To ask if dropping a day would really make that much difference?

[stayingatthebottomofeverest]

Dh and I both work full time, are skint and have small kids.

It's pretty full on and exhausting and all the rest of it, and I have the opportunity to drop a day at work in a few months.

However, I don't know about it. It would mean the work would absolutely pile on in the four days I was in, and tbh I struggle to manage as it is.

Then there's a financial implication - everyone says you barely notice it.

Childcare costs would remain the same more or less as we get a discount for two FT places.

So is it worth it? I'm leaning towards no, but selfishly I am pining for that one day

No, it isn't, it never gives me accurate results but thanks for making me feel like a twat

Whenever I’ve seen people drop from 5 days to 4, they’ve ended up doing pretty much the same work but with a 20% pay cut.
This. And you'll be made to feel you're at fault for not managing your workload.

I dropped from 5 to 4.

Advantages:

1. A day in the week where all chores could be done, therefore giving us our weekends back. We seemed to have a disproportionate increase in leisure time.
2. Better balance to the week - just over half working.

It gave me the confidence to refuse to work unpaid overtime - I wasn't going to go back to working 37 hours when I was being paid for only 30, let alone work 50 or 60 hours.

1. It gave me a 20% reduction in working time with a less than 20% reduction in take-home pay, because the money I lost was entirely from the taxed portion of my income.

Disadvantages

1. My career was in stasis - but we were an organisation where part time working was common even amongst senior women (not amongst men, though), so I think that was more an effect of other problems.
2. I can't think of any other disadvantages

But then, we weren't skint. We knew we could live on the reduced income, and I was only 10 years from retirement. And I was in a job where I took on projects according to time available, rather than in the sort of job where you have to do a full time workload even if you work part time. Set against that - you may get child tax credits that you can't get at the moment. If your income drops by more than 15%, I believe you can get them assessed on your current income rather than last year's.

No need to be like that, you can't just trust that "it isn't noticeable" when you say you're skint already so I'd make a little effort to find out. If it doesn't make sense to you as to how their figure differentiates from your own, put your current figures in work out how much the salary calculator is out in a % then put the figures in for a 20% less job and adjust that figure by the same % it was out in your current figures and that should give you a good idea.

I've tried to find out but I can't. It isn't as simple as you are saying because pension and student loan and all the rest of it ... anyway I'm not getting into a daft argument.

www.moneysavingexpert.com/tax-calculator/
This calculator is very accurate. I went from 5 to 4 days recently on a similar salary to you. It calculated my pay to the exact figure.
As a teacher, I found myself using my day off to do my usual weekend work. It meant I have more family time. What I made sure I didn't do though was extra work. I dont open emails or do extra. I love it!

thanks :)

As an example, assuming 3% pension contribution, standard tax code and NI:

Salary = 46,000
Monthly take home = 2,796

Salary = 36,800 (80% of 46,000)
Monthly take home = 2,293

So 500 difference.

20% less from £46k will definitely be noticeable, plus of course that's 20% less pension contribution, bonus, car allowance if you get one etc.

For me though going to 4 days per week was the difference between mental sanity or going under. So most certainly worth it. It also means I can walk my DD to school and pick her up rather than another 10 hour day at pre school club, school, post school club.

I definitely work extremely hard but I've learnt to be ruthlessly efficient. I don't sit around having long conversations about the weekend etc like others do. I know what to get involved in and not and I've had to learn to walk out on time to get to childcare - I just cannot stay and work late. But the work always gets done.

www.thesalarycalculator.co.uk/salary.php

Here is the calculator . Remember the tax allowance changes in April 2019

@stayingatthebottomofeverest it is that easy! They're standard calculations. I also have a student loan and pension, you put in if you're a type 1 or type 2 student and the % contributions you pay into a pension. You can even put in your childcare vouchers and salary sacrifice schemes if you have any. No the figure isn't usually 100% but it's within £30 for me and as I say if you do it the way I just mentioned working out the percentage of error I usually get it to the nearest £1!

Why can’t you compress your hours OP? I do a 9 day fortnight and it’s excellent for work life balance- no drop in salary and I’m still FT.

I was in a similar position OP, with a similar salary. I found the online salary calculator fairly accurate and thought it was useful to play around with hours to see what reduction would be the best fit.

For me, reducing from 37.5 hours to 33 seemed the most realistic (financially). It meant 4 slightly longer days M-thurs but a Friday off, and when I accounted for my childcare and commuting costs for that extra day (as well as tax, pension contributions) it more or less evened out.

Well I don't know if I'm type 1 or 2 for starters, I don't even know what that is.

I can't compress my hours because it isn't that sort of job.

My eldest will start school in September 2020, I feel like I'll miss out literally never picking her up or dropping her off or meeting her teacher. But I dunno, maybe it doesn't matter.

Oh my goodness have you heard of google! I'm struggling to work out how someone can be smart enough to earn £46k but can't manage basic financial skills! It'll depend what year you graduated, if you are on the older system paying £3000 a year ish tuition fees you are a type 1, if you paid the £9000+ fees (2012 later??) you're a type 2. You'll be saying you don't know your pension contributions next!!!

If you both work FT and are skint, the logical thing to do would be to write down all your incomings versus your outgoings. Suggest don't auto renew any insurance like house, car, travel always shop around for a cheaper deal. Same goes for utility bills. Look on money saving expert website for tips. There must be something that you can decrease in your out goings

tbh just i can't be arsed at the moment ... not really meant rudely but had a terrible night's sleep, two young kids bouncing rounfd me ... im not doing it now, maybe later or nearer the time, have already said I'm not getting into a stupid argument OK? Have a good day :)

Oh my goodness have you heard of google! I'm struggling to work out how someone can be smart enough to earn £46k but can't manage basic financial skills!

Probably because they have skills in other areas, and don't go round insulting randoms for no good reason.

I dropped a day, but worked compressed hours so only actually lost five hours a week. Yes, there was a drop in income, but having a three day weekend was life changing. I would say do it, without a moment’s hesitation. The money works itself out.

Just ignore him, OP. It comes with the territory on AIBU unfortunately. There's always one or two who get a kick out of being foul.

You are being very defeatist when people are asking about the take home pay drop. People have given really good calculators which take everything into account.

A quick google of are my loans plan 1 or plan 2 student loans will give you that answer in about a minute. It is all to do with when you studied and what.

Personally I think 4 days can be the worst of all worlds unless you are disciplined about getting a reduction in workload.

I dropped from 4 to 3 days recently as I worked out that after childcare the extra day earned me £20! My full time salary is 36k, but with the way tax and ni works out, childcare vouchers etc it was am easy decision. Have you used a take home pay calculator to analyses it all. Might be different if you don't have a toddler like me (no funded childcare yet)

I think it depends on your job as well. If its something which involves little paperwork, then going from 5 to 4 will decrease your workload.

Sorry, just read the thread and seen others have advised this!

I reduced my hours last year for a while due to health problems, and I definitely noticed it financially. We were lucky that we could absorb it, but I was great to get back to my normal level of pay once I upped my hours again. If you're skint, you need to sit down and go through all your in- and outgoings to see if earning less is actually financially viable.
I'm very lucky that I work part time anyway, and really couldn't imagine how I'd manage life if I was full time. Work-wise, I'm in control of my workload so I make sure that I only take on 60% of what s full time person would. I do find I stay back at times to fit everything in, but I'm pretty good at saying "I'm sorry, but remember I'm part time so I can't do x y z as I don't work enough hours to cover it", whilst also reminding people that I only get paid a part time salary too!