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!

This is a good point. I know part-timers who do the same amount of weekly work as full-timers but get 3/5 of the pay, pension and holiday pay. Don't let this happen to you.

I work 3 days and it’s a good balance for me. Also early 40s but have 3 children, no mortgage. I started 3 days when youngest was born (now 11). I’d hate to go back full time - things feel tighter than they did though with COL.

I’d say do it! Or like others have said at least drop to 4 days. I spend one of my days off ‘working’ ( cleaning, food shop, batch cook, life admin) and one day enjoying - breakfast with a friend or a long dog walk or visit family. My weekends are mostly taken with kid stuff - sports and driving them to see friends/having friends over.

I used to to do three long days 34.5 hours in healthcare. Was great but tiring. Also can’t do anything for those three days by time home. Those extra days off really give a balance.

I got a new job and now do four days 37.5. I miss that one day but i’ve adjusted. I’m 46 and at the moment i want the money more, i could afford to drop some hours but i dont want to just get by so i’ll stay full time.

I think it depends what you enjoy doing. I'm 38 no kids and I have just dropped to 4 days, I could do 3 if I didn't have horses 🤣 I do quite a lot of active hobbies horses, climbing, running and so I'd rather have more time now while I'm healthy and have to keep working a bit longer. I am on a good salary though it would be 80k if I was full time so 80% of that is still quite a bit!

If I could afford it I would go down to 4 days. Three would feel too part time. Also it depends on the job. I have worked four days before and basically was just expected to do all my work in those four days but got paid less. I went back to ft fairly quickly.

Is there a middle ground? I changed from 37 hours over 5 days to 35 hours in 4 days. I wouldn’t ever go back to 5 days now but actually only dropped 2 hours pay.

Exactly, it’s what happened to me and you lose out on pay, holidays and pension.

Define “living”, do you mean existing or doing all the things you want to do that can afford to do now?

I work three days but I'm 65. I value the time, have no ambition left and am in the twiligjt of my career. Professional role so work about 28 hpw.

At this stage in the LGPS my final pension is based on the highest of the last three years I work. This means I have to retire or take my pension by August 2028. If @Somedreamer you do this now, there will be a significant impact on your pension, if that matters to you.

I had seven years off with the children so have taken a hit on my occupational pension. Three days is equivalent to what my OP and state pension combined will be so it's a good slither into it.

Might it be better op to have a temporary reduction or sabatical if you are burnt out. Perhaps it's a different career you need? I'd advise to play this well, give yourself breathing space and protect your job security for the time being - it's tricky out there at present. FWIW I retrained at 43, going right back to the bottom.

If you change careers or jobs, it's unlikely you will get back into a defined benefit scheme - they are no longer viable actuarially.

I work 2 days a week, but 12 hour shifts, so about equivalent to 3 normal business days. I have 2 young kids (5 and 3) and it’s been life changing. The work life balance is so so much better, I don’t feel burnt out anymore, life’s not getting on top of me and I feel like I’m around much more for the kids. Obviously only you know if financially you can make it work but for us it’s been so worth the loss of money.

Well, life is for living! So go for it if you have the means to still support yourself and not need to scrimp.
I think I’d consider things like if I worked full time for x more years I could pay off the mortgage and then go down to three days. Or go down to 4 days to begin with then reduce to 3 at a later date.

I think I would compromise and do 4 days a week for a year or so and see how it worked out mentally and financially.

I did go to 4 days a week for a while when I was under huge stress at home and the financial hit was much more of an issue than I thought it woud be.

In your case I'd say it depends on the size of your mortgage and how much slack you'd have with lower earnings, especially if mortgage rates, utilities, food increase faster than your income. Plus whether you expect any big expenses like car replacement/home improvements.

Also how much you earn and the tax effects - if you're a higher grade and working less would mean you pay proportionately less tax and your pension contribution percentage decreases - FT G6s and some G7s pay 7.6% into their pension schemes whereas lower grades pay 5.5% - A couple of years ago I got a £200 pm pay rise and because of this, the extra money I actually saw was less than £50 pm

But I'd definitely consider it, or what about going down to 80% for now and if available in your job, try to do slightly compressed hours and aim for a 7 day fortnight on average? You could further drop your hours in a few years time if it works out. But what you do need to be sure of is that your employer drops your workload accordingly, otherwise you're trying to do the same amount of work but being paid less for it.

I'd go for a 4 day week instead, good compromise, so you'll have that extra bit of money to travel etc.

That's what I do. But I live a simple life with no lavish spending on anything!

I agree a 4 day week would be a good compromise.

I worked full time for years, including through having kids cos I was determined to clear the mortgage and put us ahead.
Now I do 4 days 7.45 to 5.15.
Am considering reducing to 3 standard days in a couple of years if they let me.

I work part time for no real reason now my kids are older. I love it, no regrets, living my best life. I do two days, compressed so probably a similar number and of hours but with an extra day off.

I would include having a financial safety net in being ‘able to afford to’. So no.

As long as you've got an emergency fund and know you'll have enough to live on, it's not irresponsible. But think carefully about what you'll do with the extra days. If you have no plans and end up watching daytime TV or mooching round shops looking for something to do, you might start missing work. But if you learn something, do something new, expand your horizons etc, you might see a whole new life (and maybe career?) open up before you.

I currently do this as i have primary kids.

I love it but I'll be going up to full time in a few years. Ive now done my house up and kids will be more independent so I'll expect to naturally have more time to focus on projects.

I also realised the extra hours ar the equivalent of a holiday abroad each year!

I'm never bored, but I'm also not a "relaxing" person so you need to have a realistic expectation of what you like to do on those days. Like imagine you've got 6 months of annual leave for 2 days a week: what would you do?

I’m considering 4 days.

PP made a good point about considering whether a sabbatical would better suit your needs. If you feel fed up and a bit burned out, time off might be the answer.

Fwiw I work part time myself and love it, but worth thinking about all options here.

Nope. 4-5 days, put every spare penny into paying off mortgage and maximising pension.

Only if I had a reason to not work - like if I were starting up a new business or remarkable hobby or looking after children or an elderly parent.

Otherwise, I would prefer to work full time and take more lump time off when it suited for travel or renovations etc.