Time Vs Money?

sazziecee

Hello

Couldnt decide whether to post here, or employment as it covers both...

We have a dilemma, is it better to provide for your family financially? or earn a bit less and see more of them?

My OH is currently self employed and has been working on a contract for just over a year (contract was renewed for another year)

He gets "paid" £41k a year, but this is to his company, so allowing for putting away money for taxes etc, he takes a wage of around £34,000.

This is a good wage I know, but he had to travel 40 miles each way to work, costing him £35 a week at least, and as he is self employed he doesn't get paid sick pay, holiday pay etc, meaning that when we went on holiday it "cost" us an extra £600 in lost wages. He also finds it stressful working out how much to pay himself and how much to put away, and he has been short a few times for tax bills and we have had to cut right back.
He leaves the house at 5am and is home at 6pm so hardly ever sees the kids through the week which he misses as at his previous job he finished early on a friday and could collect his DD from school, the new job also has an early finish on a friday...

He has been offered a job which is only 7 miles away, on an employed basis but it is £28k basic. Although there is the advantage of holiday pay, Bupa healthcare, pension etc.
We sat down and worked it out and we can *just* about afford for him to take the pay cut, as we allowed for the savings on travel costs and the 4 x weekly holiday pay that he doesn't get now. So we were all sorted and he accepted.

But.. spanner in the works, now his current employer has hinted about offering him a "staff" job, which has a start rate of £35,000. And also his boss said he will be leaving in April and would put my OH up for his job, which would be £42,000. However as the company's union is currently in dispute over pay and may be striking, there is a cap on employment right at this moment. Tere is nobody from HR for a definitive action until next week as they are on leave. So as it stands, it's not a REAL offer.
Plus if he takes it, he gets more money, but still has the things he doesn't like, the travel, the tax issues, the not seeing the kids for more than 30 mins a day etc.

So basically we are trying to work out what is best, more money or more time? he is going towards time at the moment, especially with the second offer not being a real offer at the present time, but it is a really tempting offer all the same.

So so confused, it is mainly down to him I know, but he wants my opinion as well and I am in 2 minds, as he has a lot of debt that could be paid off quicker with the new job, but not at the expense of him being knackered and miserable....

Thanks for any comments

RichOneday_2

Your post seems to imply what your preference is, ie more time.

But you've summed it up very well and asked a lot of questions that you are asking yourself.

Unfortunately, these are not right or wrong type questions. They are preference questions. So, basically only you and your husband can answer them. There's also no definite choice as a lot of ifs and buts apply to the job offer.

There will be those who advise that 'a bird in the hand is better than two in the bush' and that money is not the be all and end all (as long as you have a basic minimum of course). My view is why bother about a holiday if the price is being miserable for the other 50 weeks to pay for it?

miserly_mum

We've had personal experience of bosses hinting at promotion etc when OH was leaving his last job to go to his current one. But thats all they turned out to be.......hints.

Does your Hubbys boss know he's been offered another job? If he does then his hints could simply be a ploy to get him to stay where he is?

OH changed jobs for much the same reasons as your Hubby is. Less travelling, more family time and less stress.

He also took a pay cut but we'd worked out that financially we could afford to. Like yourselves taking into consideration less fuel costs etc.

Personally i'd say take the new job offer (providing you are sure that you can live ok on the wages) and enjoy having him at home more.

Provided your main outgoing are covered( ie Mortgage, heat ,food and the car if its needed for work )then its amazing how far you can stretch/be creative with whats left for non essentials.

belfastgirl23

I think I'd have to go with whichever job he wants to do most and set all the other stuff aside. I'd judge on the basis of whatever offers are currently on the table though rather than a 'possible' promotion. If you know you can manage financially in either case then this isn't a reason for or against.

Jonbvn

I worked away from my my family/wife on a long term basis as an expat. I can definitely say that there is no definitive answer to this question!

Some issues that had a bearing on our decision either way:
1. OH is fiercely independent.
2. The money I made as an expat was way more than I could have made in the UK.
3. We agreed a period when I would work as an expat to achieve our financial goals. After this period we would reassess the situation and our overall goals.

HTH

ginvzt

Don't forget, that saving on travelling will save the petrol and car maintenance. Also, how much pension adds up to the package? How much is he putting aside for the pension now? All these little things are important, in my opinion. They can add up to a fair bit!!!!!

onlyroz

If your hubby wants to change his job to spend more time with the family, he doesn't have to accept the first one that turns up. If the pay-cut in the new job is too much then he could stay with the current job while looking around for another better paid local job.

sazziecee

Thanks everyone.

Yes he did get this "offer" after telling his boss he was leaving so we do think it may just be an attempt to get him to stay. They did actually call him into a meeting to discuss it though and said they had been praising him at all the recent management meetings and saying he could handle more responsibility etc.

As for not taking the first job that comes up, we live in an area with not great prospects, and jobs in his field don't come up that often locally. The main employer is BAE systems, he has worked for them before and they made him loads of false promises over promotion etc, so he is doubly wary now.

Before he decides, he is going to speak to a financial adviser, in regards to switching back to employment from being self employed and work out if it will all be worth it.

He is still favouring having more time at the moment though and I have savings to help him if he struggles at first, (due to being paid monthly in arrears in the new job and currently being paid weekly)

He has 45k of unsecured debt though which is why the money is so tempting.

onlyroz

What are the prospects in the new job? Is the company secure? Is it in an industry that is expanding, or having financial difficulties? Is there a bonus scheme? Are there opportunities for promotion or further training?

Make a list of the pros and cons.

hannahsmummy1

My hubby (and us lot too!) have been moved all around the country due to his jobs- you go where the money is (his words). His latest job involves him travelling over 80 miles there and another 80 odd miles back every day- it is draining om him & people who visit us have told me he has aged & looks terrible. He isup and out of the house at 5 and is not home much before 8 at night- then he is still doing work when he gets home. I try to speak to him but he tells me i dont understand his job. We are supposed to be going away in october but i cant see it happening now because of his job. He is a workaholic & if i could choose i would rather he take a pay cut and spend time with his daughter- who he never sees (she is up at 8 and bed at 7 every night) and when it comes to the weekend he doesnt want to do anything (cant blame him really) He finds it hard to relax because of the presure at work too- he just cant switch off from his job, and because we have had to move around a lot over the last 4 years (5 houses in 4 years) i think this has afected him within his work. I tell him that time is more important than money- our daughter hardly knows him & i hate that. So for me time over money every time!

vaio

Forgive me if I’ve misunderstood but it looks like he earns 41k paid to a ltd company and takes 34k as wages/dividends. To end up with the same amount in hand he would have to earn well over 50k on PAYE.

Also, at 34k out of 41k it sounds like he’s not using all the allowances the company is entitled to, maybe see an accountant and check.