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.

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