WIBU to take a lower paying job that I'd enjoy more?

[OldLeatherSuitcase]

I work as a contractor on digital teams, and I've outgrown my job. I usually work for companies that don't feel very me, I came from a creative background and feel a bit fish out of water in the businesses I work for. But as a contractor for big businesses my pay is better than it would be in more creative industries or charities etc (either would be my dream job).

I've seen a permanent job in a much more creative industry that is much more me. The job is also a step up in seniority so will give me a new challenge. BUT I will be taking a large pay cut to do it.

YANBU - apply for the lower paid job, choose career fulfilment over money
YABU - stick with contracting, choose money

I will still be able to afford my mortgage on the perm role, I'll just struggle to save anything and will have to cut down a little where we can as a family.

I am currently not working so using my contractor savings to live off (which is normal for contractors to do in between contracts).

I am aware of how lucky I am to have this choice to make, I remember how horrible it is being out of work and worrying where your next £ is coming from, I did this for many years (we had nothing and I was very depressed). I think because of our financially dire years and the debt we got into, I do have anxiety over money, and my husband finds it harder to cut back on spending than I do, so I worry that he will mess things up for us financially if I take the lower-paying role.

GoldfishParade I hear you on the repetitiveness of projects! That's exactly what I'm sick of.

What vocation are you considering retraining in? Sounds like a great idea! Tbh I'd love to do something completely different but I can't find anything that'd be able to afford to switch to.

You probably don't have much to lose career-wise going for it, as contacting will (hopefully) still be there, and could gain a lot if it's a promotion.

Your relationship with your DP was the other thing you mentioned, but that could be affected I guess with either decision.

See this is where we have an advantage, as we can actually tweak our schedules to work around retraining (at least I can, but we don't do the same work so it could be harder for you?).

I'm considering all the good old fashioned public sector careers. Nursing, teaching, policing, social work. Don't get me wrong, I know they all come with huge down sides and we probably dont know how lucky we have it, but I don't actually care. No matter how stressful or how much of a pay cut I have to take, I just really want to do something with people, where "every day is different" to use a cliche. I'm just tired of the project/invoice/hunt/project/invoice/hunt cycle. I'm really bored and feel like none of my interpersonal skills are being used. I just feel a bit deadened inside.

Maybe it's worth asking yourself whether you are craving being a part of a company, a firm fixture somewhere, in a more creative sector.... OR whether it's more that you're actually fed up of your entire line of work?

Dont want to project too much though!

I'll just struggle to save anything and will have to cut down a little where we can as a family.

In this instance I'd say it requires the input of your partner too depending on what you need to cut back on

GoldfishParade that's so interesting. I was in hospital with my son recently and had a huge craving to get a job there!

I also have friends that are social workers and think that looks interesting too.

I definitely wouldn't be able to pay my mortgage in those roles though.

I think I'll apply for this and see what happens. If I get it (probably won't anyway!) then I can give it a go and go back to contracting if it doesn't make me happier at work.

I’d go for it. No point in being stressed out your head when you could just save a little here and there AND be happy. But have the chat with DH first. To make sure he is on board and discuss how you will manage to cut back financially.

Then in line with discussions once you get the job, do something to prevent your DH messing up the finances. For example both of you have standing orders transferring money over to a joint account for bills. What’s left in your own account after the standing order is your own for spending.

Decide in advance the amount each of you pays in. It could be the same amount or it could be a percentage of your salary.

The shopping could come out of that account or even a third account you both have with a debit card or via a shopping gift card or something.

Either way if he doesn’t have access to take money out of the joint accounts willy nilly he can’t mess things up.

If you can afford it then go for it!

Rooting for you OP.

Re tax, if you move to PAYE part way through year it just means you have 2 sources of income to put on your tax return rather than 1 but it's really not that complicated.

Re your limited company, you can keep that as long as you want, if you don't have any activity in one year you just file dormant accounts which just involves filing a n unchanged balance sheet from the last year. Only have to pay the filing fee. Plus annual return showing no changes which can be done online in minutes and again just the filing fee to pay. Both can be done easily without having to pay an accountant.

I always think about the job after the next one, ie what's the plan in the next few years?

In principle, I think taking a step back in pay but a step up in other ways or even a sideways move on less pay can be the right thing to do if it takes you closer towards something more fulfilling.

I took a drop of over £20k after I had second child. Great move for me...
You really do need to be able to afford it though...
Good luck

Thanks for all the thoughts and wishing me luck - much appreciated! :-)

Good point re DH and the financial side, I should probably address that anyway, regardless of the job. Our money all goes into one account and then he spends way more of it than I do and I can sometimes feel a bit resentful about it (especially as it was him being bad with money that got into a bad financial situation in the past).

Thanks OnGoldenPond about advice re keeping limited company going, that's good to know. With the other tax thing it was more that I'd end up with a bigger tax bill for my dividends (I think, I'm not always great at finances myself) by mixing PAYE and limited co in one financial year.

@OldLeatherSuitcase

jdoejnr1 that's interesting to hear. Do you mind me asking what % or £ you both took as a cut?

Both times about a 10% pay cut, partner is about to take a 25% pay cut. Strangely each time it was a move within the same organisation.