How much would I lose going down to 4 days a week?

FrugalAspirations

I'm thinking of dropping one day a week at work, but I'm not sure if I can afford it. Can somebody with better maths skills help me?

I currently work a total of 35 hours a week, spread over 5 days. My annual GROSS salary is just shy of £29,000 so let's round up for the sake of making the maths easy. What would my monthly net be if I went down to 4 days?

elsien

4/5 so annual salary would be 23,200 which is 1933 pcm.

Exodi

Well for completeness, assuming this is a pro rata arrangement and assuming your tax code is 1250L.

Current monthly take home is £1937.99
New monthly take home would be £1609.32 per month.

EDIT: numbers have been changed as I worked off a 5 hour day instead of 7 >.<

Xbigman

I suspect you want to know how this affects take home pay. Without knowing things like pension contributions I'll keep it really simple and just use a rule of thumb.

You'd lose just under 6k a year gross.
Deductions are about a third so you'd lose just under 4k take home.
Divide 4k by 12 gives a take home reduction (ballpark figure) of between £300 and £330 per month.

Darren

EDIT pretty much agrees with Exodi

LilElvis

Exodi wrote: »

Well for completeness, assuming this is a pro rata arrangement and assuming your tax code is 1250L.

Current monthly take home is £1937.99
New monthly take home would be £1609.32 per month.

EDIT: numbers have been changed as I worked off a 5 hour day instead of 7 >.<

OP says they earn £29000 net, not gross.

Exodi

LilElvis wrote: »

OP says they earn £29000 net, not gross.

Oh wow, what an odd way to express salary. I'm sure someone will correct these figures, I'm heading off home!

jobbingmusician

Yep, silly way to express it. Tell us what you earn GROSS, OP, then someone would be able to work out your decrease.

Yes, it is possible to reverse engineer it, but don't you want the most accurate figure possible?

MovingForwards

And don't forget not only will you lose salary / pension contributions at the rate you have been paying it will also alter your holiday entitlement.

MovingForwards

Here is a link to work out your pro rata salary

https://www.thesalarycalculator.co.uk/prorata.php

HurdyGurdy

As an alternative, if the money would be too much for you to lose, could you explore the possibility of compressed hours, i.e. doing the full time hours over four days instead of five? Still get the same money and holidays, but depending on how you commute, maybe a saving on commuting costs?

Savvy_Sue

Yes, do consider what you will save by not commuting one day a week, and being able to batch cook, get an allotment and grow your own veg, learn to make your own clothes etc.