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Personal finance approach by breaking down tasks into smaller, more attainable and viable solutions
Personal finance approach by breaking down tasks into smaller, more attainable and viable solutions

Month: November 2020

Live on less income – give yourself a voluntary paycut

Posted on 2020-11-16 by Mark A. Springer

open loans CaliforniaMy wife and I just took a large salary decrease – to the tune of about $20,000 per year after taxes. We did this voluntarily, because for us, our quality of life was more important than the money we were earning. We were able to afford this big pay cut because a year ago we gave ourselves a “voluntary pay cut.” We knew we would be earning less money within the year and we committed ourselves to spending much less than we were earning. Doing this allowed us to focus our “extra” money toward preparing for this salary decrease.

This was very similar to the situation we faced, only our boss didn’t tell us we had a reduction in pay coming, we made this decision based on our desire to spend more time together as a couple.

Some people would have a very difficult time adjusting to a 15% (or other) decrease in pay, but many would find a way to be successful. Open Loans California, Inc. asked this question to get people thinking about how much they spend vs. how much they really need to spend. Spending less than you earn is one of the best financial moves you can make.

The benefits of giving yourself a voluntary pay cut:

  • Change Your Financial Habits. If money is there, most people will spend it. Once you get in the habit of having less to spend, you will spend less. From personal experience, it is much easier to make this transition gradually instead of being forced to make this transition, but it can still be done.
  • Financial Cushion. If a decrease in pay actually occurs and becomes permanent, you will have already been living on less money. Hopefully, there will not be much of an adjustment necessary to meet your financial obligations.
  • Extra Money. At the end of the month there is something left over. You can use this money to build an emergency fund, reduce debt, invest, or save for a large purchase such as a new(er) car, a vacation, college tuition, etc. Before my wife and I took this voluntary pay cut, we used our “extra” money to get rid of all consumer debt. After the debt was gone we invested our “extra” monthly income.
  • Peace of mind. You won’t worry from month to month about whether or not you have enough money to pay the bills, or if your checks will clear. You already know the answer is yes. And that is a beautiful feeling.
  • Options. When you pay down most or all of your bills and have a sizable emergency fund, you feel less trapped in your current job. My wife and I were able to choose employment that offered us better hours and less stress because we were able to afford to do it. We weren’t forced to stay in an unpleasant work environment because we needed the money.

Sounds great doesn’t it? Now, how do you do it?

How to live on less than you earn:

  • Analyze Current Expenses: Track your expenditures for a month or two to determine where you are spending money. You might be surprised at how quickly those “inexpensive” lunches and other things add up.
  • Cut unnecessary expenses. You know where your money is going – now cut out those little things that you don’t need to spend money on. Chances are, there are many things you are spending money on that you don’t need.
  • Make a budget and stick to it. Once you know you income and expenses and have cut unnecessary expenses, you can now make a budget. To live on less than you earn, don’t use 100% of your income as your starting pay. Instead, pick another number such as 85% or 90%. Base your budget from this income, stick to it, and you will be on your way to living on less than your income.
  • Automate. Place bills and savings on automatic bill pay. Placing all your bills in one location makes it easier to organize them and see how much you are spending. This equals less worry and fewer hassles. Another benefit: you will not be tempted to spend your investment or debt repayment money on something frivolous if you never touch it.
  • Be creative. Save money by bringing your lunch to work, carpooling, making gifts instead of buying gifts, or other creative methods. There are hundreds of ways to be more frugal and save money.

Giving ourselves a voluntary pay cut was one of the best financial moves my wife and I have made as a married couple. Doing so gave us to the opportunity to spend more time together, plan for family get-togethers and holidays, and enjoy ourselves more. My wife and I were only able to do this because we gave ourselves a voluntary pay cut over a year ago and planned this reduction in income. And you know what? We don’t feel as though we have deprived ourselves in any way. In fact, we have less stress and are happier.…

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Mission:

Posted on 2020-11-122020-11-14 by Mark A. Springer

Hemp Expo is founded on the belief that through awareness, education, and the cooperation and coordination of citizens and public officials, many complex social issues can be solved. Objective and Purpose: To host a world class music event that provides outlets for cannabis advocates to educate the public on the many potential benefits and uses of the cannabis plant. This includes religious, medicinal, industrial, agricultural, economic, environmental, and other practical applications.

Event Description: Need money to visit the Event ? Here is some simple trick: find some loan company and go to three day music festival and educational hemp exposition featuring speakers and hemp industry advocates, 30+ regional and national musical acts on two stages, camping, vendors, food, artists, music, and more.
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Speakers Forum

Posted on 2020-11-062020-11-14 by Mark A. Springer

Anthony Taylor of Compassionate Oregon will be presenting speaker panels addressing the coming changes to Oregon’s marijuana laws Friday and Saturday from 2:30-4:30pm. …

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Hemp Expo 2014 Artists

Posted on 2020-11-022020-11-14 by Mark A. Springer

David Grisman Bluegrass Experience, Vince Herman of Leftover Salmon, State Of Jefferson, Frankie Hernandez, The Cultivators, Synrgy, 100 Watt Mind, Sol Seed, Only Natural, Oneironauts, Luv Dub, Jack Falls-Rock, Melody Guy, Roses and Whiskey, New Groove, Willy and The Poor Boys, Turner Moore Band, Antonucci Collective, Unsung Heroz, Indigitized, 541 Syndicate, The Rodeo Clowns, Strive Roots *****AND SO MUCH MORE********

Jefferson State Music Festival is coming back to southern Oregon and the State of Jefferson for the 5th annual Hemp Expo.

Scroll down the page to see who’s performed at past at Hemp Expo’s and other Jefferson State Music Festival events. Some notable performers include David Grisman, Les Claypool, Pato Banton, Blackalicious, Craig Chaquico, Poor Man’s Whiskey, and Curtis Salgado.…

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