ever taken a paycut

Author
Discussion

jamie128

Original Poster:

1,604 posts

169 months

Thursday 1st August 2013
quotequote all
For a new job as it would benefit you more in the future?

Im thinking of taking a good sized salary cut and i wont be what im on now until 2-3 years but in the long run it should pay off.

If you have explain why and the outcome.

Siscar

6,315 posts

128 months

Thursday 1st August 2013
quotequote all
I took a cut to go from a large company to a small one (3 of us) because I wanted ultimately to have my own business and wanted experience of being in a small company. My salary never got back to the level I was at there, but three years on I left and started my own company which has made me much richer than I would ever have got working for other people.

waterwonder

995 posts

175 months

Thursday 1st August 2013
quotequote all
Yes took a sizeable cut from about £30k to £18k.

Switched from sales to accountancy/finance. Swapped for stability, sociable hours, and long term career progression. Took 2 and a bit years to get back to the same level but well away now and plenty of options before me. This was essentially going back to the drawing board, reskilling and getting my CIMA.

I would still consider a small cut in order for better mid/long term prospects but nothing near as large in % terms unless I was really stuck.

ch108

1,127 posts

132 months

Thursday 1st August 2013
quotequote all
I did a few years ago to change the type of job I was in but ended up back in the original industry I started in after about 3 years. That was more because I didn't particularly like what I moved to rather than the cut in money. Doubt I could afford to take much of a cut nowadays though.

limpsfield

5,871 posts

252 months

Thursday 1st August 2013
quotequote all
Yes, around 25% many years ago to swap career. Lasted less than a year in that job but carried on in that different industry.

If you can afford to do it for something you want to do, do it.

valiant

10,068 posts

159 months

Thursday 1st August 2013
quotequote all
Took a bit of a haircut simply to get out of a rut and decided that if I didn't leave by the time I was 30 then I probably never would.

Turned out to be one of my better decisions and I sort of ended up with more in my back pocket as I went from spending around £150 per month on travel to virtually nothing and I'm actually quite happy to spend the rest of my working life doing what I'm doing now.



Sometimes in life you have to take one step backwards in order to jump two steps forwards.




sunoco69

5,274 posts

164 months

Thursday 1st August 2013
quotequote all
I took a 10k pay cut 5 years ago, after 5 years I was back at the old level. Still am but I am much happier.

Jasandjules

69,825 posts

228 months

Thursday 1st August 2013
quotequote all
I took a fairly large pay cut including bonuses and benefits to earn feck all as a mature student....


paps

1,040 posts

226 months

Thursday 1st August 2013
quotequote all
Took a 10% cut to work in a related industry. My old job was in Oxford saw I could cycle to work. New job in banbury so I'm spending a fair bit on fuel getting there and back.
Despite this we're actually gonna be better off as we can afford to buy a property in Banbury. No hope of buying in Oxford. I'll be paying my own mortgage soon, not my landlords smile

TheAngryDog

12,394 posts

208 months

Friday 2nd August 2013
quotequote all
I took a £1850 a year pay cut (not alot) to do my current role. Including over time I would be on target to earn more than what I was on, if I worked until the end of this year with no more over time.

But, I'm leaving this role and taking on a role that has a £5k pay rise, albeit higher living costs (London), but again, this is to further my career in the long run.

conanius

741 posts

197 months

Friday 2nd August 2013
quotequote all
I haven't taken a pay cut, but I would be willing to if I was unhappy in my current role/had a chance for a fresh start in something I wanted to do/saw an incredible job..... all assuming I could still afford to live !

Staplebug

135 posts

140 months

Friday 2nd August 2013
quotequote all
Just about to take a £20k pay cut going from infrastructure support to junior project management.
Hoping in the long term this will be a good choice however only time will tell

omgus

7,305 posts

174 months

Friday 2nd August 2013
quotequote all
Took a near £9k pay cut last year (£32k - £23k) to stay with my company on a different contract rather than tupee to a new company.

It was really fking hard. Sold Scooby, left amazing house, paused social life, restructured everything and still really fking struggled, then when i got a pay rise i spent the next few months paying back all the debt i had built up over the years.
I am back on £28k now and my sum debt total is £600 it is much easier.

It was the silly things that were hardest, getting a flat on a nearly new tyre one month removed my whole months social budget two days after payday.


Looking for a complete job/career change at the minute so expecting another pay cut in the near future. However my life is now designed to run on £22k so it will be much less daunting than it was last time.



Johnnytheboy

24,498 posts

185 months

Friday 2nd August 2013
quotequote all
Took a small pay cut to move from London back to Dorset and do a slightly higher level job to boot.

Best thing I ever did.

toasty

7,441 posts

219 months

Friday 2nd August 2013
quotequote all
I took roughly 40% paycut to go from 5 years in IT contracting back to permie. Yes, I miss the money but the fact I don't have to work away from home more than makes up for it.

Davel

8,982 posts

257 months

Friday 2nd August 2013
quotequote all
Look at it as a short-term investment - in you!

rhinochopig

17,932 posts

197 months

Friday 2nd August 2013
quotequote all
toasty said:
I took roughly 40% paycut to go from 5 years in IT contracting back to permie. Yes, I miss the money but the fact I don't have to work away from home more than makes up for it.
Ditto. Except my consultancy work was moving away from home to site based which would have been unpredictable. Now work part time as an employee - 3.5 days a week compressed into 3 - which is brilliant. I'll never be rich and the posh toys are no longer an option, but then I get two days a week to do fun things with my son just the two of us.

mu0n

2,348 posts

132 months

Friday 2nd August 2013
quotequote all
I’ll be going from around £34k to about half that if I get offered the new job. Been in this career way too long and I’m not prepared to continue with it any longer. Sure, it will be hard, I don’t expect it to be easier but money isn’t everything and you need to be happy with what you are doing. I hate what I do.

rog007

5,748 posts

223 months

Friday 2nd August 2013
quotequote all
Rule of thumb when moving up in own industry is to seek 20% improvement on each remuneration package. If moving sectors, but skills are transferable, attempt to at least maintain present position. If however one is moving in to a completely new role in a new industry, then the metrics are decided by attitude to risk (how much can one afford to drop without incurring undue hardship) and potential longer-term rewards (this includes happiness alongside monetary). Good luck!

chunoo

1,126 posts

234 months

Friday 2nd August 2013
quotequote all
Ended up with about a 75% pay cut when I was laid off 2 years ago and started my own business.

Our baby was also born around the same time, so missus went part time and therefore effectively took a 50% pay cut.

Still nowhere near as well off as we were back then, but gradually building the business up and things are going pretty well now.

I'm glad it happened really as I had always wanted to work for myself and all being well, I can't ever see myself working for anyone else ever again.

I'm much happier now. It really isn't all about the money.....