This shop has been compensated by Collective Bias, Inc. and its advertiser. All opinions are mine alone. #IAmProtective #CollectiveBias
I am about to embark on a huge adventure: Ive turned in my notice at my safe job. After a career in marketing and working for a marketing agency for the past five years while running Spaceships and Laser Beams, this blog will now be it for me. The official announcement was made on Monday to my co-workers. I am both excited and nervous. Thankfully, I have three months left at the agency so I have some time to adjust to the idea now that its official. It also gives me time to make sure my financial plan is solid and sort out details like life insurance.
Ever since Mike and I first married, financial stability was important to both of us. We have been willing to make short term sacrifices to make our long term goals possible. They include paying off our house by the time Mike retires in 14 years, funding Sams higher education in full, being debt free and being able to travel. Some of the ways weve made this possible:
1. Think outside the box when it comes to earning money. A traditional 9 to 5 job isnt always the best solution. Freelance or consulting work as I have done for the past five years can be a great source of additional income, especially when youre trying to build your dream.
2. Live on less than you make. This seems to be a no brainer but when you adopt this as your lifestyle, it makes it easier to turn down things that might seem tempting. Mike rides his bike to work so Sam can go to a really good school and we wont feel overextended. We live in a house that is plenty big for the three of us but its far from being the biggest in our neighborhood.
3. Make your savings account a priority. Deposit into it each time youre paid. We have a set percentage of each paycheck that gets deposited into our savings AUTOMATICALLY every two weeks. Each year, we up that amount by 10%.
4. Plan for your future with a life insurance policy. When we were younger, this seemed silly. But once Sam arrived, I wanted to make sure that we were both covered if anything should happen to either or both of us so that Sam would be provided for.
5. Update your budget regularly. While I take care of all the finances, we discuss big purchases together before buying. I have a list of what we really need mostly things for our house and we tackle it each month to see how much so that we are not shopping on a whim.
An added bonus to being savvy with our money: Sam sees it. Hes growing up in a household where being wise with your money so you can do what you truly love is a way of life. Now that hes five, hell soon start earning a small allowance for jobs around the house. I love that he can learn these important lessons now so that when he is grown and on his own, he can also experience financial stability and success.
While preparing for my big leap of blogging full time, Im researching all our options to have our ducks in a row. Im checking out the Financial Checklist for 30-Somethings from Protective Life. I love being able to research options online at my leisure.