Tuesday, August 26, 2008

My hours were cut...

Today my boss asked that I lower my working hours by 20 hours a month. It appears our small lawfirm is getting hit with the economic woes, and work has been significantly slower. This equates to about a $400.00 net decrease from my income. That is pretty significant.

What do I need to cut from my budget to make up for this loss? Where will I find an extra $400.00 from my already skyrocketing expenses?

I found this article on Frugal Living from Bankrate.com. It listed 5 big bills you can slash immediately...

5 areas to slash your bills

1.Energy and gas savings
2.Food and groceries
3.Banking and credit
5.Car insurance

Well, without getting into specifics, most of these items I already do. i.e. drive slower to save gas, change lightbulbs, save energy, higher deductibles for car insurance, etc. etc.

I think that what we can do, and I've said it before, is to just save, save and then save some more. I've pretty much depleted my savings from various expenses that I incurred over the past months, so I will have to concentrate on rebuilding. But this hour cut will set me back. Something will have to go...OR, I look for another part time job to make up for it.

We'll see, but this doesn't seem to be the end. I think we are in for harder economic times ahead.


CT Mom said...

Ouch - so sorry to hear that. $400 is significant (is that before or after taxes?).

Hopefully the family will pitch in and help you with trying to save. I think it's harder when you try to carry the whole burden yourself.

You might like my back to school savings plan - I just put a new post up.

Hang in there!

Sharon said...

$400 AFTER taxes. Long story, but my hours are the least of my boss' money problems...so hopefully it won't be my whole salary at some point..

Anonymous said...

yikes. i definitely think looking for a second job (or even another job) is in order... not all law firms are feeling the pinch... craigslist is a great place to find alternative income options...

Grace. said...

Ah, Sharon. I do feel your pain. $400 is a lot in an already tight budget--I know, because in May, my youngest child's adoption subsidy of $485 ended when she turned 18. Obviously I knew that hit was coming, but even so, I really miss the money--it made the difference between "am I really going to make it this month without incurring more debt?" and "Gee, I wish I had even more left over to put on my debt." Painful, indeed! I'll keep my fingers crossed for you--though I have to say, that makes it hard to type this!

Anonymous said...

So sorry!

I have found that it has been much easier than I thought to significantly cut the grocery bill, I cut mine by 75% but a friend of mine with several kids used my tips and cut hers by about 30%.

Hopefully some positive will come with less hours, time with family, more relaxation etc.


RTC said...

I'm so sorry, Sharon. I think you are right about harder economic times.

Anonymous said...

Hi Sharon.

We all feel the grunt of the economic hardship. I am a lawyer in South Africa and we experience the same. BUT

Life and death are in the power of the tongue. So choose life.

I’ve checked my bible. I’ve looked everywhere. I don’t see a clause were God states” I will provide, but boy, I don’t know about 2008, Inflation and bad markets will be above My provision”

Yes, we have to work wise with our finances, and God will give us wisdom if we ask. We just have to declare, operate wise and before we see, the hardship would be gone.

Canadian Saver said...

Sharon, I'm really sorry to hear about the cut hours. Maybe with more time at home you'll find very creative ways to save that $400 you aren't getting... I know you can figure something out!!

Good luck!

Dedicated said...

Hi Sharon, What about calling or going to smaller local legal offices. Maybe they need a couple hours here and there. Not only would it help with this situation, but the networking could save you plenty in the long run.

Good Luck!

Or how about placing an ad in various places to - write leases and other basic documents for a fee.