ever taken a paycut
Discussion
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.
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.
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.
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.
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.
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.
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
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
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.
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.
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.
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.
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.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.
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!
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.....
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.....
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