Taking a pay cut...

[Cheesy]

It's a slightly different scenario but I took a circa £15K per annum pay cut when I left the Armed Forces to start my own business because I wanted a better work/life balance.

Nearly 10 years later I still don't earn as much as I did in the RAF and I don't regret leaving at all.

I'll also add that, due to cutting my coat according to my cloth, I've now got more in savings than I've ever had.

 

[Kinkladze 1]

It’s a no brainer. A promotion and being in the right seat to take the top job in 5yrs. You can always try your luck and ask for £47k. Make out like it’s a really tough decision for you because money is tight at home and you’d really miss the overtime but you’d love the chance to do the new role.

 

[SiMCFC]

Using Listen to the Taxman website the net monthly different between £50k and £42k is £500.

The one question I have, is it really an 8am-4pm job? No optional overtime, will you be working outside of these hours for free? I know plenty of people doing 9-5s and getting paid for those hours, but actually doing a lot more hours with no pay. Sounds like your current job you get paid for the hours you work.

One of my best Friends actually did the same job before being promoted to an Area Manager a couple of years back and basically as long as he worked his equivalent 8-4 hours all was good, he's a good golfer so was occasionally working out of hours to make up the time lost for playing golf in summer during the day etc you are right though at the moment every extra hour is extra pay and I must admit we have maybe relied it on it more than we should especially over the last year as my Wife has been on maternity leave.

A few have mentioned asking for a higher salary but all the jobs where I work are on a rigid set salary so they won't budge, another thing I was worried about was I currently have a van and fuel card with my current job where as the new one wouldn't, I've already said this would be a deal breaker as I'm not in the position to buy another vehicle and my Manager has said something could be done to provide a vehicle and fuel card, I'm guessing this in reality is probably worth 3/4k a year in real terms.

Thanks for all the replies everyone, it's really is appreciated, it's always hard to think from the other perspective as most I work with are still chasing the pot of gold but I'm really not sure I want to carry on, Im kicking myself now as just sorted a remortgage and should have taken it over a longer term in hindsight as it would have given more wiggle room financially!

 

[Blue Maverick]

You’ll not get that time back with your kids, you can always get the cash back though.

 

[heslops barnet]

Just trying to gauge opinion on the above, I'm a mechanical and electrical engineer currently on a decent wage but that involves working shifts and I'm also on a standby rota, I work a fair amount of overtime so I normally finish the Year around the 50k mark but I've been killing myself doing this just to pay for a house renovation which we are nearly at the end of.

My Manager has asked if I would be interested in taking a step up to a role that is just underneath him which obviously would put me in a decent position for his job in 4/5 years when he retires, the main problem being it is salaried at 42k with no optional overtime, however it's an 8-4 Mon-Fri job and I'm really tempted on the basis my oldest child starts school next year and I feel like the weekends are going to become even more valuable than they are and do I really want to be working them either on my shift pattern or overtime going forwards, it's a lot of money to lose but I don't want to be on the tools forever so I'm torn! Just wondered if anyone else had taken a lesser paid job for the other benefits and whether it had worked out for you? Cheers

When you’re on your dying bed nobody ever says….my biggest regret was I didn’t spend enough time at work…..family always first

 

[snorky]

Take it, then set light to your manager and............

 

[BlueMoonday]

Although you will be technically earning less, it isn't a direct pay cut and is a promotion and possibly a pay rise for less and sociable hours if you pro rata the rate. You also get your weekends back which are priceless to spend watching city or spending time with friends and family. Not sure if overtime is a long term guarantee where you work. If they reduced OT opportunities in year, you might regret not going for the new role.

If you are killing yourself doing overtime then it isn't sustainable for the long term. You only get one life, enjoy it. If you are worried about lower earnings then look at what you can trim down on.

One last thought, your manager has actively asked you about the position which could suggest you have a strong chance and are wanted for the role. With this leverage may be ask and put on the table the opportunity for overtime in the new role, even if it isn't for as many hours.

 

[grunge]

Obviously every decision has its variables. If you are in need of the money then that’s a major factor but salary is negotiable in most cases. And can be negotiated later again after a year or so.

My Brother took a massive pay cut when he was younger ( 20 odd years back ) Moved from being a brickie earning £100 a day at the time to getting £13k as office staff for the building company. Took a few years but ended up a manager on more than brickie wages. Now he’s a director of a large house building company.

 

[Citizen of Legoland]

Sounds like you’ve already made your mind up OP. Go for it. I used to work in an industry where overtime (unpaid, sometimes 30hrs extra per week) was the norm but took a 75% pay cut in 2006 and retrained into IT. I haven’t been near overtime since and now contract so it’s even better, get paid more than the permies and do less hours!

 

[Blue Mist]

Take it, then set light to your manager and............

Well done that man. Far too many so called sensible ideas on this thread. The OP will have every Saturday off, only to be dragged round Sainsburys, DFS and the Trafford Centre by his missus, running his daughter to swimming and brownies and her mates and Makky bleedin' D's. Oh and dont forget you said you'd wash the car/dog/garden and my mum needs picking up.
Bollocks to that.