To drop a day at work at the moment?

[CPHB2021]

It's arisen at work to have the opportunity to drop to four days a week. I only work 6 hours on the 5th day anyway. I am so torn between giving it up and being able to be with DC or staying to have the extra cushion financially.
We are fairly comfortable and DH does well at work, but still reliant on my income. The difference is just shy of £5K before tax, per year. Would you lose £5K to have more time with your children (3 and 6yo) or would you stay as is, and have the extra few hundred pounds a month, looking like £350 ish I'd be losing.

Are you sure it would work out to that much a month after tax? What would you save in childcare?

From what my employers accountant has said, yes roughly £350 per month.
Nothing saved in childcare as DD has funded hours now.

I'm doing the reverse and about to go from 3days a week to 5days. DD is 18months and even with the FT nursery fees, we are still significantly better off every month if I'm FT. How are your savings? Do you have a comfortable enough buffer for eg. Increased energy bills, food etc? Those are things I'd be considering. We have made our decision to try and build up our savings again before TTC #2.

Really check your numbers.

Funded hours usually don't fully cover the cost, most providers find ways to ask for donations or extra charges to ensure they can cover costs. They are also only for 39 or so weeks a year so its likely you are having to pay something extra in school holidays atm

I’d 100% do this as work/ life balance is so important and if you can afford it it will be lovely

but I’d take some of those hours for myself if possible

What about school holidays for the 6 year old? You're looking at 12 fewer days to cover.

Yes, I just found this out recently. Not all it's cracked up to be so really check.

Also a loss in pension contributions.

Savings in commuting costs?

I would look at the school holidays and how it will impact on childcare costs then.

My job is term time so have the children with me in the holidays.
Pensions loss is a good point.

If I could afford it I definitely would.

You need to work out all your household expenditure properly and if you can still live comfortable deffo.

Even just to have 1 day to yourself is so good. I used a days annual leave to do this recently and it made such a difference.

yes I would, I currently work 4 days and love the extra day with my DC

Do you have the option to switch to a school hours only job (which would be about the same total hours)? If the main motivation for doing this is extra time with your children, I'm not sure losing the money is worth an extra day for 2 terms (assuming younger DC starts school in September) and a couple of hours after school on one day.

Check out www.thesalarycalculator.co.uk to help with numbers too

She starts next year as she's an October baby.

I have checked the numbers using an online calculator and checked with employers accountant and both saying it's around £350 loss a month.

DD nursery is fully funded, no top up. My sons was not so I know that it's not often 'free childcare'

Children are with me during the holidays so it doesn't matter that funding is only 39 weeks a year.

We have a buffer of about 3 months joint income in savings.

I've just done this myself gone from 5 days a week to 4 days and lost about the same a month by doing so. We do notice the difference in income, but the work life balance is so much easier with a toddler at home. I'd do it again in a heartbeat. I feel less stressed. Baby sees more of me.. and I have a day I can flex about if needed for things to.

I work 4 days and really value my day off. When the DC were younger I was 3 days and that was perfect. I never want to work full time if I can avoid it.

I think I'm mostly worried as the cost of living is so high, and whilst we're ok now. Our mortgage has gone up, our gas and electric and of course were all experiencing higher cost for fuel and food, I'm hoping we won't see many more increases so hopefully what we have budgeted now will stay applicable for a while.... I really think the work life balance will be lovely for me and DC.

Would there be the option of going back up to 5 days later? I think your children are the ideal age for you to have an extra day at home, particularly now you've said younger DC has another year before starting school.

IME it tends to be pre-school/infants age that it's most useful to have a parent about. And it's quite nice to be able to do school pick up once a week and be a bit more involved with school life. But ideally this wouldn't be a long term thing (from the money and promotion perspective).

Could you condense 5 days into 4, work extra hours the 4 days and drop the 5ty day, then you don't lose any money

Sadly not. I already work long hours on the Mon-Thurs (10 hour days)
Someone will replace me on the Fridays, it's more there is now another person able to do my role and would allow me one day off.

So you currently work 46 hours a week????!!!

Definitely drop a day.

Yes! Haha! My role is long hours I've done it for a long time so used to it!

I worked 4 days but did a 40 hour week.
. I've dropped an extra afternoon to do 35 hours a week and have extra time with my children, mainly DS who's 2.
To me the time with him is more important than money as obviously there will be a time when he'd rather go out with friends than be with me.
We won't lose a lot as we'll save on childcare. So I would chose extra time at home if you can afford it.