How Quitting My Job Changed My Money Matters | With Compare the Market

Wednesday, October 24, 2018

23 years old, I’d just bought a property which put me in 6 figures of debt. Then, I stopped sub-leasing my apartment and almost doubled my rent in the 8th most expensive city in the world. After that, I booked a 10 day trip up North in one of my bucket-list destinations.

Oh yeah, then I decided to quit my job.

Risky huh? 

Well actually, the decision to become my own boss was more than a little calculated, especially when it came to finances. 
But for a long time, my fear of losing the financial freedom that oh-so-comfortable weekly pay cheque seemed to bring was the only thing stopping me from pursuing my dream, starting my business and giving up the 9-5, (or should we say 24/7) grind.

So I armed myself with everything I needed to make the move, and make it with financial confidence. I had significant savings or ‘emergency money', a few reliable clients up my sleeve, realistic budgets and back-up plans.
I’d been tracking my business income closely, I saw the rate that it was increasing month-on-month and projected the potential growth. It looked good.
I researched all the ways I could make some extra income for those inevitable weeks when I would fall-short. I pitched for jobs on platforms like air tasker, just to see if I would make the cut.
I’d be lying if I didn’t mention that I also knew I could rely on my partner Scott, who’s weekly salary could cover 100% of our expenses. We talked it over (a lot!) and I also made it clear that relying on his income was absolutely not part of the plan and I’d go back to working 7 days a week before I needed him to chip in on my part of the expenses. I’ve stuck to my word.

After months of prep work; saving, tracking, goal smashing, I decided I was finally financially free enough to take that step.

When I was asked by Compare the Market to take their financial consciousness quiz and talk about my money matters I was excited to share my story, inspiring others to improve their financial situation to a point where they too can follow their passion is huge for me!

So I took the quiz, scored a 72 and was more than a little inquisitive to find out where I fell short. Hello, I want to reach 100!

When I read the Money Made Simples e-book it hit me harder than my mortgage balance. Yeah, I expected topics like superannuation and stock markets to teach me a thing or two but I never thought the way I was spending was limiting my financial goals.

Especially when I realised I needed to spend more.

Yep. The part that hit me hardest talked about having a financial plan that “gives you permission to enjoy what’s in front of you without guilt, knowing you have a plan in place”.

This is something I’ve always struggled with; spending without guilt. But when I quit my job that relationship with spending became even more unhealthy.

It felt like a catch 22, I now had time to enjoy my life but I didn’t have the salary. I wouldn’t spend on anything besides the essentials; rent, mortgage, bills and food. I couldn’t get past the fact that I’d just given up an attractive salary and I punished myself by refusing to occasionally treat myself the way I used to. If I wasn’t working the traditional 9-5 then I didn’t deserve it. 

I’d missed the whole point of why I became my own boss in the first place. I wanted the freedom to enjoy my life and that includes financial freedom!
For me, setting up a fun account’ was a huge takeaway from the Money Made Simples e-book. Putting aside a small amount each week that I could spend without guilt has done wonders for my financial mental health. Going to the movies, having brunch or even a weekend away doesn’t leave me guilt-ridden but rather, empowered by my money.
It’s absurd, in the last two months I’ve earned well over my salary from when I was a marketing manager, exceeded both my monthly financial forecasts and kept up with my expenses every single week. 
It wasn’t until I started automating my payments and reserving that little bit of ‘fun money’ like the guide told me to that I’ve truly started to embrace this new life; guilt and financially free.

1 comment

  1. I loved reading this Rochelle!
    I'm currently in a position where I work full time and trying to juggle creating content on my days off. I'm getting a lot of work coming through but hardly the time to enjoy doing it all, it's becoming stressful.
    I suck when it comes to monitoring my expenses. Do you think you could share some more tips and advice on how to do this?