Part 2: Level the Playing Field

Here I was, in Survival Mode as a single parent, treading water like one of those kids in floaties. I was just able to pay my bills, put food on the table, and fill the tank with gas. As much as I appreciated being able to manage these financial responsibilities, I wanted to grow past this phase, to move from the discomfort of financial thin ice, and open up opportunities for my little family. Living in a way other than paycheck to paycheck was still far from reach. 

It was time to see what cards I could play to increase my income.

I wanted to find ways to bring in more cash during my regular working hours. I had decided, for me, it was more important to be available to my teeny family whenever I could be, than to bring in a few extra bucks but have a babysitter spend the precious time with them instead. This was an option I wasn’t willing to sacrifice yet, unless I had exhausted all other options. 

Working in the field of education is rewarding, and full of unexpected “did that just really happen?!” moments that keep me on my toes. Another characteristic of working in education is that salary increases are minimal, and once a year… sometimes. As much as these salary step increases are appreciated, I didn’t want to wait around and depend on them.  The quickest step out of Survival Mode was to take advantage of small opportunities within the position I already had. I began subbing during my prep, and taking on more department responsibilities. This did improve my monthly income, but the impact wasn’t enough to elevate me out of this pins and needles paycheck to paycheck cycle. 

I would need to make a bigger change, moving away from the safety net of tenure. I took a leap of faith on my abilities, and applied to a site that had always felt intimidating. I knew I was qualified, and I knew I could handle it. The professional growth opportunity and increase in salary with the new position would outweigh the discomfort of starting over, far outside of my comfort zone. Together with my toddler (why are they always covered in something sticky and then roll in dust?) and my pup Henry by my side (my first “kid,” and wise beyond his years), we set off to the wild west of probationary teaching.

Starting over… AGAIN. 

Taking this risk, I had much to lose, but more to gain. I treaded lightly that first year, overworking and staying off the radar as much as possible. In my previous job, I always had the safety net of my seniority; this time, I would be the first to go at the whim of any administrator at my site. The pressure of the “newbie” expectations at my job were high, and I was wrangling the learning curve with every ounce of competence I had. Just figuring out where the copy room was felt like navigating a human sized cornfield maze. Except take away the cornfield and sunshine, then add buildings covered in gum. The feedback at work was positive, yet I had a voice of concern in the back of my head:

You have to get this right. There is no backup option.

I needed a plan to apply every new penny in a way that helped me get past this high stakes work mentality. 

I wish I could say my first paycheck blew my previous paycheck out of the water. It didn’t. It was, however, more than I had become accustomed to. Keeping my Survival Mode money-saving habits, I was able to make sure every dollar had a purpose to improve my security. I wasn’t going to endure a new, stressful job, then spend the new paycheck on anything other than setting up a stronger financial foundation.

Up until this time, I had a basic checking account, savings account, and credit card. This has gotten the job done, but I wanted to arrange my money in a more purposeful way. I needed to prepare for obligations ahead of time, so as not to get a big hit one month that throws off all my other expenses. I found an online bank with a decent APR, and opened up an account. What drew me to this online bank was that I could organize my savings by buckets. I could intentionally save an “Emergency Fund”, have a separate fund for “Car Maintenance”, and lastly, prepare for the never ending “Home Repairs” costs. When I put $100 in each of these categories with my new paycheck, I felt a huge sigh of relief. I was on my way to creating a cushion, a safety net.

My financial standing would not change overnight, yet I felt the benefit of saving money in these categories immediately. If there was something to fix with my car, it came from the “Car Maintenance” bucket, not my grocery money for that month. Over time, I cringed less at each birthday invitation, new shoes to buy, or doctor visit that came up that may have incurred a small cost.

The positive feedback cycle of this new bucket saving habit was instantly gratifying. I didn’t have to hold my breath anymore.

Can you relate to this? Each one of us works so hard, and sacrifices too much of our time at work, to have to also endure the stress of being on financial thin ice, or being at the mercy of the “last in, first out” hierarchy of so many jobs. This territory has a huge impact on everyday decisions and responsibilities.  Venting the pressure by preparing for what you can, no matter how big or small you can contribute, will eventually put you in the position to make decisions on your own terms. Every one of us can benefit from this, no matter where we are starting.

As for me? I spent almost two years in this stage, preparing buckets for my biggest money sinkholes, financially leveling the playing field for myself. All this was happening while proving myself at work, and savoring as much time as I could at home with my kid. As I became more comfortable in this phase, I started wondering what else I could do to improve my finances and opportunities. After all, my young little toddler was growing up, morphing from a hungry bottomless pit into a hungrier, more talkative bottomless pit.