Reducing Work Hours

mandl77

Hello everyone - hopefully somebody can help - i am looking to try and reduce my weekly hours at work - and wanted to find out what would be the optimal number before i am worse off for it.
I currently work 37.5 hours a week - and pay PAYE, NI, Company Pension as well as monthly IVA, mortgage and weekly child maintenance payments.
I have all these above amounts to hand if anyone can help -
If anyone can advise on where best to get assistance or advice for this (as well as any other useful figures required) then that would be amazing as i don't really know where to start with this!
Thank you

Laura_a

I always find 'The Salary Calculator' really helpful The Salary Calculator - Take-Home tax calculator. You just put in the gross annual salary (see below for calculation info) and it will give you an estimate breakdown of your monthly pay (it also gives you the option to add in your pension payments, tax code etc. to give you a more accurate figure).

To work out the gross annual salary based on your weekly hours, I've put below how to do this:

For example purposes, I've put your full time salary as 25K:

£25,000 / 52 weeks / 37.5 working hours per week = £12.82 (hourly rate).

Then, all you need to do is multiply your hourly rate by the hours you're considering doing and multiply by 52.

For example, 30 hours per week:

£12.82 x 30 hours x 52 weeks = £20,000 (gross per year - then just put this figure in The Salary Calculator mentioned above for the monthly pay)

Hope this helps!

Getferret

I added up all outgoings for a year and added 10%, then divided by 12 months.  This was the minimum I needed to live on with a little wiggle room.  There is a calculator on here to help you list everything.

I then used the Pro-Rata section to calculate take home pay. https://www.thesalarycalculator.co.uk to show various salaries and how deductions affected take home pay.

Finding the right balance between the finances and free time is a personal one, you will feel much richer with the extra free time.

Hope this helps.

JCS1

How would your reduction in hours work with your IVA?

TELLIT01

Maybe I'm missing something but isn't it almost inevitable that somebody will be worse off working fewer hours at the same job?  The only saving may be travel costs assuming it is the number of days per week which reduces?