Full time for twice the pay

[ASmith88]

I'm considering going back to work full time for a role almost twice the pay.
Currently on £38k for 4 days a week.
New role would be £60k for 5 days a week.

It would mean my 3 year old and 9 month old going into childcare 5 days a week which is what I'm worried about. Also the lack of flexibility a full time role is might make things more difficult. It's hybrid so one day in the office.

What would you do? We stress so so much about money and are barely hanging on at the moment. The additional income would take that stress away and allow us to have nice weekends, day trips, holidays which we can't do at the moment.

Is it worth giving up a day home with my babies for the additional income?

Work out what the new income would be - it's almost all at the higher tax band so it wouldn't be anything like twice

But if money is a real stress then there isn't much option

Many children do 5 days a week

It is just under 60% more.

Take home would be around £45k on £60k gross.
Compared to around £31k on £38k gross.
(Very roughly, PAYE & NI only, ignoring pension, student loan, other coded income or benefits etc).
So around £1,100pm.

Would a 4 day week (pro-rata pay = £48k gross = £38k take home) be possible in the new job?

If you are financially struggling you really should take the job...where is your safety net?

Is it worth giving up a day home with my babies for the additional income?

How much extra income do you need every month to live without constantly stressing about money?

You need to use a tax calculator to work out the new take home pay each month, then work out your additional child care costs to see how much extra you will have each month. If it's going to take away the stress then probably worth it but only you and your partner can really decide that

Mine have always been FT, it's fine.

Work out the extra net income - it's 58% extra (so nowhere near double) pre tax, and will be considerably less than that post tax.

Also get a quote from nursery - often you only pay for half the fifth day. The sibling discount can be different FT too. We got caught out by this when we dropped days for one of ours when they started school (nursery does ASC too), so get a definite number.

What's the new job? Will you enjoy it? Will you be able to build a better career?

I say take it, personally. You may not easily get another chance, and the pension contributions will be on the gross salary. You can do it!

I'm having a very similar dilemma - 45k for 4 days vs 70k for 5 days. I'm leaning towards staying where I am. I love my day off with my toddler. But the difference is, we're not majorly struggling financially. The extra money would make a huge difference to our lives, but not sure it's worth giving up the flexibility I currently have. It's such a tough one! Interested to hear all the responses.

If you take on more out of the home will your partner contribute equally on the domestic front?

Use the difference to get some help at home -cleaning, cook/gousto orders etc.