Could you cut your expenses and work hours 50% and work only part time? (amex, paid)

[Stone28]

I'm a union constuction worker. I go from jobs that last for one day to jobs that can go as long as two years. I have two young children now and I need 1200 hours a year to have full medical coverage. When were working its usually overtime and 60 hours a week sometimes 84 hours. When we have no work I could be unemployed for mouths at a time. So we really have to be carefull with our money.

I want to work more because I want more for my children. I'd love to be able to pay for there collage educations. To take them on Vacations. As it is now my wife is a stay at home Mom and dosen't plan on returning to work (special ed school teacher) until our youngest is in first grade.

There is one way I could work more and that would be for me to pack up and work in other states. That to me would be a last resort and I would only do it if I had to.

[gdowler]

I say do it. I do all that i can to only work 2 days a week. My husband Works 35 hours a week, and we live in nyc. We have a very tight budget, don't go out to eat much, try to get 4 meals out of everything we cook..but we still put a good chunk into savings for retirement. I read money magazine a lot and it is just so crazy how people work their life away just to retire and not be able to enjoy certain things like they would have when they were younger. We really enjoy the time that we get to spend together right now, and relish every minute of life. The only bad thing is we still have to pay half of our health insurance which is like $400. If my employers offered my husband 3 days instead of 5 and full benefits you betcha he would take it. That is unbelievable! The only thing is we don't have kids...it would probably be another story if we did. I understand how most parents want to give everything they can to their children and that can take $$$.

[glastron_79]

Originally Posted by Dingler

At my employer many full time employees were offered the chance to go to part time work. Instead of working 40 or more hours per week, they would go down to 20 hours but their pay would also be cut in half. The company would continue to pay for health insurance and provide benefits.

It made me think about working and money. I am paid about twice what my Father made in the 1950 and 1960s adjusted to inflation. Some how he survived and brought us up OK. If I only worked part time I could do so much that I do not have time for today. Maybe I could cut my expenses and scale down my lifestyle. Working only 3 days a week seems great, but the money?

How about you? part time?

I could not go part-time because I would still have to pay for childcare for two children and the part-time rate isn't much less than full-time. Also, I have the better medical plan with a very reasonable monthly premium. My spouse's monthly premium would be outrageous.

[glastron_79]

Originally Posted by gdowler

I say do it. I do all that i can to only work 2 days a week. My husband Works 35 hours a week, and we live in nyc. We have a very tight budget, don't go out to eat much, try to get 4 meals out of everything we cook..but we still put a good chunk into savings for retirement. I read money magazine a lot and it is just so crazy how people work their life away just to retire and not be able to enjoy certain things like they would have when they were younger. We really enjoy the time that we get to spend together right now, and relish every minute of life. The only bad thing is we still have to pay half of our health insurance which is like $400. If my employers offered my husband 3 days instead of 5 and full benefits you betcha he would take it. That is unbelievable! The only thing is we don't have kids...it would probably be another story if we did. I understand how most parents want to give everything they can to their children and that can take $$$.

Kids change everything...

If my husband and I were still DINKS, we could probably retire in our 50s. You're also right about parents wanting to give their children everything, but I think parents need to take a better look at "what" they're giving. So much money is wasted on luxury items. My co-workers all have DVD players in their vehicles for the kids; my husband and I do not. Their kids have the latest hand held computer games; my kids do not. Well, my youngest is only one and my five year old? She's still all wrapped up in her scooter, bike, Crayolas, paper, painting and play-doh.

My husband and I recently made the decision to "splurge" on both girls and we paid off their Florida prepaid college funds. IMO, that is the best "luxury" we can give our kids.

[irishmom]

Originally Posted by Dingler

At my employer many full time employees were offered the chance to go to part time work. Instead of working 40 or more hours per week, they would go down to 20 hours but their pay would also be cut in half. The company would continue to pay for health insurance and provide benefits.

It made me think about working and money. I am paid about twice what my Father made in the 1950 and 1960s adjusted to inflation. Some how he survived and brought us up OK. If I only worked part time I could do so much that I do not have time for today. Maybe I could cut my expenses and scale down my lifestyle. Working only 3 days a week seems great, but the money?

How about you? part time?

Well I do work part time...but I'm spoiled by my husband...I do not have to work at all if I don't want to. Now we have considered moving to a less expensive area so he could work part time as well...but it seems that his employment opportunities are always located in big cities so for now that is not an option. But yes if we could find that place to go we'd do it in a heartbeat.

[RadioBroadcaster2008]

I couldn't do it.. because in my industry you either work 5 to 6 days a week or 1 to 2 days a week.... and going from 5 to 6 days down to 1 to 2 days would be way too drastic even for me.

[sunny AZ]

Before I would have said no way. But then my $55K/per year job went away and I have been making $1000/month on unemployment. And the truth is, I am doing just fine! I just had to cut some expenses, but I am spending more quality time with my family and doing fun "free" stuff like singing karaoke together instead of going out to eat.

[brightdoglover]

I could do it in four years (when debts except mortgage are gone).
Cutting spending, let's see, I couldn't save (for retirement or anything, although I do have an old-fashioned pension at my job). I couldn't contribute to charity or have as many rescue dogs as I do.
If I really really had to, I could live in a mobile home instead of my little dream house. But that would be a desperation measure- where I live is so nourishing to me, and I feel committed to dog adoption and giving to charity.
In seven years, I'd consider it. I'd be taking my pension out early (age 62) and would work "weekend package"- work two shifts every weekend, get paid for three, and have pro-rated benefits.
It does seem, as much as my job is bad for me in many ways, that it would be imprudent to voluntarily earn less money during my peak years (of income, if not health). I am likely to live a long time, and don't want to wake up with older-age compromises (or "more" of them) and be broke and unable to get more money. I mean *broke*, like not being able to get new glasses or teeth fixed, etc. I do not want to be voluntarily poor. I've never been into "stuff," but services and excellent necessities can be fairly pricey.
At "worst," I have another ten years of full-time work. It's all a matter of money, not age. When can you afford to retire? Depends on how you define afford.
Of course, health insurance is always a sticking point. I could carry it working part-time, but my payment would be a lot higher.

[brightdoglover]

If you are single and live alone, yes, you don't have to support other people. On the other hand, there is less flexibility in choices- it's more black and white. No one else's health coverage, no other income inputs.
Also, although I don't go out like I used to, living alone does mean usually going out to engage with people, and that often includes spending money on food or activities.
It's a quiet social life in one's 50s, at least this one.

[jlmerritt36]

Originally Posted by Dingler

At my employer many full time employees were offered the chance to go to part time work. Instead of working 40 or more hours per week, they would go down to 20 hours but their pay would also be cut in half. The company would continue to pay for health insurance and provide benefits.

It made me think about working and money. I am paid about twice what my Father made in the 1950 and 1960s adjusted to inflation. Some how he survived and brought us up OK. If I only worked part time I could do so much that I do not have time for today. Maybe I could cut my expenses and scale down my lifestyle. Working only 3 days a week seems great, but the money?

How about you? part time?

Is this the only option you have, and are living by yourself? Then I would take it, because it is so hard finding another job.