Graduated Learning: Life after College

I got my degree, I got a job…now what?

Women’s Money Week 2014: Kids and Work March 6, 2014

It took getting prompts from the Women’s Money Week list to get me back to blogging.  Sorry for my absence, I thought I had run out of things to say (it turns out I still have plenty to talk about).

Women’s Money Week is an annual week leading up to International Women’s Day.  The goal of Women’s Money Week is to discuss personal finance related topics that may especially be of interest to women.  But don’t worry if you don’t identify as a woman!  This week has some pretty good topics.  Check the list of topics here.

Monday’s topic was Kids and Work.   (and yes, I know it’s Thursday…you know I’m not the speediest blogger around) Let’s dive in.

I feel like this is something that has been on my mind recently.  I’m getting married soon, and I’m pretty sure that within, oh, an hour of us officially tying the knot, nosy folks will be asking, “so, when are you having children?” (and probably also, “when are you buying a house?”).  Part of it is just people seeing you go through one big life change and assuming that the other big life changes will follow soon after.  I get it.

The part I don’t get is why it actually matters to them.  Granted, I can be as nosy as them sometimes and hope for my friends to start having kids.  Babies are pretty  darn cute, and visiting with friends’ children can be fun in small doses.

My fiance and I both want kids eventually.  But we have no real idea when we should start having kids.  We’re both 29, so we’re probably at the age where we should start seriously considering the whole “having kids” thing.  But one thing we also need to consider is the whole “kids and work” issue.  Will one of us stay home while the other works full-time?  Will we both work and then send the children to daycare?  If one of us stays home, who should it be?  How will taking these breaks impact our career?  We’ll have to crunch some numbers for how much childcare costs vs. salary, and consider the tax brackets we’re in with one vs. two incomes, and childcare tax credits vs. dependent care FSAs.  And this is only considering the direct work/money questions.  You’d think as a person obsessed with personal finance and planning ahead, I’d have a better idea about all this.  But…not so much.

I know there are plenty of other expenses to consider, including everything the baby needs (food, clothing, shelter, DIAPERS) and then there are the future costs of college and everything else beyond the initial baby stage.  I know Save Spend Splurge has a listing of all her baby-related expenses so far, as does J.Money.

At any rate, I suppose this post is not fully focused on the Kids and Work issue…. so can I be a little more introspective here for a moment?  I see so many friends posting facebook updates about their children.  Some friends are stay at home parents, others are juggling full-time work and children.  It all seems so overwhelming, like my friends all have magical doing-it-all-and-doing-it-perfectly powers.  I suppose that’s the power of facebook, I’ll only see the good moments in their likely hectic lives.  But it does make me worry.  Will I be a good mother?  I hope so.  Will I be enough of a mature adult by the time kids come around?  Do I have to be?

I’ve heard two different sides of the “when to have kids” idea.  Either “you’ll know when you know” you’re ready, or “you’re never ready, but you have kids anyway”.  I’m not sure which camp we’ll end up in.

What about you?  Have you figured out the Kids and Work thing?  What did you end up doing?  If you don’t have kids (but you want to have them), do you have a plan?  Or are you as clueless as I am?

(Interested in seeing some more perspectives on this topic?  I really enjoyed eemusings post on the subject (we have a lot of the same concerns).  Also check out the other posts on this topic here)

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I got laid off…now what? May 6, 2008

Yep, you read it here first folks. I got laid off. Thank that beautiful economy of ours, I guess. But now that I’m unemployed, what do I do?

Be thankful for the emergency fund

Remember that emergency fund that every personal finance guru, blogger, author, etc. tells you about? You’ll be very relieved when you find out you have that nice cushion to fall back on. And really, that whole “pay yourself first” idea really works. I never noticed the money was gone (every month I had an automatic transfer over to my ING account), and now that I need it, it’s sitting there waiting for me to draw from when I need to.

Take care of the transitions

Depending on what your severance package provides (or if you didn’t get one at all), you’ll probably look at a few things. Did you get any severance pay? Congratulations. Stash that into your bank account ASAP, and be thankful that your company was nice enough to help you out there. My company did provide some severance pay, but a friend of mine got laid off recently and got pretty much next to nothing. It’s really dependent on your company.

What are you going to do about insurance? Again, some of this depends on your company; they may immediately stop paying the premiums for your insurance, or provide you a grace period. Either way, you should learn about the COBRA. This is where you are given the opportunitiy to continue your insurance plan, but you must pay the premiums, at up to 102% of the cost. Many people can just find alternate, often cheaper plans that still cover their needs. Depending on your state, you might be required to have insurance (which is the case in Massachusetts). From what I’ve heard, if you don’t elect to continue through COBRA, but then something happens and you need insurance, you can retroactively get it taken care of. Don’t quote me on that, I’m looking into it.

Were you enrolled in a 401(k) or similar program? If so, you have a few options that I know of. They are summarized rather nicely in Get Rich Slowly’s page. I am most likely going to either roll my 401(k) over into an IRA, or, if I find new work soon enough and it’s a feasibility, I will move my 401(k) to my new company’s 401(k). What I will NOT do, and I don’t recommend you do it either, is cash out my 401(k). You have to pay a penalty, and taxes right then for your money, and now you are back to square one with your retirement planning.

And if you had an FSA account (I did), you’re probably going to have to just submit the rest of your claims ASAP, and lose any money that you didn’t spend. I guess this wasn’t something I considered when I initially signed up, but I guess that’s something to think about…how quickly you’ll spend the money in your account. I’m not sure what happens if you spent more than you accumulated, if you have to pay back the extra. I’ll have to check on that as well (for you guys, not for me).

Looking ahead

It’s rough, but it’s time to get back out there! Let your friends know that you are looking. I went ahead and listed it on my facebook profile…which worked out nicely, because a friend saw that and offered to talk to someone in his company that works in my desired area of research. Having good friends willing to help you out is definitely a plus. This is not the time to start networking with people you’ve casually met in the past…hopefully you’ve been networking all along…of course, if you haven’t, you might as well start now! It just looks a little fishy when you suddenly talk to someone you sort of know who can help you find a job. But don’t be afraid to. Update your profiles on your social/business networking sites, and confirm that the available information and connections is accurate and represents you in a positive light. My next step is to look at companies that interest me, and then determine if I have a personal connection to that company, either through friends or through my alumni network.

In the meantime, I’ve also started looking at the assorted job posting sites out there, like monster.com and career builder. There are plenty of others that I’m looking at, and if you want, I can post those, too, though I’m not sure how popular of a site they all are.

Well, hopefully you aren’t all in the same boat as me. Let me know what you’ve found helpful, or if you’re looking for information that I didn’t include, since I probably just omitted it for no useful reason.

[Edit: I forgot to mention applying for unemployment. There’s a good overview here, and for Massachusetts, you can find out how to file claims and such here. If you have trouble navigating that site, let me know. I managed to figure it out.]

 

 
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