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finances - worth working full time or worse off?

(3 Posts)
dipndunk Wed 07-Nov-12 23:03:43

Just wondering if anyone has gone from part time to full time. I am managing ok at the moment, i have taken over mortgage since divorce. I receive WTC and CTC and work part time on a good wage. I am thinking about going full time now my son is at school, or changing jobs. Problem being i cannot afford to be worse off! How can i see if i will be and what the crossover salary is that i would need to earn so i wont be worse off? Alternatively, I am thinking of studying. I just need to know what my options are.. thanks

purpleroses Thu 08-Nov-12 08:20:46

Assuming your chilcare costs aren't much - as your DS is at school you'd probably be a little better off financially. You'll lose about 70p in each extra pound you earn (tax paid and tax credits lost) and also have to pay 30% of childcare costs.

I went from 3 days a week to 4 when youngest started school and personally that suits me much bettet than full time would. Still one day for housework, shopping, etc. And it's good to do the school pick up at least some days of the week to keep in touch with friends' parents and have a day or two free for play dates.

Athendof Sat 10-Nov-12 08:52:43

I am just marginally better. I went to three to five days because having two free days and no money left for emergency expenses or to do anything apart of surviving was frankly killing me. I need to keep busy.

My income has gone up only by £100ish a month but it's a job that I enjoy so I see it as a paid volunteering. I think the main thing has been that being TC now a smaller chunk of my income, I feel as if I am not so tied to them and therefore feel a higher degree of freedom as I wouldn't loose the most significant part of my income if my circumstances change.

Having said that, what would have been ideal was to work 4 days instead but the option wasn't available.

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