Hi Money Minder,
Hey there! I’m 30 years old, living my best life in Seattle, working in higher education.
So, a year ago, I made a major career switch due to health reasons. Now, I’m making $1,500 less a month than before. That’s $1,500 less in my pocket each month. But hey, I absolutely love my new job, and my quality of life has shot through the roof!
Unfortunately, with all the health stuff going on last year, my savings took a hit. My once fat $15,000 savings account is down to a measly $2000 now. And yes, that $15,000 did include a vacation fund. Bummer, right?
I can’t help but feel a bit down seeing people my age talking about their fat savings accounts and all the amazing vacations they’re taking. But hey, I don’t regret my job switch one bit. My mental health is in a much better place now.
No student loan debt, just around $1500 in credit card debt spread across 4 cards. FICO score? A solid 826. My partner and I split the $1800 rent, utilities included.
Got $1100 stashed away for emergencies and another $500 saved up for a future vacay. Dreaming of Japan before I hit 35, but haven’t traveled abroad yet. Seems like all my friends have been everywhere!
Is this all normal? Am I doing okay? What else should I be looking into? (P.S. Seattle’s pricey, but I gotta stay here for work.)
Catch you later,
Seattle Dreamer
Response from THE MONEY MINDER:
Hello There,
I’m sorry to hear about the challenges you’ve faced over the past year, but I must congratulate you on prioritizing your health and finding a career that brings you so much joy. It’s truly commendable to see you prioritize your well-being above financial gain. It’s completely normal for financial situations to fluctuate, especially when transitioning to a new career. Your dedication to your mental health is inspiring and should be celebrated.
Given your current financial situation, it’s great to see that you have already started building up emergency and vacation funds. You may want to consider allocating more towards your emergency fund to ensure you have enough for unexpected expenses, especially since you mentioned going through health emergencies before. Additionally, focusing on paying off your credit card debt should be a priority, as carrying a balance can accrue interest and hinder your financial progress.
As for your dream of traveling to Japan, it’s definitely achievable with proper planning and saving. You could set up a separate savings account specifically for your Japan trip and contribute to it regularly. Research affordable travel options, consider travel rewards credit cards, and look for deals to make your dream a reality within your means.
It’s important to remember that everyone’s financial journey is unique, and comparing yourself to others can lead to unnecessary stress. Focus on your own goals and financial stability. You’re taking steps in the right direction, and with continued diligence and financial planning, you can achieve your aspirations. All the best from THE MONEY MINDER.
