MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
I am not especially happy doing what I do.
In professional terms, I wear three hats, two of which I love and one which I do not. The thing is, it is the one I do not love that pays. And pays fairly well.
It suddenly dawned on me, however, that if I made even half of what I earn now, I would get taxed a lot less and receive child tax credit, which would mean clearing almost as much as I do now, but with 1/8th of the stress.
Now, if I did cut down on what I do, it would not mean resting on my laurels. Indeed, I think I could make hats 1 & 2 pay me something liveable within 24 months or less, and so not have to depend on anything like tax credits to help me out for long. The question is, would I certainly be able to pay my mortgage and meet me financial responsibilities if I did the radical thing and walk?
More precisely, my mortgage payments are around £850/month and my current salary is around £53000/year. My family and I have always lived fairly humbly, although with growing kids, there are some expenses that are hard to avoid. Otherwise, I am entirely able and willing to cut where I need to. Keeping the house is my bottom line.
Anyway, for all the sketchiness of the scenario I have painted, does anyone have any thoughts? Has anyone here walked away from their job in the knowledge that they were walking away from a good salary with decent long-term prospects, but towards more freedom if less certainty?
Any regrets? No regrets at all? Any advice to share?
Please?
You're earning £53000/year? Jerk. 👿 😉
I reckon if you know you can afford to do it and there's no chance you're ever going to enjoy life in your current position, jumping ship wouldn't be a bad idea.
If you can live on half your salary, try using half of your current salary to get rid of your mortgage quick and then do whatever you like.
Contrary to popular belief money is everything. You can live without the money but it's much more fun with it.
Money is not everything, and if you can afford to walk and do what you love then do so.
However, there is more than you to consider. Is your family also up for the drop in income and available funds?
Does mrs_saxonrider also work?
Just remember you mortgage is £850 now with interest rates currently as they are.
Imaging how you would cope when this increases ( which it undoubtedly will )..
Don't make any rash decisions.
That is one massive mortgage!
Stay in your prseent job and put yourself on the lower salary to see how'd you cope, then use the top slice to reduce the mortgage balance.
mrs_saxonrider does not work outside the home, as she manages all the children (including this one). So you are right to say there is more than just me to consider.
That's really why I am hesitating.
The thing is, I didn't have a day off in seven months until last weekend, and consequently had not had a 'family movie night' with my kids for just as long, and after my mum had a cancer scare and my dad has had a recent biopsy, I am afraid that time is slipping away while I 'do well'.
Anyway, for all the sketchiness of the scenario I have painted, does anyone have any thoughts? Has anyone here walked away from their job in the knowledge that they were walking away from a good salary with decent long-term prospects, but towards more freedom if less certainty?Any regrets? No regrets at all? Any advice to share?
Similar scenario to you - in March I changed my job [i]internally [/i]to one which I'm less familiar with but still requires my career orientated knowledge. I'm now challenged, no longer bored and get paid more.
I was originally being paid in excess of market as a retainer, but bored out of my mind with no career progression. To walk into a different company would have meant lesser salary, and restarting earning my credentials (to a point).
The thing is, I didn't have a day off in seven months until last weekend
You let yourself be treated like this? Your Mrs and the kids are the most important people in your life. Act like it.
[i]That is one massive mortgage! [/i]
Now when I saw that I thought it wasn't that much but it turns out it is apparently quite a lot more than average.
UK region Average monthly mortgage spending Average monthly household spending Mortgage spending as percentage of household spending
South East £692.40 £2,157.20 32.1%
North East £484.00 £1,536.80 31.5%
London £716.80 £2,299.60 31.2%
South West £587.20 £1,919.60 30.6%
North West £534.40 £1,776.00 30.1%
UK £557.20 £1,882.80 29.6%
Wales £459.60 £1,592.80 28.9%
Yorkshire and Humberside £469.60 £1,640.40 28.6%
West Midlands £478.00 £1,698.40 28.1%
East £553.20 £1,988.40 27.8%
East Midlands £477.20 £1,787.60 26.7%
Scotland £461.60 £1,762.40 26.2%
Northern Ireland £438.40 £1,957.60 22.4%
^ chuff me, I live in an expensive place....We pay nearly twice the Scottish average, the cheapest we could here... 🙁
I quit my job in June because I hated it and it was taking over my life. I am glad I did but: No mortgage, Reasonable savings, No dependants, so the risks involved are minimal.
I don't think your position is the same (£10,500 pa mortgage for a start 😮 ). Its a massive risk and in your position I would grin and bear it until something new comes along. Unless of course your humble lifestyle means you have loads of savings put away 🙂
globalti - Member
That is one massive mortgage!
850? Big mortgage?? Que? Joke right?
I have an excellent rate and am paying £1400 a month, which is small beer we started paying this when our joint income was 44k. One of my mates pays 3.5k a month, thats massive.
Be careful what you wish for.
careful what you wish for
This.
Giving up a job that gives you a decent income does not bring you instant happiness. Grass, greener etc.
Remember too that having a nice house and a few of the nicer things in life can bring a lot of pleasure too.
Equally, no time off in 7 months = no family life at all.
Hard to say from the general picture you've painted as to what you do, but it's not sounding like a [i]Fly, saxonrider, fly and be free[/i] situation. I mean 53K a year, love 2/3 of the job? That would be aspirational for a lot of people.
Can't you somehow find some time off at weekends?
I didn't have a day off in seven months until last weekend
Why didn't you have a day off? Is it expected from management or is this you choosing to work. How much of the 210 odd working days straight were productive?
I've been in the situation where I've worked myself into illness and would have produced better quality work and had a better balance if I'd had more time off.
If your work are forcing you to work without days off, I would be walking. You earn a decent wage, but when you break it down (assuming 10 days off a year):
53,000 / 2662.5 (355 * 7.5hr days) is £20 per hour. Doesn't seem as much now.
I used to have a mortgage similar to yours, decided to downsize and reduced costs, i'm now paying half of that, plus got rid of credit card and slimed down elsewhere
i'm much happier now - just been through a redundancy scare, which made me glad of my new position (would of been able to not work for 4-5 months whilst planning new direction), rather than stress about paying bills
my commute is 30min car commute (or more normally a 1 - 2 hour bike ride depending on how scenic i want), been asked if i want to work in London for more money, happy to say no cos i don't have too, my quality of life and free time is far more important
Take the job you hate down to part time?
Sounds like you need to address your work life balance. Have you talked to your employer? Can you work from home occasionally?
Downsizing your income will be very tricky given you fixed outgoing. Oh and £850 isn't that small in particular parts of the Uk