If you could afford to live by working just 3 days a week…

[Somedreamer]

Would you?

Or would you keep working 5 days and put the money into savings for your future?

Extra context: No huge financial safety net, still have a mortgage and 6 months of expenses as an emergency fund.

Full disclosure: I am considering this but wondering if it’s irresponsible!

No, as i’ve been part time before and ended up having to squeeze 5 days into 3, it’s easier to work 5 in my role.

I’d do it with the view of starting a small business on the side in something you are really passionate about and enjoy. I work approx 21-25 hours a week in my day job and then about 10 hours a week in a business I started (which is essentially being paid for my hobby). One day I hope the business will mean I can leave my day job.

Don’t forget the effect it will have on your pension too, it’s not just how it affects now. I have 20yrs pension for 25yrs working so far, due to my part time years when DC were little and when I had health issues. Why not consider 4 days, or compressed hours do you do 4 days.

Obviously 4 or 3.5 if you can manage in 3 but you’re unsure. My organisation offers half days. So 3.5 days and you can either do 3 then 4 or ask to work compressed hours.
I work 4.5 days compressed. Slightly longer days but the weekday off is priceless.
This will affect when you retire as your pension will accrue more slowly so do factor that in. Time off now or potentially working for another few years?

With no kids? Possibly, as they’re the one big expense I have (will have two in Uni in a few years).

I’d probably focus on getting the mortgage paid off (or having enough savings to do so, which is our current plan) as that’s what would give me the financial peace of mind to take a step back financially.

Absolutely yes. For most of us, working is a mugs game unless you truly love your job, or work for yourself.

If you would be much happier going 3 days a week and can make it work financially then go for it. I've just had a year off work at 40 after a life changing medical event and it has been a revelation after working since I was 16. Life is far too short.

I work four days.. have done for about 5 years. slowly built up to four days I think.

working pt worked when the children where little.

they are mostly adults now.

it’s a difficult balance as my savings are not very large (over £1500 but not 3 months expenses)

however, I truly believe that if I worked five days and didn’t have a day off to do nothing, I would have succumbed to my sometimes shaky mental health, however as it stands I have only had one (unrelated) week off sick in five years.

the last two years we have managed ok financially, but I have noticed in the last two / three months we have started to struggle with things/ bills going up.

You're public sector so will have a DB pension so work out what that will be and if that plus your state pension would be sufficient to live on. Think about if you'd rather work less for longer or would rather keep doing 5 days a week in your 40s but reduce your hours in your 50s and retire early.

Or if you hate your job why notmove job. Be aware that you'll need a payrise of about 20% if you leave the public sector to make up for the loss of the DB pension.

Same OP. The pension aspect is what worries me plus the constant thought that I could be made redundant anytime (AI plus getting older/not keeping up with things) so make hay while the sun shines type of thing. I haven't come to a conclusion on it but I think my risk averse nature is saying no, for now at least. Also, I feel like there's a social pressure to be doing something productive at all times.

I wouldn't with a mortgage and no savings. But why not do 4 days instead?

It depends on how much you earn as well, and how much your mortgage payment is as a proportion. If you are on 80k FTE with a £300 mortgage payment that's a bit different to being on 30k with a £1200 mortgage payment.

Future finances will have a bearing too, e.g. if likely to have a significant inheritance (as much as these things can be predicted with possible nursing/care fees)

Dc are probably the biggest expense bar buying a property so I’d say go for it. What else would you do?

I'm early retiring this year at 56, I wouldn’t have done it earlier, couldn’t have before 55. I’ll be looking for a part time job (but may not have much choice) because I think i’ll be bored!

Posted twice

I do four days and love it. I tried three days both times after returning from maternity leave by using annual leave and didn’t enjoy it as much, four feels like the right balance for me. But then I am lucky to enjoy my job,

I've recently reduced from 5 to 4 days.
Best thing I've ever done.
61 years old and knackered.
Planning to move to Spain next year and have a supportive DH.

I don't think it sounds like you can afford to quite yet. Clear the mortgage, build up a decent safety net, stash away in a pension, and see where you are in 5 years perhaps?

I think it depends if your job would actually end up being 3 days. Very often I’ve seen people end up with 5 days work they need to try and cram into 4 or 3 days

In my first job, my supervisor worked 4 days. She used Fridays to do all her life admin, leaving weekends free to enjoy.

I currently work 3 days even though my children are both at school. I have considered upping to 4 days (and have worked a bit extra at times) but I enjoy the pace of life as it is.

Presumably a change doesn't need to be permanent. You could do it for a few years and then look to increase your hours if you wanted, or if finances were tricky.

Yes, I would! I work 3 days now as my kids are little but I plan on just staying at 3 days though. I'm a teacher so find it so much less stressful and enjoyable than teaching FT. I rationalise it to myself by thinking I'll be able to stay working in teaching longer, so will retire later than some but I'd rather enjoy life!

This is exactly why I work 3 days a week. We could have lots of luxuries if I worked 5 days but nothing is worth the time I have. I went down to 4 days when the kids came along in my late 30s then changed job after redundancy and worked full time for a year - everyone was miserable. 3 days is brilliant and has allowed my kid to pursue hobbies that would have been almost impossible otherwise. I also get time to pursue mine and spend proper quality time with DH who works shifts. I’ll never go back to full-time.

oh, tough decision.

on one side I’d want to work 5 days so I can save money quicker and retire a early, while on the other side I know that today I’m the youngest I’ll ever be and I want to enjoy today! Weekends go soooo quickly and having even an extra day every week would make such a difference.

Unfortunately that’s not a decision I’d have to consider because for the next few years (at least) I have to work 5 days a week. Dreaming about going down to 4 days a week once I teach my early 50s.

I work 3.5 days a week. I dropped when I had kids and never gone back up.

While I love it and it makes putting up with the job much easier, sometimes I'm aware that my workload is the same put I'm paid less.

It undoubtedly affects your promotion prospects and your pension.

I could work more hours now the kids are late primary but there's still a lot of appointments, plays, drop offs to things that doing less hours provides the flexibility to accommodate.

We could have more money but we've nearly paid off the mortgage on our small house and have reasonable savings. I wouldn't do it without something behind me, especially not single.

If you can manage on three days salary, why don't you have decent savings? Have your circumstances changed recently?

Would your employer consider the nine day fortnight or compressed hours?

If you live alone, also consider that you may find it lonely. People aren't always available on random week days.

It is lovely to have a shorter week. I'm prepared to make the sacrifices that come with it but in your circumstances, I wouldn't drop as low as three. Four days at a push would be a better compromise.

You’re only 40 so keep working 5 days for now

you could take a sabbatical or find a new job if fed up

I'd love to, I can more than afford it but part time just isn't really a thing.

I have recently started a low stress 3 day a week job. It’s a wonderful balance. I had been not working for 6 months as a contract ended and I have elderly DPs with multiple health issues living an hour away. I am 55 and felt that I needed to go back to work. I am in no rush to retire now although I could afford to.

If you can live comfortably on 3 days a week but are worried about the future then would 4 days be a good compromise?

You get a better work life balance now but you can also save more.

A friend in a similar situation to you (and now in her early 50's) has been doing 4 days for years and she's much happier for it and is also heavily paying into a pension.