Deciding between local job at 60K or London job at 90K

PasturesNew

You're young, you're invincible. You think the world will always be "just like this"....

But it won't. Suddenly you can get laid off and find you're "not being chosen as you're too old", especially if you don't get suited immediately again.....

If you don't do this right now, while you have the chance, you will probably regret it in 10-15 years' time when there are fewer/no chances of improvement or well paid jobs.

Life can change on a sixpence. One day you're flying high and you're everybody's magical God in the workplace - and suddenly there's a takeover, layoffs.... and you're out on the scrap heap and never get back where you thought you were headed. Ever.

It's money. Make hay while the sun shines.

bouicca21

90 minute commutes are not unusual for Londoners. Renting a room might be a solution if you can afford it. You need to factor the time (and tiredness) against the growth potential of the new job as well as the cash. Would it be a stepping stone to something else? Would it be more fun than you existing job? Only you can answer.

mwt_2

Commuting costs will be about 5K per year, which doesn't scare me a huge amount. I can't see renting a room working out cheaper than this?

Sea_Shell

Don't forget that within the first two years of any new job, you can be let go for almost any reason without redundancy etc. Worth bearing in mind too.

EnterUserName

Commuting 90 minutes each way is crappy. Always.

Summer, too hot. Winter, too wet / cold. There's no goldilocks zone on the trains. If you get a seat, you're slightly better off. Depends how far out you're travelling in from.

Personally I also think it depends on your mentality. E.g. If you're sick of commuting, or have a particularly bad day where a stray leaf hits the line and your commute for that day is 4.5 hours round, will splashing some cash make you feel better (as for many it does, nothing wrong with that)? If so, then you might be ok.

For me, splashing cash doesn't remove the tediousness of the commute. Lower pay and a 15 minute commute? Yes please

gettingready

mwt wrote: »

Commuting costs will be about 5K per year, which doesn't scare me a huge amount. I can't see renting a room working out cheaper than this?

Have a look at:


https://www.spareroom.co.uk

You would not need to rent a room full time, but just for 2-3 nights per week. Lots of people offer rooms to commuters on such basis.

I worked out of London for a while while I was contracting and instead of having a 4-5 hours per DAY commute, I was renting a room on a Mon eve - Fri morning basis. You would need less than that.

Would not only save you time on travel but also allow you to socialise while you are in London - and with some jobs socialising with your colleagues is a big part of "fitting in"

steampowered

£60k living outside of London tends to go further than £90k living in London. Though of course a long commute can help bridge that gap.

mwt wrote: »

I'm still in my early 30s, so I was thinking maximise my income while I can for the next 10 or so years, knock massive chunks off the mortgage or even pay it off completely if possible.

In a world of record low interest rates, rushing to pay off the mortgage is not a financially wise thing to do.

It is likely that you would be much better off maximising use of your stocks & shares ISA allowance, and contributing to your pension - which build up tax benefits, generate a long term average return of 7-8% per year and, in the case of a pension, give you a massive chunk of tax relief.

Head over to the Savings & Investments forum.

Gavin83

steampowered wrote: »

£60k living outside of London tends to go further than £90k living in London. Though of course a long commute can help bridge that gap.

That's not necessarily true. A lot will depend on where you're coming from but it's a difference in take home pay of around £1400. While rents are expensive in London I'm not convinced it'll be £1400 more expensive.

Miss_Moneysaver

You could stay the middle day overnight in London. It would mean commuting twice.

gwynlas

I went to London for six months and ended up staying 25 years. Not worth commuting three days but lots of people would like mid week lodger and it gives you the flexibility to go out with colleagues and change working hours, Also if already employed in London more chance of changing jobs if this becomes necessary.