dilemma - need advice please

oops_a_daisy

I have been approched to go for a part time job and I was wondering if any of the experts out there could help me to make my mind up. I currently work full time and sometimes have to work silly hours which means I am not at home very much. I am on a good wage at the moment but know that in the future that I will not be able to earn as much as I have done in the past as our targets have been increased to an un achieveable level. As of next month due to this site I will have cleared all of my debts apart from a credit card balance of £3000.00 which is on 0% and I also have the money to pay it off stoozed in an ISA so technically I will be debt free apart from my mortgage. The big thing against going part time is obviously the salary would be less than I am on now - it would mean at least a 8k drop based on my current basic verses the part time salary. I would love to go part time because as I have said I work silly hours so my daughter misses out a lot and my parents have to look after her for me so that I can do the job that I do. I would be able to survive on the reduced wage because I now have disposable income due to paying off my debts but the decrease in wage would wipe this out so when I say survive I mean just survive. So I could look at getting another part time job for instance child minding after school has been suggested or cleaning. I would also be taxed less on a part time job as I would be earning less and also would need to look into the possibility of getting my child tax credits increased ( if anybody knows anything about this please let me know ). So basically I would work 5 mornings per week and earn less but I would have more of a life - sorry should mention that I am a single parent too. Does anybody know if going part time would affect re mortgaging later on this year or applying for a new 0% credit card when the time comes around ?. Also does anybody know anything about tax so that I could work out exactly how much I would earn on the reduced income ?. The other thing is that I am looking into starting my own business in about a years time. I know nothing about setting up my own business so working part time would allow me more time to set it up. Before this opportunity came along I was going to save like mad over the next year so that I would have as much money as possible to start up the new business but if I reduce my income I would not have enough savings so would have to take out a business loan. Any advice on setting up a new business would also be appreciated. I suppose the real question is what price do I put on my family life ? do I go for the big career with big bucks or do I have more of a life with my DD. Sorry for the ramble and I hope that I have put this in the right place for advice.

lynzpower

I dont really know what to suggest for you Im afraid.

BUt I use https://www.i-resign.com for salary calculators, it seems very accurate to me

Hugs, sounds tough xx

oops_a_daisy

thanks Lynz - will have a look at that site. I think it is another spin off from this site - I was always the big career girl but now I am thinking there is more to life :cool:

Sea78

Hi,

I had exactly the same decision to make - in a highly paid job in London but am relocating up north. Have got a part time job, which is the same job I do now, but I will lose inner london weighting, management points and the full time aspect so will end up earning £22000 less a year. Seeing my debts below you can see this is a problem! However, I do want to be with the kids more and if it doesn't work out, there is always the option of getting more work? I would def agree that the work life balance has to shift sometimes - if you are debt free (or nearly) then it's just down to trying it out - if you don't like it, you can always look for another full time job.

Sea xxx

mountainofdebt

but if people give you the right questions to ask yourself then you will know that you have made the right decision (what ever that may be!)

So for my tuppence worths, I would ask myself this:

What would be my new salary - as somebody has said, go to to https://www.i-resign.com for an idea of what it would be.

How far would my tax credits increase by? (possibly plug the new salary into https://www.entitledto.co.uk?)

Would I realistic manage on this new level of income and if possible could I reduce my outgoings?

Do I find myself making excuses to my daughter for not being there? Do I resent not being there for her?

If you worked part-time, could you set up/run your business as well as be in paid employment, especially in the early months when cash flow is practically non existant? At least that way you would have some sort of guaranteed income?

I would imagine (but don't take my word for it) that the mortgage you would be allowed to have would be determined by your salary.

hth

How badly do I want to

oops_a_daisy

actually you have a point there about the amount of mortgage that I could get on a lower income. I want to re mortgage at the end of the year because that is when my tie in ends and I will be able to get a better rate but I would not be able to increase the mortgage if I were on a lower income as it would be 3 times the part time salary IYKWIM. I was not planning to increase my mortgage but may have to look into it as a way of getting capital at a low rate to start off my business. Thanks for that - definately given me something else to think about.