Career Transition? Consider both Financial Planning Goals and Lifestyle Adjustments

Apr 20 • Career Planning, Financial Planning, Life Planning • 1813 Views • No Comments on Career Transition? Consider both Financial Planning Goals and Lifestyle Adjustments

In 2012, I made a career transition to part-time work as a project manager at KHC Wealth Management.  My infant son had special needs and the demands of my full-time job did not afford me the work/life balance that our family needed.  The reduction of income would negatively affect our finances, but my husband and I were willing to make the following lifestyle adjustments in order for me to spend more time taking care of the children:

Delaying Financial Goals: Saving less each month meant we would have to put off buying a new car (my husband’s is on its last leg) and moving to a larger house to accommodate our growing family.  We had to adjust our mindset about these items – they are wants, not needs.  Happily, I am still contributing to my firm’s 401(k) plan so our retirement goals have remained the same.

Shifting Household Responsibilities: When my husband I were both working full-time, we pretty much split the household responsibilities 50/50.  Now that I had more time at home, I took on the bulk of the cleaning, laundry, and shopping.  Unhappily, having a cleaning service every two weeks was not a luxury we could continue to afford with a lower monthly income.

Soliciting Help from Family:  Rather than send my son to daycare, we were fortunate that my in-laws stepped in and offered to watch him on the days I work.  This helped us in two ways – we didn’t have to pay for childcare and my child got to spend quality time with his grandparents.

With any life change comes trade-offs.  It’s important to consider all facets of such changes and decide for yourself if you are willing to make the necessary lifestyle adjustments.

For more information, visit our website at makinglifecount.com or contact Ashley Kopmeyer – akopmeyer@makinglifecount.com, (913) 345-1881.

Related Posts

Leave a Reply

« »