Is it worth cutting a day at work?

dejie

I work a full time job, but also go to university full time and have other money making things I do in my spare time.

I am feeling overwhelmed at the moment. 

I tried to find a tax calculator to see just how much money I would loose by dropping a day but cant seem to find anything that gives me hourly information.

If anyone knows a calculator like this it would really help!

Thanks!

TELLIT01

I'm not sure anything out there will give information down to an hourly level.  If you provide information on current hours and earnings, along with the hours you propose, somebody may be able to do a calculation for you.

BrassicWoman

this one goes as low as daily. So not too much maths to do!

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

Marcon

This does hours: https://www.moneysavingexpert.com/tax-calculator/

Sapindus

You don't mention less tangible benefits of dropping a day.  There is always the risk that you go down to four days a week, supposing your employer is agreeable, but in the future you want to go back up to full time and it doesn't fit with the business needs.  That said, I haven't worked full time since being with my current employer (govt arms-length body), I started on three days a week and went up to four when the youngest started school.  It makes life so much easier to have  day "off" in the week when you can go shopping, go to the dentist, have a plumber in and all the other things that otherwise come at a premium when done at the weekend, meanwhile your weekends become time you can actually relax in!

marlot

I went to a 4-day week.  Highly recommended if you can afford it.

Instead, I went for four long days (ie. I did my 40 hours over four days instead of five), so I was paid the same.

Depending how you're paid, beware having Monday as your day off - you might lose out on bank holidays.

TELLIT01

There are also other long term costs involved in reducing hours/days worked.  Any pension contribution by the employer is generally based on wages so that will reduce, as will the eventual pension.

dejie

Thanks for all the help. I couldn’t get any of the info I needed from them calculators though. 

I’m on £27100 a year which usually takes home about £1850 before any pension etc. 

This is only a short term goal as I am currently working on leaving this job and any free time is going towards education to get a better job.

ElefantEd

Would it be better to drop the other spare-time money making activities? Firstly, because they are likely to be less well paid on an hourly basis (depending on what they are of course), or at least less consistent, and secondly because it would be easier to resume them later on.

getmore4less

Once you are paying 20% tax and 12% NI even after the cut  you can go roughly with 68% net of the share of gross you give up


https://listentotaxman.com/27100?

£1,841pm


20%(1 day)  at 68% is £3,686  ~ £307pm



https://listentotaxman.com/21680?


£1,534

gets the same £307   

stick in pension and any other deduction will get closer to the real amount.

LasTan

Yust cut work, open Instagram
is allways OK