Would it be crazy to work at a loss?

[staranise]

Hi, I've recently started applying for FT work after about 6 years as a SAHM/PT work and 3 periods of maternity leave.

I used to work in a high-paid sector that I hated - no empathy with, long hours, very unfamily-friendly. I'm trying to move sectors into something I value much more (and is also much more family-friendly) but it pays about half the salary of previous sector.

I have an interview tomorrow for a job in the new sector - fab job but the wage would not cover my childcare. I have three young DCs, two at school and hence think only a FT nanny would cover the various pick-ups/drop-offs the children need. The job is only for a number of months and would give me much needed experience in the new sector but I would be out of pocket after paying tax etc (not by much but then you'd have to count cost of commuting etc). DH thinks I'm mad to even consider it; I don't know what to think - is it a crazy idea?

It sounds very much like short term loss for long term gain.
If it is a job you really would like to do, go for it.
Not an expert, but would you get working tax credit{or whatever it is called}

If you can afford it, think you will enjoy it and it will help in the future, then I say go for it.

Try to think of half the childcare as being your DH's responsibility- so you are not making a loss, you are both working and both paying half the childcare.

No working tax credit of childcare vouchers (with a nanny) unfortunately.

I agree pozzled - I tend to think of childcare as my responsibility/cost entirely but if we can afford for me to be a SAHM, we should see this as training/career investment, no?

TBH, I find it deeply depressing that, with my experience/qualifications/willingness to work, it would cost me to work

Got to go out now, will be back later, tahnks

I would definitely consider working at a loss for a short period provided (1) my OH was willing and able to cover the shortfall and (2) it was only a short term loss because either the childcare would get cheaper (children would go to school etc) or the job would get better paid.

Can you say yes to (1) and (2)? if so then it sounds like a sensible option.

Deffo agree - think of this as childcare covered by your joint incomes

I'm self employed and some weeks earn less than my nanny, though most weeks more, luckily. I insisted my dh pay our nanny half her weekly salary by direct debit into her bank account. This is an investment to get you back on track, so go for it

If you retrained it would cost you ££, so this basically sounds like funded training to get you into a different job. If this is going to open doors then go for it. Have worked for nothing before after 2nd mat leave - the childcare fees gradually reducing.

Hmmm, interesting. I had the interview and they were lovely, it seemed like a really nice job but I think the difference between earnings and childcare cost might just be too great plus there's a commute of an hour each way - I'd need 10 hours of childcare a day and i could only afford 7 just to break even!

However it's a great position, DS will be three next year and hence able to get subsidised childcare and I think they migth be open to working from home (which would make a big difference in terms of commuting costs) and/or PT - fingers crossed! Will wait and see hwo I do first ... Many thanks!

I think in principle you can get childcare vouchers for a nanny as long as they have the requisite bits of paper. Bit of a faff, but means you pay at least some of the wages out of pre-tax income (DH's work may offer this if yours doesn't).
Someone please correct me if I'm out of date on this.

is the salary negotiable? always worth asking if they really want you and if the difference isn't much. ou might be surprised. also check if there's a salary sacrifice scheme for childcare there or at your dh's office (these will cover nanny if she's ofsted registered - maybe what MrsVincentPrice is thinking of?)
also add into calculations that it's not just your salary that you're earning - possibly pension contributions, NI contributions, and investment in your future earning potential/maintaining your career. if it's short term as a stepping stone to something else that may be worth it but you'd have to know it WAS short term, otherwise you might end up having to stop for financial reasons and ending up with two gaps on CV

Does it have to be a nanny? Have you compared the cost of a Childminder? Depending on the area most are able to accommodate picking up from different schools. And if you're eligible for tax credits all registered childminders are valid forms of Childcare plus they'll take Childcare vouchers too.

My sil worked at a loss for years because if she left completely then it was the kind if industry she'd never get back into. Plus I think she'd have gone a bit potty at home all day with 3 kids.

Short term loss for long term gain. It was worth it for her and sounds like it'd be worth it for you too.

I would take it, in the present economic climate it is incredibly difficult to get a job - and it will only get harder. I have been a SAHM for far too long (over 10 years) and, in my early 50s, am almost unemployable , with absolutely no chance of getting a similar type job to the one I used to have.

I've done this. I worked at a loss for nearly a year, and the work experience I gained was invaluable. It's not a hugely exciting job, but something I was interested in doing, and has paid off.

Thanks for the replies - all very interesting, especially as I now have a second interview this week plus, having looked into it further, I'm really interested in the job and what I would learn from it. I've worked out how I could earn so that I would at least break even but it would mean them allowing me to work from home 2 to 3 days a week plus then working say, 8 to 4 the other days. DH is not keen at all, given the disruption to family life, but I think it would be so useful in terms of CV points and I might enjoy it!

I've looked into childminders but they're pretty rare round here unfortunately plus I have 3 DCs so they'd need to be able to accommodate all three plus do school pick-up and after-school activities for older DCs - essentially a nanny I think?