Would I be crazy to stay in a 40k role instead of a 75k?!

[worklifedilemma]

On the surface I know YES looks wild...

Here's the dilemma:

I'm a mum to 3 primary age DC, currently in a FT role 40k per year. It's remote mostly with very occasional travel into London (1-2x a month) - I live west of London, very rural, around 1hr30 door to door. It's also technically a self-employed contract which means I can pop expenses onto my tax assessment etc. Also qualify for child benefit etc. I'm a middle manager at a private company, in case that helps context.

Not yet formally offered but going well a side side step career wise (no people management and stand alone), but in a more 'money' direction. (Comparable to say moving from criminal law to corporate - just more money in certain niches). £75k, PAYE. Obviously better pension wise etc as I only have my own self employed one at the moment. Almost double the money at £75k, but where it's PAYE no tax relief on expenses, which would be higher as they would want me in their London HQ 2-3 days per week. This is also longer days and would have to ensure we could make it work with childcare. So my overall expenses would be much higher, job much more taxing due to travel and time in office, and I'd lose child benefit. This would make my take home (after travel) around £400 ish more a month.

Just can't figure out if that £400 is worth the extra work/time/travel less time with the kids etc? Long term career I guess so.

Any words of wisdom? Any thoughts on what you would do if it were you?

I wouldn’t.

@Mygreyhair as in you wouldn’t take the new one?

Is there anything you could do to save £400 a month? I appreciate that probably sounds ridiculous. If you need the money, take the job. If it's a nice to have, maybe not.

Less time with your children, more commuting into the office and longer days would deter me but I can see advantages and your dilemma.

For the sake of £400 extra I wouldn’t do this, the travel, the potential childcare issues, it would be a no from me.

Unless you really need the £400 extra this sounds like too much hassle for me personally but everyone is different!

Yeah my current earnings are fine for what we need. Of course it would always be good to have more but at what cost is the question 🤔

It's a big difference, more so when you add pension (which presumably you have to fund yourself out of the £40k at present). And presumably would have better paid future opportunities too?

Does it fit with your life? Offer the flexibility you need/want?

@clearquote what do you mean? I work a remote very flexible job at the moment 😊

@clearquote definitely underpaid which is why I’ve been looking elsewhere (not actively - more passively if something interesting comes up)

What are your promotion and pay rise prospects in your current role? Is the £75k offer or similar likely to come up again in a few years or will you have missed your chance? By the time your kids are all at secondary school will you feel you should have taken the jump instead of still being in a role with flexibility you don’t need?

£400 a month might not be enough to swing it now. But as you say, better for pension, and a step up from there might be 90k compared to maybe 50k in your current role.

How secure is your 'technically self employed' job?

No chance. Kids are only little for a tiny bit. Enjoy them.
£400 isn't worth it if you are surviving on £40k

I would caution against thinking things are easier when kids are at secondary school. Mine have needed me around more than they ever did at primary school and I have found it much more intense and draining.

I did a 3 hour round trip commute for 3 years. I was exhausted by the end of every week. Don't do it.

Sorry I wasn’t clearer!
no I wouldn’t take the job. The way you’ve listed the pros and cons makes me feel like the cons heavily outweigh the pros, and the job would make your life harder.

I wouldn’t. I took the higher paid job. This time last year I was approaching burn out due to the long days. I was earning a lot by most industry standards , but firmly in the ‘squeezed middle’ territory so was paying crazy amounts of tax.

I left my job for another with less responsibility and a big pay cut. I’m
not noticeably worse off. But I am noticeably happier 😌

You haven't yet been offered the other job?

Use this time to negotiate hard!

Could you do 4 days a week instead of 5?

Maximise pension contributions.

I'd probably take the job.

Thanks for all responses, to answer as many Qs in one hit as possible:

• yes address pay with current role, got a small raise but not close to market rate. no chance (or extremely slim) of promotion or further pay rise - also not great career wise long term in terms of experience & stepping up
• I'd say I'm secure where I am for at least 1 more year - after that definitely not so sure - another reason I'm looking at other stuff
• The new job would give much better long term prospects for when the children don't need me quite so much, although where we live rural we would probably have to do lots of taxi-ing etc!

As it stands, the closest train station is a 15 minute drive (to a small station with cancellations frequently 😂- the closest 'bigger' station is a 20-25 minute drive), & we only have 1 vehicle so would have to taxi it (or buy another car to drive to the station).

@BookishType super helpful to know thank you