Posted on June 1, 2017
Mr. Tucker doing some online training at night (with liquid assistance)
In my last post I alluded to a third reason our finances were all out of whack. That reason: Mr. Tucker changed jobs.
Mr. Tucker had been with his previous company for nine years and when they were acquired he stepped out of his comfort zone and started looking at other options. There was no one thing that stood out to force him to look – he still enjoyed working with his company and liked both the work and his coworkers – but he felt like it was time. At the same time another company was looking for someone with his skillset to take over a really exciting position to grow a team at a smaller company. So the fates aligned and VOILA: new position.
Of course, he hemmed and hawed about it because like most animals we are comfortable with what we know. However, taking risks are also important for growth. With my job being fairly secure at the moment and considering we live off one salary, he took the plunge.
This particular position is a higher level at a higher salary but it also comes with its own challenges such as: we are being paid in a foreign currency and we have to arrange all our taxes. This actually works a bit in our favour as we can use the pre-tax amount to put into our retirement accounts and reduce our tax load significantly (we both have ample contribution room in our RRSPs). Because we are essentially living off my salary – which is a stable amount – we are using his for savings. That will help us not worry as much about the fluctuating currency rates.
The biggest negative is that he only gets paid once-a-month, and while that is not a big deal once we get into the swing of things, it did sort of mess with our budget at a time we had to outlay for summer camps & bear the full cost of my physiotherapy. I mentioned in my previous post that one of the reasons why we couldn’t save as much was because we had planned to stagger our vacation time to cover child care. Unfortunately, Mr. Tucker needs to be available to work this summer so we had to throw money at the problem and pay for summer camps. Luckily, May was a three-paycheck month for me so that helped negate some of the money challenges but for obvious reasons, our savings suffered.
The other thing that kind of stinks is that his previous company paid for a bunch of lovely perks: Mr. Tucker’s cell phone*, half our internet, half of our YMCA membership. His new company is much smaller and we haven’t figured out how that will work going forward. From what I can tell we will have to bear the majority of the costs for these things. On a positive note: tax credits. So we will have to review that next tax season.
Thankfully, it is still a work-from-home position as his new company is in Southern California so our child care costs remain non-existent during the school year. He does work longer hours mostly because he is super passionate about creating excellent processes and building a great team at his new company, so that works out.
So change is afoot in casa del Tucker and I am hoping long-term this will allow us to ramp up our savings even more and reach our goals quicker.
In a strange twist of events, the day Mr. Tucker started at his new job he learned that some remote workers at his old job were being let go. The company is moving to have all their workers on-site. Of course, there is no way to tell if he would have been one of those that were let go but we both feel a huge sigh of relief knowing that we don’t have to worry about that. One friend of mine put it perfectly when I relayed this information, “Well it just goes to show that sometimes not taking risks is riskier than taking risks.”
Ain’t that the truth.
*After I posted this Mr. Tucker informed me that they were no longer paying cellphones for remotes, either.