How to Afford to Cut Down your Working Hours

There are some people that would like to reduce the amount of work that they do. This could be for a number of reasons such as needing to look after children or other family members, finding work too stressful or wanting more time to do hobbies. The problem with doing this is that you will have less money and therefore will need a way to manage this way. There are some things that may help you though.

Benefits

Some people are entitled to getting benefits from the government. If your salary drops it could mean that you will be entitled to some money or some extra money. It is worth investigating this. You could get help in different areas and so speak to someone about what you might be entitled to. It could be a case of going on the government website or you might be able to speak to someone, perhaps at the citizens advise bureau or job centre that could help you. It is worth claiming what you can get as you have probably been paying tax and so that means that you will have been contributing. Some people are reluctant to claim benefits, but it is worth doing. You need to think about how you will manage and having this extra money could really help you. It might just be a small amount but it could all add up to helping you out.

Other work

It might be that you will be able to find some other work. If you need to cut down to spend time with the family, it might still possible to do a different type of work. You might be able to do some work at home, for example or perhaps do some childminding or other sort of caring at the same time as caring or your family. If work is stressful then you might still be able to cope with doing some work but just a different type. You may be able to find something that is more fun and more relaxed that you can do alongside your job that will help you to have a better quality of life. If you cannot fit in a second job, then it could be worth trying to see whether you can make more money in the time that you do have available to work. Perhaps trying for a pay rise in your current job or a promotion which pays more. It could be even better to find a job elsewhere which pays more. Part-time work is harder to come by than full-time employment but it is still worth having a look at what is available as you never know what might be there and what might work for you. Even if there is nothing immediately, do keep looking as something may just crop up.

Spending less

It is always wise to cut down on your spending when your income drops. Look carefully at everything that you buy and make sure that you need it and if you decide that you do then compare the price to see whether you can buy it more cheaply. It can seem a little tedious but once you have started to do it then it becomes a lot easier. In fact, if you start to add up how much you are saving it can be a lot of fun. Knowing that you are spending less but still getting everything that you need can be a good feeling. Especially as you will get closer to being able to manage on the lower income that you have.

Loans

Getting a loan can be a way around the situation in some cases. If you know that it will only be a temporary situation then a loan could tie you over until you are working full time again and have a bigger income. If the situation is likely to be permanent or very long term then it could be a good idea to think about whether there are solutions that do not involve borrowing. It is also important to keep in mind that you need to repay the loan. If it has regular repayments then you will need to find the money for these as well as all of the other things you need to buy each month and it could be tricky to manage this on a reduced income. Sites like CobraPaydayLoans.co.uk should be considered in this situation also as they offer extremely flexible repayment options.

It is wise to think carefully through the options that are available for you. You need to make sure that you will be able to manage to pay for everything that you need and that you will be able to continue to do this into the long term. It can be difficult to draw benefits, to find another job or to cut down what you are spending, but it will be necessary to do something that will enable you to still manage financially even if you reduce your working hours.

Ways to Manage your Rent When you Work Part-time

If you are renting a place to live and you only work part-time then you may find it quite tricky to find enough money to cover the cost. Rent can be expensive and it is something which has to be paid if you want somewhere to live and do not own your own home. Trying to manage the cost of it and your other expenses can be difficult. Below are some ideas on how you might make things easier.

  • Pay off your loans – most of us have some sort of loan whether it is a credit card, overdraft or something larger. These cost us money because we are paying interest on them. If we can clear those loans, we will then have less to pay out each month in the long term. This can feel counterproductive in a way as the suggestion is that you pay out more money in order to manage something that is costly. However, it is important to think about the long-term consequences of this. Even making sure that you do not increase the loan will be a good start. If you have savings then using these to repay the loan can be really helpful. Many people do feel reluctant to use savings for this purpose as they may feel they need them to fall back on or they are saving for something specific. However, you can use a loan such as an overdraft or credit card to fall back on and using the savings to repay a loan can save you a lot of money. You will get far less in interest on most savings compared to what you will have to pay on a loan.
  • Rent a cheaper place – it is worth considering whether you are prepared to move to a cheaper property so that the rent is less. This can be tricky for some people who are already in pretty small places or do not want to move to a rougher area. However, it is good to take a look at local rentals to see what options are available for you as you could find that there is something that will suit you really well.
  • Get a better paid job – if you can get a job that pays a bit more then you will have more money available to cover all of your bills including your rent. You may be able to find something within the company that you work and this is likely to be the easiest and least disruptive option. However, part-time work can be tricky to come by and so you may not find this that easy. It is good to stay optimistic though and keep looking and asking around because you never know what might crop up. You do not wish to miss something because you have not been looking.
  • Find other opportunities to earn – It could be wise to see whether there are any other ways that you can earn money alongside your job. This can be fun and you might be able to sell things that you make as part of a hobby that you have, sell items you own but no longer need or do surveys or free lotteries or other fun things that could get you some money. These will not pay a fortune but they could make the difference between you being able to pay your rent and not and are a fun and stress-free way to get some extra money. You may be able to find lots of other ideas to earn as well that could fit in with your lifestyle and be fun to do.
  • Compare all prices – it is also wise to be very careful about how much you are spending too. The best way to do this is to compare the prices of everything that you are buying. This is not just when you are in the shop, but for things such as utilities and insurance. Make sure that you are getting the best value for money for everything that you buy. You could find by making a few changes you could save a significant chunk of money. It can be quite fun too, challenging yourself to find cheaper things and seeing how much you can reduce your spending as a result.

So there ae a selection of things that you can try. You might need to do at least a few of them in order to manage. It will depend on how much you are struggling to pay your rent. Hopefully you will find some of the things fun as well. Try to pick out things that you think will make the most difference but also do some things that you enjoy so that you stay motivated to stick with them and therefore you will continue to make the necessary savings that you need.