Likely drop in income 26,000 to 16,000, single with mortgage, any advice

Jennifer_82

I recently moved to a new internal post but its terrible so I need to find another job. I earn 26,000 but I have worked my way up to this with limited qualifications and experience. Looking at available jobs I could earn 16K or there abouts. I bought my flat a year ago with help to buy and think I can just about make the payments (factors fee and council tax) but I will be struggling. I'm in Scotland. any suggestions to boost my income? I'd consider air bnb but I've no where to stay to occasionally let. I'd like to get additional qualifications to improve prospects but I will struggle to fund these (I won't get help because of my earnings which I can completely understand). I can't rent out my flat as it was bought with help to buy (which is also fair enough) Does anyone have suggestions? The extreme would be to sell up and rent a room somewhere. I've been look at jobs for about 3 months but need to make a move soon.

asajj

How about getting on with the job while gaining qualifications? What makes the new job so terrible?

Also not sure about the salary difference. If a similar job pays you 16k somewhere, your company wouldn't really pay you 26k, surely hiring someone cheaper would be better?

ada-or-ardor

How about a second job part-time to make up the difference? Also the usual ways like TopCashback and surveys, mystery shopping/dining? Does your industry have any freelance opportunities? It doesn't sound like your flat will enable any income that way so other avenues will probably have to be used.

It might be a good idea to do a Statement of Affairs based on your new income and see what your shortfall will actually be, and see where you can cut back. You might be surprised what a salary of 16k could give you if you pay more attention to your budget and frugal living. Start with your budget and work backwards: only you can see if I budget of 16k a year is doable for your own needs.

As previous poster said, it sounds like a huge discrepancy; often you earn more moving jobs than staying at the same company. There could be two options here: really figure out what's so terrible about current job, then make an action plan to try and improve little things one at a time. Alternatively, give yourself 6 months of hell but save like you've never saved before for those 6 months; then when your salary drops, you have a buffer and a bit of security to fall back on (especially if you start surveying etc).

HTH, good luck with your decisions whatever you decide to do.

Ada

Gillbrah

Night shifts on a weekend? I think leaving the job would be the worst thing you could do if I'm honest. Even though you hate it, you can't afford to leave and drop £10k. Stay active on the job hunt, apply for everything offering a similar salary (open up to other fields of work) and stay at your job until you're successful. It's a numbers game and the more opportunities you open yourself up to the more likely you You say you have limited qualifications and experience, but have also worked your way up in your current company. That is valuable experience that would look good to employers. Consider the worst case scenario for both staying and leaving, and whichever one is worse is the worst is the one to avoid.

Anyway, matched betting is probably your best bet (pardon the pun) to make up as much of the difference as possible if you were to leave.

[Deleted User]

asajj wrote: »

Also not sure about the salary difference. If a similar job pays you 16k somewhere, your company wouldn't really pay you 26k, surely hiring someone cheaper would be better?

I got the impression that OP meant any available jobs locally, not similar jobs.

Dird

How many beds is your house? Let out a 2nd bedroom for tax free earnings
Look to use these tax free earnings for matched betting to make more tax free earnings

Combined they should be enough to live on while studying full time but you'd have to go on the SVR mortgage rate.

You recently moved to a job paying £26k, what was you earning when you applied for the mortgage

Kayalana99

16k is pratically min wage. Sure there isn't anything else you could do? My friend gets 18k working in a call centre and she had no proir experience.

Not sure if you already have a degree but if you haven't, you can get that funded assuming you've not used Student Finance before (and can be done at home with Open Uni)

Broken_Biscuits

£26000 pays 2,167 a month after tax.
£16000 pays 1333 a month after tax.
You say you could just about live on £1333, so what are you doing each month with the surplus £800 a month, £9600 a year?

Sticking the job you don't like for a year will see you have a good chunk of money to be able to cushion the wage drop. You have worked your way up before and so with the same attitude you wouldn't expect to stay on a low wage in a new role.

Considering you were promoted internally based on merit, your best bet is likely to be a Frank discussion with your boss about the things you don't like and the possibility of them losing you if changes are not made.

Best of luck.

parking_question_chap

Why is it terrible?

parking_question_chap

Broken_Biscuits wrote: »

£26000 pays 2,167 a month after tax.

I think you might want to double check that.

Wizzbang

Broken_Biscuits wrote: »

£26000 pays 2,167 a month after tax.

That's as maybe, but then everyone has to pay into a pension these days. You can take off another approx £400 per month for that for that.