Thursday, February 3

When you have to make a big job change, step back and simplify

EMILY SIMNITT

The (Boise) Idaho Statesman

An uncertain economy, layoffs, pay cuts and general uneasiness are stressing workers.

Some of those suddenly jobless have made lemonade of layoffs by returning to school or starting their own businesses. Many are finding that they have less to live on than before.

``It's tough on families,'' says Trevor Everson of Nampa, Idaho, who worked at Hewlett-Packard for 10 years and was building a house when he was let go in 2003. ``Money-wise, it hasn't been good.''

But order can be restored.

Everson, an electronic technician, is making about two-thirds of his previous salary in a new job. And he's getting by.

``The thing is to be in the mindset that it's not the end of the world,'' Everson says. ``There's work out there. It might not be exactly what you want, but don't give up hope.''

For Cathy Leamy of Boise, Idaho, change was a choice. She decided to leave the corporate world to start her own mortgage banking business five years ago. As a single parent, she wanted more time with her son, Ryan.

Leamy's first year wasn't easy. She took home less than before she became self-employed. But she tightened her budget and now makes more and sets her own schedule.

A light is at the end of the tunnel.

So take a deep breath and check out these tips from experts and those who've been there on how to juggle family, work and financial responsibilities:

To keep your family life from being strained, keep stress in check:

Take your planner home. Use time management as a tool for your personal life, too.

Get a coach. Instead of suffering in silence, get help figuring out where you want to go with your life. It's not free - coaches can charge $150 to $500 or more a month - but it's an investment in your future.

Find your passion. It might turn into a small-business venture.

Start a stress diary. When you start to feel stressed, sit down, backtrack and think about when it began. Over time, a pattern may emerge.

Exercise. Can't afford a membership to the gym? Take a walk with your kids or use your lunch hour to go running.

Save time for yourself. A key component to staying sane under work and family pressures is some good old-fashioned ``me'' time.

Network. Former colleagues' opinions can help you make the next step or alert you to job openings.

Refocus. Everson took advantage of his severance pay take a couple of months to re-evaluate what was important.

The last thing you need are money worries. So take control of your checkbook:

Ask an expert. If you had an accountant previously, now's the time to have a professional look at your budget to see how you can tighten up. Definitely get a pro if you want to start your own business.

Cut the cord. We're talking cable TV and movies at a first-run theater. For cheap entertainment, visit the public library. You can't beat the selection of books, and many have an increasing number of videotapes and DVDs to check out for free.

Re-evaluate transportation. Pay off your car or put a new car on the back burner. Think about using your bike to commute to work and save money on gas.

Eat smart. Tawra Kellam, publisher of the Web site www.LivingOnADime.com, says you can save more than $7,000 a year on your grocery bill by keeping a few items out of your grocery cart. Put back the bag of potato chips to save $104 a year and a box of cereal each week to save $208 a year. Eat out one fewer time a week and save $1,500; order one less pizza to save $1,040. Cut out three pounds of red meat a week to save $390 and eliminate snack cakes to save $455.

Rethink your insurance. When you're on a tight budget, it's all about monthly spending. In insurance, the highest deductibles mean the lowest premiums. Choose a deductible that allows you to afford the out-of-pocket expense if you need to collect on your policy. The Consumer Literacy Consortium recommends raising deductibles on collision and comprehensive auto coverage to at least $500 or, if you have an old car, dropping this coverage altogether. (Find the consortium's 66 ways to save money at www.pueblo.gsa.gov. Click on Money in the left rail, then go to the document of the same name under the Investing & Saving header.)

Avoid temptation. Gregory Thomas writes at www.savingsecrets.com that you can save hundreds, even thousands a year, by simply avoiding the mall or Target.

Pay cash. Take those credit cards out of your wallet if you can. Paying cash means you won't have to pay finance charges if you can't pay off a balance each month.

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