Changing Jobs? How Will it Affect Your Mortgage Payments?

This is a guest post from MoneySupermarket.

The current state of the economy has forced many people to change jobs. Companies are laying off hundreds of workers, so employees must look for new sources of income.

If you have recently experienced a job change, you know that a new job affects everything in your life. All of your daily rituals will change, from what you will be doing each day to what time you will wake up and come home, what clothes you must wear and how much you will spend on gas each day.

If you are feeling overwhelmed by your change in jobs, know that you are not alone! There are others out there who feel your pain. Research the internet for helpful websites with financial tools, a mortgage repayment calculator and articles with financial advice.

One of the largest adjustments you will need to make to accommodate your new job is your finances. You will most likely need to adapt your lifestyle according to your salary difference.

This transition can still go smoothly if you are prepared for it. Try to think of all the areas of your life that your old job affected compared to your new job. Which factors change? Which mostly stay the same?

The biggest monthly payment for most households is the house payment. Your new salary will definitely affect whether or not you can continue paying the same amount of money toward your home.

Before you prepare to pack up and move, you should definitely look into refinancing your homeowner’s loan. Enter your financial information into a mortgage repayment calculator and see if remortgaging could be beneficial to your financial situation.

Verify that your other monthly expenses will remain low enough for you to be able to make your mortgage payments. Moving to a new house can be very stressful, so you should make sure that your other bills will not affect your ability to pay for your home.

New jobs almost always come with different benefits. Things like insurance, pensions and retirement funds could greatly affect your monthly expenses and future plans.

Compare the new benefits to your old benefits to see what the differences are. If particular benefits are no longer available to you, you should research alternative options.

Another aspect of job change that could affect your finances is distance. Instead of working ten minutes away, your new job could be forty-five minutes away, which will definitely affect you financially.

Calculate how much money you will be spending on your work commute each day. Try researching alternative methods of travel. Perhaps you could take the bus instead of a car. Maybe you can talk your co-workers into carpooling.

Many companies compensate workers for their commute expenses. Talk to your boss and see if they can pay for a percentage of your gas costs.

Something else to consider is long distance travel. Perhaps your new job will require you to take flights to long distance meetings.

Find out if the company you work for will pay for your hotel, flight and other travel expenses so that there will be no negative surprises later on.

What Does Your Financial Behavior Say About You?


I’ve mentioned this before, but one of my favorite parts of grad school was learning about human behavior. All people think, behave, and react in very predictable ways, no matter how much we try to convince ourselves of our uniqueness.

As a therapist, it’s awesome to say things like, “Let me guess - she said X and you reacted by doing Y,” and get The Look of Amazement. The one that says, Wow! How did you know? You must really understand where I’m coming from! And while I love astounding people with my magical therapist powers, it’s actually very simple to figure out how a person will behave in a given situation once you know him or her.

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It Feels Like Fall, Y’all: Random Tidbits and Links


After weeks in the mid to high 70s, it’s 60º and windy today. I guess we’re going to get a week or two of fall weather before winter steps in and kicks everyone in the face.

The closer we get to the holidays, the crabbier I’ll probably become. Ever since my grandmother passed away in 2005, I don’t enjoy Christmas much. My step-grandmother is a sweetheart, but it’s just not the same. Very awkward when the two families are forced on each other and nothing is the way it used to be. I’ll try to keep the dislike to a minimum, but don’t expect a bunch of touchy-feely holiday posts. Personally, I wish Black Friday was January 1st and we could just skip the whole thing.

My certified letter to the collection agency was received on the 9th, so they have until December 9th to respond. I would be thrilled if they didn’t, but I know I can’t be that lucky. I’m frantically trying to figure out where to come up with the money for that one. And now I’m paranoid about whether I have any other zombie debts floating around out there - nothing else shows on my credit report, but that doesn’t mean I’m in the clear.

Edited to add: Just checked my mail and I got a letter from the collection agency. They want me to sign a release allowing them to get all my medical and billing records from the doctor’s office. They say they have to have this in order to validate the debt as I requested. Um, no. The doctor’s office can send the information directly to me, but there’s NO WAY IN HELL I’m giving a collection agency permission to see my treatment records. Any lawyers in the house? Sigh.

As of right now, I can survive financially until at least the end of the month. You have no idea how depressing that is to say! All savings has been suspended, I just deferred my student loans for yet ANOTHER year… Ugh. Oh yeah, and my ex-husband lost his job, leaving Jayden with no health insurance until he finds something else. So this week I get the joy of applying for Medicaid coverage for Jay. Luckily my paychecks are so low I’ll have no trouble qualifying.

As you can see, I’m just a barrel of laughs right now. Here are some links that are considerably more interesting than anything I have to say at the moment:

Shaun from Smart Family Finance reminds us that if our budgets are easy to beat, we’re doing it wrong. In other words, if you’ve set your budget categories so high that you can spend what you want without going over, you aren’t really budgeting.

Jana from Daily Money Shot is tired of retailers ignoring Thanksgiving to advertise for Christmas. Since I’m a total scrooge right now, of course this post was one of my favorites. Oh yeah, she’s also giving away two cookbooks, so go enter to win!

Suzanne at Care One’s Straight Talk on Debt gives us the lowdown on credit reports. This list of resources will tell you everything you want to know, from obtaining your free (actually free) report to understanding what to do if there’s an error or problem, as well as how credit scores work.

Bog of Debt is setting some goals for November and making a plan to reach them. This post actually depressed me a little because all my goals have gone out the window, but it also reminded me that I’ll eventually get back on track. If that ever happens I’ll need to rethink the goals I set earlier this year.

Crystal from Budgeting in the Fun Stuff discusses persistence as the key to everything finance. As she discusses, sometimes it’s a full-time job to make sure that banks and companies handle your financial matters correctly. I feel like I could write a book on this topic - no one cares about your money as much as you do.

Jeff from My Multiple Streams reviews the new iPad app. His post was actually how I found out there was finally an app specific to the iPad. It’s way better than the one for iPhone, but I still don’t rely on Mint for most of my financial stuff.

Marissa from Thirty-Six Months tells us how to prepare our vehicles for winter. I seriously don’t want to accept the fact that winter is coming, but it’s time to get the car ready anyway. Also, her site has a new look and I LOVE IT!

Enjoy the links, and thanks to all of you who have been supportive during my crappy couple of weeks. It can only go up from here, right?

Unsent Letters: I’m Over My Job (Again) Edition

how i feel about my job right now


If you’ve read here lately, this post needs no introduction. However, if you’re new, you can read all kinds of job related posts, like the one where I got over my last job. Or the one where I thought (mistakenly) that I liked my new job. Or, more recently, the ones where I learned that I really screwed up by taking my current job and that my paychecks make no sense.

Also, if you need a frame of reference, there are past versions of unsent letters here and here.

All set? Very well. Let the bitchfest begin.

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