Part-time Work: “How Could We
Afford It?”
You
like the idea of working less than full time, but you
can't help but think, “How could we afford it?”
Take time to explore whether “We can't afford it” is an
objective conclusion or an emotional response based on
fear of the unknown.
Maybe You Can Afford It: Figure It OutFirst, figure the approximate cut in your take-home
pay that corresponds with your planned cut in
hours.
For example, if you are planning a four-day workweek,
(80% of full time), figure about 20% reduction in
take-home pay; a three-day workweek (60% of full time),
about a 40% reduction in take-home pay; and so forth.
(It's an approximate figure because of the income tax
factor.)
Next, figure out what that dollar amount pay cut would
be on a monthly basis. With that figure—call it your
Monthly Savings Target—you can start to look at where
you can trim your household budget.
Begin with the expenses that may drop when you cut your
working hours: commuting costs (have you figured your
daily gasoline expense?), lunches, wardrobe and/or dry cleaning, child/elder care, and so on.
Then, look at discretionary areas: club memberships,
entertainment and recreational choices, holiday
spending. Where can you trim your food, clothing or
transportation budget? Get Budget Help So You Can
Work Part-time Hours
Financial adjustments are not a quick and easy step, but
a critical planning component beyond the scope of this
website.
If budget planning and ways to reduce expenses
are new topics for you, turn to the extensive resources
at your library and bookstore to walk you through the
process.
Online, I favor the debt-free living advice and
resources found at
Crown Financial Ministries
and
Cheapskate Monthly.
Make the Trade-offs to Work Part-time Hours
In the end, you will probably find yourself making
material tradeoffs in order to yield intangible,
emotional benefits that cost mainly time and energy.
Isn't that exactly what you are negotiating for with
your new flexible work arrangement? Others Have Done
It; You Can, Too
“My proposal for [a combination of] part-time
and telecommuting was approved! I doubted my chances of attaining my goal of
staying home with my first child working 20-24 hour/week because of the
employer culture where I work. But my manager stated that it was the best
proposal he had ever read and he was going to give me a chance. Thanks for
making this process so easy!” Kristin
Scharfen, Project Manager, Lees Summit, MO
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