Has anyone here CHOSEN to take a signifcant pay cut?

[DoNotAsfinishedXmasshopping]

Thinking (early stages) of a change in career - but I think that would mean a significant (probably at least 25-30%) pay cut. I am the major income earner - and I currently work part time (4 days) but would have to work full time to earn that.

Has anyone taken such a pay cut? How did you find it?

Yes.
I wanted a less demanding more child friendly job
The pay cut is a bit of a killer but you get used to it
I do sometimes feel a bit resentful and wistfully of my previous career but I know in the long run it was the best decision for me
Dh took some convincing though

Me too. Pay cut was for a change in career and I've now lost about 10 years in seniority, but am doing loads of training and feel optimistic about my career in a way I didn't before.

Only possible because dh in a well-paid, reasonably secure job, so we could absorb my 40% cut.

My dh did. He did it to be in a more family friendly job and it didn't work out like that but turned into a stepping stone for a job that is.

Yes, I went down from full time to part time so now get paid a third less than a fulltimer. DH did the same. You adjust.
Also, DH changed employers into a different sector about 10 years ago - resulting in about a one third pay cut. That was a bit painful (in pride more than in reality) but worth it in terms of job satisfaction. That was prekids though so we didn't have so many outgoings! I suspect that he has now made it back to around what he would have been earning had he not moved.

Thing is that I will lose a pretty hefty bonus package too - on top of teh cut....I don't know. It might well be a show stopper as I am the main income earner....

Yes I did but it was many years ago and had no one to look after except myself although it felt like a huge decision at the time. I was working in the Insurance Industry doing fairly well, getting my exams etc but was soooooooo bored and unstimulated so I applied to be a nurse and took a 50% pay drop.

Best decision ever!!

Yes

But the pay cut went with a cut in hours as well. So it was good, it was OK.

And I did have a teeny teeny mortgage so no real money worries. I can just about survive on a really low wage and know I'm not going to be repossessed.

I think security is important and I'd advise you to look at all your monthly outgoings and do the math as they say in irritating USA sitcoms. For me, having a secure home and being able to work pt was v. important. For you it might be something else that's really significant and that you couldn't do without.

Hmmm.

I wouldn't be going part time though....I feel that I feel tied to my current job because of pay and benefits. Even though the new career wwould have more "holidays" (teaching) holidays won't pay the bills.

Twice have chosen to cut pay to have better job/conditions. Cuts were only about 10% each time but no regrets. Am not motivated by money though, so having enough is enough for me.

I am not motivated by money though - but I do need to pay the bills.

Yes you could say I chose to take a 20% pay cut recently. I moved to a new job which I knew was only for a year so it was always a risk. It turned out there was a permanent job available but on a significantly lower salary (because the powers that be don't understand the job or what needs to be done, but that's another story). Well after much agonising I applied for the job and got it, so here we are.

At the time of our move we didn't predict the massive hikes in energy prices and fuel costs so it has turned out to be a huge struggle. But I still don't regret it because I really enjoy the job and, like others here, I am not motivated by money (although enough to live on would be nice admittedly).

It's ironic that I left my previous job, which I hated, because a similar pay cut was being forced on me following job evaluation. Funny how things work out.

So, would the cut still ensure that you can do so (pay bills) was what I meant to say really. If you can pay bills and have bit extra for the unexpected and you're going into teaching with you eyes wide open it's worth a go, surely? And there would be opportunities to increase your pay eventually.

I do sometimes feel frustrated though, that whilst I have got where I wanted to be in terms of career position and geographical location, in real terms I am earning very little more than I did when I left university. I know my parents don't quite "get" that one.

Don't know Tinker...as I say I am at the early stages of thinking (let alone planning). I think it would be a very hard push based on current bills. If cost of lving goes up it could be aserious problem and there would be no buffer zone.

I should have said as well that I am the main earner and my pay cut has left us just outside the upper limit of WTC, so we really are struggling with bills and mortgage payments. I still don't regret it, because I know what it's like to be in a job you loathe.

teaching will save you childcare bills in the holidays though.
But I guess you have to 'do the math' and see if you can still pay the bills.

I don't have childcare bills in teh holidays. DD3 is in nursery - part time 51 weeks a year - so nothing special about holidays. Myself and DP cover the holidays between us without paying someone to do that for us....I need to give it some more thought..a 30% cut though doesn't sound very practical...and then there is the "unpaid" periodof training to get there...it just doesn't feel possible ATM

But surely you will have holiday childcare needs when she is in school? We didn't have an issue before the ds's were school age but now its just not possible to cover 13+ weeks out of mine and dh's holidays (I get 7 weeks and he gets 5, but we do like to have some holidays as a family!)
That's always seemed to me to be the main perk of being a teacher anyway.

I took a 25% cut some years ago (plus loss of good bonus opportunities) because my job then was in the wrong field and the wrong location Moved to a job on a one year contract because it gave me a chance to re-train and at the end of the year they offered me a permanent job on a salary that made up for some of the initial losses. I am so glad I did it, even though it felt like a risk at the time, I realise now that the bigger risk would have been to stay put, do a job I hated and begin to do it badly. We spend so much time at work that if at all possible it needs to be something that you love to do. The dcs benefit too in having a happier mummy who makes them see that working can actually be a good thing and not just a way to pay the bills. The sums do need to add up, there is no point in moving if you will not be able to pay the bills, but if you think that the new job is something you really want to do, then the chances are that you will be good at it and more money will follow on. Hope that helps, bit of a ramble I am afraid.

eliiott...my DP is self employed - driving instructor. And he tends to find that he is naturally less busy during school holidays as his pupils (lots of 17yos that go to a big private school and the local uni - they all go home or off on exotic holidays). For that reason we currently cover the school holiays very easily and I don't anticipate that changing significantly when DD3 is at school too...

that does help southernfoftie... I guess I need to decide what I want. But feel that there is no point convincing myself I want something which isn't doable financially because then I will be disappointed when the sums don't add up.

Ah I see. that sounds like quite a good flexible job to have. Would be even nicer if you could all have the holidays together though

I think you should do the sums first and then see how you feel.