To work 2 days or 3 per week?

Tainted_love

Hi, I currently work 3 shifts per week ( 22.5 hrs). I may have the opportunity to drop my hours to 2 days (15hrs) per week. This would be great in terms of childcare and spending more time with my 2 young children. However the drop in money worries me. What are people's opinions on this? Is it better to have more time and less money or more money?!

If I stay on 3 days our family disposable income ( husband and 2 kids) is £875 ( I class disposable income as anything left over after bills etc for fun or emergencies/ savings)

If I work 2 days our disposable income is £600. Theses figures are both without child benefit so add £146 per mth to these amounts.

I would love to do 2 days as it would suit our family much better but wonder if its too tight or if interest rates go up etc. Also I might not get my hours back at a later date although can always do extra hours as I also have a zero hour contract in addition to my permanent job.

duchy

Is that disposable income per month ?
Do you get any working tax credit -if so you'd lose it -is this factored in ?
Do you currently cook from scratch /source cheaper food -could some of the deficit be made up by reducing food bills this way?
As you'd be at home more your utility bills would increase .... are there other things you'd spend more on ?

Just a few things that sprung to mind. There isn't a "right" answer-Just the one that works for your family.

Tainted_love

Thanks for your reply, yes that's disposable income per month. We are not entitled to any working/tax credits so that's not an issue. I would save a bit on travel reducing a day but like you say utility bills may increase.

Goldiegirl

There's no right or wrong answer, just the answer that will suit you and your family best.

I'm at a completely different stage of life you you. I'm 53, and have a pension, so for me the time factor outweighs the money factor.

I work two days a week, Thursday and Friday. The thought of an extra day fills me with horror! I love having lots of time at home to follow my interests and when I'm at work, the time is over before I know it. Also, now the tax bands have changed, I won't be paying any tax on my salary which will be nice. If I was on a three day week I'd have to pay tax.

Good luck with your decision.

Tainted_love

It's all a balance I guess, I would love to work 2 days a week for the rest of my career and I'm only 35!! I quite like my job but love having time off to spend with family and also to not be part of the full time grind that most people seem to strive for. I quite happily gave up a full time wage to drop to 3 days and never miss it, while I can financially survive I would happily stay part time until I retire if possible!
We also possibly want to try for another baby within the next year or so obviously that's in my thoughts too with regards to childcare, maternity leave etc.

teabelly

Can you do slightly longer in those two days so you're not dropping as much income? Is there anything else you can do at home in the extra day a week to earn a bit more?

If the financial situation does change then it doesn't seem completely unlikely that you couldn't increase your hours again or find somewhere else to work that pays better anyway.

Tainted_love

Hi, due to the nature of the shift work, the start and finish times are set and inflexible so I can't do longer days/ compressed hours etc, its either 15 hours or 22.5 hrs. It is possible I might get my hours back at some point but definitely not guaranteed. Like I say, I'm more than happy to remain part time indefinitely providing circumstances don't change, I value time over money I think within reason! It just seems a difficult decision for some reason!!