Monday, September 30, 2013

Some Adjustments to the Plan

I recently blogged about the implosion of my savings account after some unforeseen events.

During my non-profit days I learned a lot about strategic planning. If you aren't familiar with that term, it is just a fancy way to describe coming up with a vision three to five years from now, and then backing it out into the specific steps needed to achieve it. One of the most important parts of strategic planning is to periodically review your vision, your plan and your progress and make any adjustments needed to stay on track.

My recent bank-balance crisis seemed like a logical point to review my goals and strategies, since obviously, something wasn't working somewhere.

First, I looked at my ultimate vision to determine if it was still valid. The answer is yes, it is, I do still want to buy a house and be a published writer. Next, I looked at my time frame. Does three years give me enough time to do what I have to do to get there? Should I be working a five-year plan instead? Sure, extra time would be great, but my gut instinct is I can still do it in three if I make adjustments. Lastly, I took a look at my actual strategies, which is where I found room for improvement.My main tactic was reduce expenses and save something out of every paycheck. While this is a great start, clearly, I need to do more.

The writing is on the wall: It is time to get a second job.

I can't say that I'm thrilled about taking on a part time job, but the extra layer of financial security will be a welcome relief. Now, I just have to figure out what job, and how many hours do I think I can manage each week without negatively impacting either my day job, or my writing goals.

Check back soon to find out what second job I chose and find out how its going.

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