Give Me Back My Five Bucks a quest for financial independence
Life has been pretty hectic over the last few weeks, and a lot of changes have taken place. I wanted to go back to working 70 hours/week like I was doing prior to moving to Europe… but once I got back, I realized that lifestyle isn’t really going to work for me anymore. While I don’t regret that crazy work schedule (and it was actually a lot of fun!), there’s so much more that I want to do with my time.
One of my goals for 2013 was to cut down my workload down to (hopefully) 50-55 hours/week. I spend 40 hours/week at the full-time job, which leaves 10-15 hours/week for freelancing. I think this is a good balance for me, and I can always tweak it down the road if I find it’s not what I need.
In order to achieve this work-life balance, one of the first things I did was to step down from my position with the Toronto Star’s Moneyville.ca. It was a really, really tough decision because I’m one of the original bloggers that my editor hired. I’ve been writing for Moneyville for 2.5 years, and I’ve learned so much in that time. But I just can’t conduct interviews and follow-up with stories/leads during the day when I’m at work. It’s sad, but I’ve made some terrific industry contacts, and I’m still going to be writing for the Toronto Star on occasion.
I’m not sure how that will affect my 2013 income goal of $85-90k, but I’m still going to try as hard as I can to get there. I’ll need to make between $1,500 and $1,600 each month in freelance income in order to hit that target. So far this month, I’ve pulled in just under $2,000 – so it’s possible as long as I keep on top of everything.
As for the full-time job, it’s been great so far. Although it feels weird to be a decision-maker (and a boss), I’m really enjoying the challenge. The people I’m working with are nice, and I think this is a great next step in my career. I was really nervous about being able to handle such a crazy position, but it turns out all of the experience I’ve had in past jobs has really prepared me for this one. Plus, it looks like down the road there could be some major international travel involved. So fingers crossed. :)
Anyway, with the extra time I had on my hands over the weekend, I was able to accomplish a few things to get my finances back on track:
- Increased my mortgage contributions back to accelerated bi-weekly payments with an additional 20%.
- Created a spreadsheet to track my 2013 income.
- Submitted paperwork to turn my TFSA with TD Canada Trust into an e-series mutual fund account.
- Started sorting through my 2012 receipts (this is going to be a long process).
- Started looking for an accountant.
Sorry to see you leaving Moneyville, Krystal. I definitely understand the reasons for your decision and the difficulties that come with having a full time job while trying to conduct interviews and follow up on stories. It’s tough.
Best of luck with the rest of your goals this year!
Hi Krystal,
I’ve been following your blog for a few months now. Just wanted to tell you that I love all of your advice and inspiration. Good luck with your goals for 2013. Re: Moneyville, I guess sometimes we all have to make tough decisions. You’re very smart and know what’s best for you…Keep up the good work!
A friend from Boston,
Chicuelagirl
I’m proud of you for making a change that’s going to work better for you! Finding a balance isn’t always easy, especially when it comes to making big decisions. But I have no doubt you’ll still meet your freelance goals this year, even without your position at Moneyville.
I completely understand where you are coming home. I am a student, work part-time, and still working on personal goals (ex. writing a book). I was lucky that my middle school taught us how to manage our time. It doesn’t always work out but at least I know how to get my life back on track. Funny enough, I am working on it right now. The procrastination bug hit me last week and I am paying for it right now.
I hope everything works out for you.
I’ve been working on this a lot lately too. I’ve reduced my sports commitments down from 2 nights/week to 1 and I’ve also been trying to spend less time playing with spreadsheets and more time doing other projects. I’ve actually been reading a book and printing digital photos and putting them into photo albums!
Congratulations on increasing your mortgage contributions back to accelerated bi-weekly payments. Are you sure that you will be paid biweekly at your job? If not, that could cause some havoc on the months where 3 payments will come out. Is your boyfriend contributing to your mortgage payments or paying you rent?
Did I miss your January 2013 Goals post?
Yes I’ll be paid bi-weekly, and even if I weren’t, my cash flow is still strong enough so that bi-weekly payments wouldn’t be a problem – even with the 3 payments/month. No, my boyfriend is not contributing to the mortgage or paying rent. It was a deal that we had made before moving to Germany. He would pay the majority of the rent while we lived abroad, and in exchange he could live rent-free with me while he finishes his masters.
I wrote my January 2013 goals before my December recap, so maybe you might have missed it. :) Here’s the link:
http://www.givemebackmyfivebucks.com/2013/01/02/january-2013-goals/
Ah, thanks for the link! That sounds like a good rent sharing arrangement :)
Fascinating living situation.
Can you please do a post on this arrangement?? My boyfriend and I live together (and plan on buying a house soon, with 30% down, YAY!) but we have friends in similar situations (one owns house, other lives in it rent free).
I’m curious to see how this works and what you two are doing to protect yourselves should a break-up occur (hey, it happens sometimes). I’d like to show my friends such a post to help them protect themselves.
Did you do anything prior to protect yourself, or did you boyfriend do anything to protect himself?? What happens if he wants to move out or you want him to move out? How is his stuff insured under your house insurance? Did you have him sign a lease? Sorry for all the questions, just curious.
I love my accountant, John, but he is in the wrong part of the country for you. The best part of having an accoutant is that I can call or email him before I make a financial decision and he can give me his opinion on how it will affect my taxes at the end of the year.
He has had the same fake wood panelling (think 70s rec room) in his offices for over 20 years and has no intention of updating because the panelling is in good shape and it is easy to clean. He doesn’t waste his money and he doesn’t want me to waste mine.
Good luck on your accountant hunt and don’t be afraid to fire them if they aren’t wonderful.
Krystal, I’m really disappointed to hear you’re stepping down from your position at Moneyville. I really enjoyed reading your articles. Best of luck in your new career!
I’m sorry to see you go from Moneyville, but if its tough to do with a FT job. I’ll miss the stories, but I’m certain you wont miss all the nasty comments. Glad you’re doing well, and I’m certain you’ll reach your $90k goal by year end.
I’m sorry to hear you leaving Moneyville but you got to do what you got to do. It does seem like you’re stretching yourself thin with a FT job and all your freelance gigs. Despite this, I’m confident you’ll brilliantly reach your target. :)
Time management is important. Whenever I do my To-do list, I usually categorize the tasks into any of these four: Important and Urgent, Urgent but not Important, Important but not Urgent and Not Urgent/Not Important. In this manner I would know which task should go first.
You juggled alot of obligations/priorties in the last 2 years, its def. possible to do but only to a point… There comes a time when something that you are juggling has to drop- so its much better that you made that decision cia your own control/voluntarily rather than being unable to do the work effectively and possible being removed from the role by your superiors so this way you can still maintain a good name for yourself and your work experience there. I totally think you made a good responsible call on this, as another poster put it- you did appear to be stretching yourself rather thin. Also embarking on this relationship which is now becoming much more stable and serious being that he’s moved in with you, deserves more of your time, otherwise without ‘feeding’ this relationship it will be weak and could break.
I think partners have to make sacrifices for one another sometimes and your arrangement with him shows your care and are concered for his development and future which may well end up being a part of your future. So truly i think thos year is shaping up to be a great one for you in term of really enjoying a satisfying life wholistically. Money is good but it has it’s place in the grand scheme of things. Im inspired :-)