Have you ever taken a pay decrease, and did you regret it?

[hopingtomorrownevercomes]

Hate my job beyond belief these days, and don't think I'm any good at it anyway. I earn £35k with great T&C's.

Considering moving on, and back to an admin type role.

This would likely mean a drop in pay of at least 10k.

I'm single, with a mortgage, and with one DC aged 19 still at home, but they are working themselves.

Anyone taken a huge step backwards and been glad they did so, or otherwise?

Thanks.

I took a big pay cut (~20%) a few years ago as I hated my job. Changed careers completely. Have since had a promotion so am back to similar to what I was on before. Plus am much happier and less stressed! We're a double income household though.

The company I worked in closed down while I was on maternity leave on DC1 so I had no job to go back to. Anyway this was during a recession so anything I found paid way less. I absolutely and utterly hated the job I went into it was more work more pressure and less money.

I did this. Hated the job I was in and it was wonderful to be out of it even though money was tight.

I formed a plan and it took 6 years and some extra training in my own time and now I earn more in a new field.

Your idea of trying to live on what the income would be for a few months is a good plan. Ultimately you'll do what's right for you - follow your gut.

Me- I was earning 30K as a dental nurse, dropped to 21 to work in a hospital. Best decision I made. But we're not reliant on my wage so I didn't have to factor that in

I did. Worst thing I’ve ever done!

Single income household here OP

I took a big pay cut leaving a management role to go back to teacher role. I didn’t have much choice, I had a mental health crisis, took months to recover. I’m much happier now, no money was worth the stress I was under.

@LozzaChops101 in what way?

Yes I did, a substantial one of around £40k, at the time I felt that I no longer wanted to be in senior leadership. The new gig was just as stressful but in different ways. I stuck it out for 18 months and then started a new role which was more £££ than the original role and was back into senior leadership which I adore.

it all worked out in the end and I figured out what I really wanted professionally.

Me! From £43k down to £28k.

Best thing I’ve ever done, I’m so much happier now doing a less stressful job.

I will add that financially our family is secure though, so the pay decrease hasn’t actually meant much to us.

I was worried I’d still find something to stress about in lower paid job so I was jumping ship to lower paid job for no reason.

My DH was worried I’d take the lower level job and then miss the responsibility of my higher paid job.

Fortunately I’m 6 months in and can say it’s the best move I could have made!

I did this as a single parent, it was a similar drop in wages, however I was a fairly high earner, so I wasn’t then left struggling to pay the mortgage etc. I’m pleased with my decision, so much so I know that I will never attempt another promotion as I’m happy as I am.

How about pretending to drop income for a few months by putting anything above the new income in a seperate account, that way you can do a dummy run of your new financial situation, plus you’ll have a little nest egg for emergencies.