Hi Money Minder,
I’m in a bit of a pickle and could really use your advice. I currently live in sunny San Diego, where I juggle taking care of my mom as her live-in health provider and bartending part-time. The thing is, I’m feeling burnt out and the bartending scene is a bit toxic with all the alcohol abuse. I’m seriously considering quitting to spend more time with my mom and focus on my own well-being. I’m thinking of transitioning into a digital remote job or maybe even trying my hand at plumbing.
If I do quit, I’ll be losing out on about 2-3k a month from bartending. However, I’ll still be making around 1500 to 2400 a month from taking care of my mom through IHSS. Do you think this move is sustainable? And any advice on what I should do with my savings?
Cheers,
Laidback Linda
Farewell, Linda
Response from THE MONEY MINDER:
Hello There,
Based on the information you’ve shared, it sounds like you are in a challenging situation but also have clear goals in mind. It’s understandable that you’re feeling burned out and seeking a change in your work environment to prioritize your health and spend more time caring for your mother. Transitioning to a digital remote job or exploring other trades like plumbing could provide the flexibility and balance you’re looking for.
In terms of finances, it’s important to weigh the pros and cons of quitting your bartending job. If you’ll be earning around $1500 to $2400 a month through IHSS while saving the $2-3k a month you’d spend on expenses, this could be a sustainable move. It’s essential to have a clear budget plan to ensure you can cover your essential expenses, save, and possibly invest for the future. Consider setting aside an emergency fund for unexpected costs, especially given your current situation as a caregiver.
As for your current savings, it’s a good idea to review your financial goals and priorities. If you have any high-interest credit card debt, it would be wise to pay that off first to avoid accruing more interest. You may also want to explore different investment options to grow your savings over time. Consulting with a financial advisor could be beneficial in creating a solid financial plan tailored to your specific circumstances.
Remember to take care of your mental and physical well-being during this transition. It’s important to prioritize self-care while navigating these changes. Best of luck with your decision, and all the best from THE MONEY MINDER.
