go somewhere else. I think what makes me nervous is that I am comfortable with what I know is stable. All the basics are met with my income alone on a day to day basis, why change that? I’m also not sure where my wife will get a job and was waiting on her to determine where a good pivot point for us would be if we had to relocate.
The charts on the right side of the blog need to be updated, but I haven’t looked at the numbers lately. I will try to update those this week so I’m being honest with everyone. Sorry the latest posts have been so depressing lately, however that’s my current mood as of late.
Hopefully your wife gets a good paying job soon. That just seems like the only reasonable way for you to get out of the student loan debt. You can try finding a better paying job yourself, but that is a hard decision to make. You are already established and comfortable where you are now.
Is the state of the economy affecting your wife’s ability to secure a good job? I know that in California there are a lot of layoffs for teachers, but I’m not sure if that is nationwide.
No the Chicagoland area has teaching jobs available, but there’s more teachers applying for them than jobs available. She’s competing with a lot of other new and current teachers and that makes it tough to secure a spot. She graduated back in December so it’s starting to get close to a year now. I know she has one offer at a school in a bad area which I really don’t want her to have to resort to taking. It will be a huge relief if she does land that great job to get her career moving.
Good luck to you and your wife - both with the job search and the loans. When I make it out of grad school in two years, I’ll have to start paying back my loans too - all $160K+ of them. It’s depressing to think about.
Hey Jim, hang in there! I’m sure your wife will be able to find a job soon but maybe taking the one in the bad neighborhood would be a good way to get some of the student loans forgiven? Job searching can be frustrating I know.
Maybe you can post a budget and let others help you figure out ways to cut back? Just a suggestion. Good luck!
Is it possible for your wife to work in a non-teaching job while she waits for better offers? I think in a previous entry, you mentioned that although it would be tight, you and your wife can get by with your income only and use your wife’s income to attack her student loans. Assuming your wife’s student loan payments are $1,000/month, I’m sure your wife can find some job that will pay $1,000 take home/month. I realize it’s difficult and somewhat demeaning to take a job that is unrelated to one’s degree solely to get by. But tough times calls for tough decisions. Good luck!
Jim,
My wife is also a teacher, the key to employment in teaching is knowing the principals. She needs to talk to other teachers and get contact information, networking is key.
Maybe send emails directly to administrators?
Also, a good resume is key, my wife has a resume, powerpoint presentations (technology is huge in schools) a brochure with her picture and a web page.
Things will work out, just keep a positive outlook and know that she will land a good job.
HS
She’s really into the technology. I know she has talked to some administrative people in districts that she is known in. I know she has a webpage with her stuff and her resume looks good to me. I’m having a hard time finding fault on her part, it’s just a lot of competition out there. We’re trying to stay positive but it’s really difficult when effort doesn’t pay off. Only time will tell.
Do whatever makes you happy. Long term it will be better for the relationship.