Probably the easiest lifestyle change to make is lifestyle change number 4 in this series. That is to change from working full-time to working work part-time. To be able to work less than 40 hours per week in order to have time to spend with your family, on charity activities, getting and keeping fit, spending time in nature hiking, etc, etc. 🤗
Depending on the type of work you do, you may have options to work only 2, 3, or 4 days per week. Perhaps you would like to work only in the mornings (or afternoons) and have the second half of the day for you.
My wife decided a few years ago to not work on Wednesdays. She works at 80% or 4 days a week. She considers that she has 2 weekends. A traditional 2 day weekend and a 1 day weekend in the middle of the week 😉.
Maybe the company you work for would let you work in a Job-Share situation. That is where you share one job with another colleague, both working half time.
Let’s follow Vincent and Julie through the 4th demonstration video as they work through Vincent’s idea to make a lifestyle change where he moves to a part-time work situation to be able to spend more time with his family. They use the financial simulation application, EFIYLM to support their reflections and to prepare their project.
I stated above that moving to part-time work is the easiest lifestyle change. This is because there are really only 2 aspects to take into account:
- The associated reduction in income due to the reduction in working (paid) hours.
- The (perhaps) necessary reduction in expenses that can or may be needed to make to ensure your budget is acceptable for the lifestyle you want to live.
It’s possible that if you are a couple with two incomes, then the budget cuts you have to make in order to respect your budget may not be too deep. If your plan is to save for early retirement, then, of course, any reduction in income will extend the necessary saving period until you reach financial independence. Again this is a choice. Do you take the time now to make the most of your life now, or wait until later hoping that you have satisfactory health to be able to enjoy your free time at that point?
One point that I’d like to talk about, is that people have often commented to me that if they reduce their working hours, then they get fewer paid holidays. This is true, but it does not at all affect the number of days/weeks you can take as holidays each year. If like my wife, you decide to not work on Wednesdays for example, then a typical paid week for you is 4 days pay (excluding the Wednesday of course). When you decide to go on holiday for a week, you will be paid for the days you normally work, but not Wednesday. But as you normally have the Wednesday to do what you want, then it does not stop you from going on holiday. So, in the end, there is no change to your ability to able to take holidays throughout the year.
Making a lifestyle change by moving to part-time work is not a major change, but it does require solid preparation. Financial preparation is important to make sure that you don’t impact too much the quality of life you want to live. In addition, preparing mentally in order to build confidence in your plans before you tell your boss that you want to work part-time is even more important. If your lifestyle change does not work out financially, your boss might accept that you work full-time again, but he might not also. It’s important that you know what your options are and how much ‘wiggle room’ you have in your budget so that you can manage whatever life throws your way.
Are you considering working part-time? If so, what are you going to do with the time you free up? I’d love to get your feedback and experiences. Feel free to leave your comments below ⬇.
Photo Credit: Photo by Bryan Minear on Unsplash
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