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

snozberry

Broken_Biscuits wrote: »

£26000 pays 2,167 a month after tax.

This isn't accurate. I earn a lot more than £26k a year and I get less than £2,167 after tax. You need to factor in NI and pension.

OP, when I was on a low wage I took on a second job and did the usual (mystery shopping, surveys, shop n scan, swagbucks). It was hard to juggle everything but it is possible. I wish you every luck but it might be an idea to try to save as much as you can now.

Frempt

This isn't accurate. I earn a lot more than £26k a year and I get less than £2,167 after tax. You need to factor in NI and pension.

Not to mention student loan repayments for many of us! I make 26k and my net pay is £1652 per month.

Jennifer_82

Thanks for you for posting. In response to some comments:. I currently take home 1600 a month and to drop to 16 k I'd need to stop my hobby (indoor climbing), sell my car, use less heating, get cheaper food etc which, as suggested is probably something I should have been doing for the past few months to save. I can go without for a period.
I work for a government agency that is chronically understaffed and involves a degree of confrontation with businesses and individuals, this is what I'm struggling with. It's very negative, people are unhappy. Workload is overwhelming, for me at least, and I have previously asked for support but people have left and, due to resource, it's just not possible. The job is quite specific so it's difficult to transfer the skills beyond reliable, computer literate etc.
1 bed flat so I can't let a room unfortunately.
Best option for my mental health is to get another job at the lower scal and, as suggested, get a second job, possibly early morning cleaning, and apply for funding for further education. Best to stay positive and move on. I'm very lucky I don't have dependant and can do this! Thanks again.
*Sorry writing on phone difficult to amend

Wizzbang

That really is a massive drop in income, and not very liveable IMHO. I would get some advice from someone more qualified, like the Citizen's Advice Bureau before you make this decision. You will be able to give them the full financial details of your circumstances which obviously you don't want to be posting on an online forum.

You need to think about what may come - what with Brexit we are facing rising food prices, a likely increase in interest rates. All of which mean that your money is not going to go as far. I wouldn't want you to make a snap decision now and then end up losing your house. You may be able to get some benefits to help if you are on a low income, again Citizen's Advice may advise. But in the same way that if you have made yourself intentionally homeless or jobless, they may not pay out for a significant period if they deem that to be the case - like up to a year, I believe. Any online income is often not cash, from survey sites etc and unreliable at best.

Having a second job is very complicated when you are an employee and you may have problems with tax. Perhaps you would be better to ask to speak to occupational health, or pay to get some counselling to help you deal with your current job?

Alternatively, can you look at being a full-time student? That way you'd get your council tax paid, a loan and you'd be gaining qualifications for the future. If you've no dependents it's the ideal time to do it. Otherwise, should you find yourself in this situation again in the future, you may find history repeats itself.

JetStream101

. .scotland.police.uk/recruitment/police-officers/how-to-apply