Reduce hours... how much or not at all?

fringe9434

Hi folks,

So here's my current situation: 31 years old living in Edinburgh (single), income of £38000 (full time associate scientist), I have a £240000 okay-ish flat owned outright (Edinburgh), £141000 in my shares ISA, £133000 in a high interest online saver ) and contribute 16% of my salary to my pension. I have no debts (mortgage, student loan, car finance etc) . Current hours (Mon-Fri) 7-4. 7-4. 7-3. 7-12:15. 7-3.

Basically I was thinking of reducing my thursday hours and just taking the pay hit, I also dabbled in potentially taking say 2 hrs off on wednesday or friday as well so I get two midday finishes and obv a smaller pay hit (but I wonder if I should just commit to the 4 day and rip the bandaid off).

I don't really have anyone to talk to about it as I'm not going to sit and tell friends etc about my overall/specific financial situation. I'm just curious what other peoples approach to this would be if they were in the same situation as me. So that obviously ties up a lot of money in non-liquid once I've done that.

Cheers for any input (if I get any!)

sammyjammy

Shift 1hr from thurs to wed and take 4.25 remaining hours off on thurs (4 day week)

On the basis of what you've said I'd drop to 4 days but it depends what you do in that time, if its just chilling time I'd go for two half days. If I had hobby plans etc for that day off I'd go full day.

Either way enjoy!

sammyjammy

Shift 1hr from thurs to wed and take 4.25 remaining hours off on thurs (4 day week)

I suppose the only thing I question is the "okish" flat, do you have plans to move at any stage? If so would you use your savings or take a small mortgage?

barnstar2077

Is it possible to drop a whole day? If you can drop a Wednesday it will be life changing!

If not, then just reduce whatever hours you can.

Also, why so much in cash? Are you hitting your ISA limit?

fringe9434

Can't see a reply button so guess I just leave a general comment! ye so re the 4 day week, since it's not to look after kids etc I did wonder if i'd just sorta be sat about twiddling my thumbs a bit but everyone that does 4 day weeks seems to love it so it has peaked my interest in that way. The flat situaiton ye so the area I'm looking at (upper EH7) a nice two bed would probably require £380000 cash offer to secure and that's not including lawyer fees, LLBT tax etc… You have probably figured this is all family wealth I have and my dad is basically allergic to debt so I've been conditioned to avoid a mortgage at all costs haha. A ca 40k mortgage would actually cost me less than taking the 40k out my isa though due to the loss of interest going from ca 140k to 100k.

Dazed_and_C0nfused

Is the first consideration, which only you will know the answer to, would relatively short days, one of which is essentially half a day (although some might argue three are half days!) work better for you than having a full day off each week?

Would taking the Wednesday off, so only ever in work two days in a row appeal?

fringe9434

if you have a look at 87 2f1 montgomery street currently listed by rettie you'll see what kind of property I'm looking at.

fringe9434

https://forums.moneysavingexpert.com/discussion/comment/81901798#Comment_81901798

since it's not to look after kids etc I did wonder if i'd just sorta be sat about twiddling my thumbs a bit but everyone that does 4 day weeks seems to love it so it has peaked my interest in that way

fringe9434

The flat situaiton ye so the area I'm looking at (upper EH7) a nice two bed would probably require £380000 cash offer to secure and that's not including lawyer fees, LLBT tax etc… You have probably figured this is all family wealth I have and my dad is basically allergic to debt so I've been conditioned to avoid a mortgage at all costs haha. A ca 40k mortgage would actually cost me less than taking the 40k out my isa though due to the loss of interest going from ca 140k to 100k.

fringe9434

ye I could o, but I already work 7-12:15 on thursday so that seems the more natural day to further reduce if you get me

fringe9434

https://forums.moneysavingexpert.com/discussion/comment/81901807#Comment_81901807

So the cash literally arrived two days ago, and yep I've maxed the isa every year for 4 years now