Nice People Thread No. 15, a Cyber Summer

PasturesNew

vivatifosi wrote: »

Boo hiss... it is getting darker out already and it is neither December nor 4pm yet.

Darker, but still daylight here. It's that light where you should have your car headlights on, but half probably won't yet.

michaels

vivatifosi wrote: »

Personally I would choose the least number of hours that still gave me enough money for me and my family and I don't know where that point is. Clearly you are putting a lot away in pension so that you can retire early. The other factor I would make is tapering down my work before retiring, so that it isn't quite the shock that it would be otherwise.

Also, making sure that in the event the government changes its salary sacrifice rules (I know that pensions are safe for the mo, but in case) that you still have options and that whatever option you choose still works for you. Or alternatively that you have the flexibility to choose between them going forward.

Does that make sense?

Good point, with the pension it seems likely that the rules will only get less generous so maximising contributions now definitely seems to make sense.

I don't enjoy the work and would like to spend more time with the kids. All the days are 7.5 hours, the extra 1.5 hours in option 1 is an extra day a month because of tax credit rules.

LydiaJ

michaels wrote: »

Good point, with the pension it seems likely that the rules will only get less generous so maximising contributions now definitely seems to make sense.

I don't enjoy the work and would like to spend more time with the kids. All the days are 7.5 hours, the extra 1.5 hours in option 1 is an extra day a month because of tax credit rules.

The trade off between money and time is a very individual thing. Some questions you may want to consider include:
1) How much money do you need to be able to afford the things that are important to you and Mrs S and your kids? Is there anything you would have to give up if you drop your hours? How would the family feel about this? Decreasing your hours really needs to be a joint decision for you and Mrs S to make together.
2) What you be able to do with the extra time if you had it? During term time, having time during the school day won't be time with your kids, although of course you'll be there as soon as they get home from school, so it depends how late you usually work and how long your commute takes. Would Mrs S appreciate the bonus "couple time" while the kids are out?
3) How would your situation at work change if you do this? Does your organisation have plenty of part-timers or would it make you a bit weird? Are part-timers regarded as lesser forms of animal life than full-timers? Are part-timers' days off respected or encroached upon? Are there any promotions or extra responsibilities that you would like to apply for but would be cut off from if you go part-time?
4) What is the main source of the problem - not enjoying the work, or wanting more time with the kids, or are both of those equally important? Working at a job you don't enjoy grinds anyone down, even if you only have to do it 3 or 4 days a week instead of 5. Is there no possibility of finding work that would be less miserable for you?
5) What effect, if any, would it have on your tax credits (since you mention them) if you are no longer doing more than 30 hours a week?

Working part-time is definitely the right choice for me, and I think I've got the money/time thing about right for my family.

My hours go up and down between 40% and 60% of full time (where full time is defined as insanely long hours in term time but 19 weeks of holiday a year). My contact time is spread over 3 or 4 days, depending on each year's timetable. At the moment I'm doing just under 60% with 1 full day, 1 early finish at 2:30, 1 late start at 11:00 and 1 super-early finish at 11:00. I can choose whether to bring work home in the evenings or stay at work for longer than my contact hours to get the non-contact stuff done on-site. My work is only 10-20 minutes from home, depending on traffic, so having the hours spread out doesn't bother me too much. I am very disciplined about not doing any school work on Tuesdays (day off without children) or Sundays (day off with children), which makes those days much more effective in my work-life balance.

Doing this earns me enough to live on without having to worry about money, according to my preferred lifestyle. (Some of the ways in which my expenditure may differ from other people's are that I keep my house warm all year round, pay for my kids to do music and drama and an English tutor for dyslexic DS, but don't smoke or drink, spend almost no money on holidays, and can't see the point in replacing the perfectly functional kitchen and bathrooms that were in my house when I bought it, even though they're not entirely to my taste.)

silvercar

michaels wrote: »

I am thinking of applying for flexible working from Next April.

Working 3 days a week gets me an ok ish basic salary along with max pension payments.

Adding a 4th or 5th day each week adds about 3.5k to my net pay after taking into account tax and benefits (pension contribution remains the same)

Is it worth working more days for such a (relatively) small return? I would rather have the time with my kids than the money and stress.

Are you turning down future promotion/ prospects/ ambitions by restricting your hours?

Are you turning down the opportunity to make savings?

What will you do with your time?

I would say, with kids older than yours, as they get older the kids want less of your time not more. They also cost a lot more, the older they get, until they are off the payroll.
Don;t be fooled into thinking that they are self financing as university students. The student loan/ grant combination doesn't even cover hall fees in most cities.

GDB2222

michaels wrote: »

Good point, with the pension it seems likely that the rules will only get less generous so maximising contributions now definitely seems to make sense.

You're nowhere near the lifetime allowance? That's a political football, so it may not rise to keep pace with inflation.

SingleSue

silvercar wrote: »

Don;t be fooled into thinking that they are self financing as university students. The student loan/ grant combination doesn't even cover hall fees in most cities.

So true, especially if they go to a uni in London or within spitting distance of the M25.

James' rent this year would rent a very nice house down here..it's more than my rent!

GDB2222

LydiaJ wrote: »

and can't see the point in replacing the perfectly functional kitchen and bathrooms that were in my house when I bought it, even though they're not entirely to my taste.)

Why do people think that their house needs to be "perfect" in some way or have a "Wow factor"? A kitchen cupboard ought to be something to keep dishes in, not something for people to stand and admire (or envy). I appreciate that those are not mutually exclusive, but ripping out a perfectly functional kitchen in order to have one that's slightly better seems almost depravedly extravagant to my skinflint soul.

PasturesNew

GDB2222 wrote: »

.... perfectly functional...

Mine's not even that and I'm not planning its replacement.

For somebody planning on spending 20-30 years in a house though, it would make sense to get "the perfect" kitchen soonest so they can enjoy it for as long as possible ... rather than doing it up when they decide to sell and not having the benefit of it.

Pyxis

GDB2222 wrote: »

Why do people think that their house needs to be "perfect" in some way or have a "Wow factor"? A kitchen cupboard ought to be something to keep dishes in, not something for people to stand and admire (or envy). I appreciate that those are not mutually exclusive, but ripping out a perfectly functional kitchen in order to have one that's slightly better seems almost depravedly extravagant to my skinflint soul.

If you want depraved extravagance, have a look at this.......

http://justrichest.com/at-75-million-this-is-the-worlds-most-expensive-cake/


$75 million dollars for that cake.

SingleSue

My kitchen units are def not wow factor worthy....we got them second hand over 18 years ago for £50!

We only got them as there was one unit when we moved in (the sink unit) and because we were told they were renewing all the kitchens in the older properties, had been advised to just get something cheap and functional rather than spending out loads only for them to rip it all out.

The improvement plan went by the wayside for some reason but I have now been on the list for a new kitchen for a good couple of years as mine is seen as being below standards (not just the units but the electrics, plumbing etc) for social housing due to its age. Unfortunately, the kitchen is not too bad a size so they keep putting the small kitchens in front of the big ones...my sister in law and brother got theirs redone after only being on the list for 4 months and with a kitchen at least 20 years younger than mine, their house hadn't even been built when we bought our £50 kitchen!