What if you crunched the numbers in Can You Afford to Work Part-Time, Part 1, but you remain uncertain that you can afford to take the part-time plunge.  Well, don’t give up yet!  Let’s take a closer look at some ways to increase your income and tighten your expenses while still gaining the flexibility you so badly need: 

1. Increase your income by adjusting (slightly) the total number of hours you work – As much as you’d like to work as few hours as possible, if your expenses are still more than your income, you might want to consider a less drastic reduction in hours.  For example, instead of cutting back to ¾ time, try to see if the numbers are more favorable if you work 4/5 time instead.  Or, you might be able to still work ¾  time in the office, but agree to work one afternoon from home as well.  By working slightly more hours (i.e. 30 hours per week) you might also remain eligible for company reimbursed benefits.

2. Make yourself more valuable at the office – If you’re willing to assume a higher percentage of “value added” job duties you might be able to negotiate for a higher part-time salary.  Seek out tasks that management has identified as being critical to the success and mission of the company.  Consider attending some courses to help improve your marketability in the workplace.

3. Track your spending and plug the holes in your budget – Do you really know where your money goes?  Keep a monthly journal of your spending habits and you might be surprised to discover how much money you waste on incidentals, like coffee from Starbucks or mid-afternoon snack breaks.  Over the course of the year, those three and four dollar expenditures can really add up.  Some of your “stress related to working” expenses such as take-out food bills, might be reduced when you decide to work part-time.  Examine your credit card payments and develop a plan for paying them off so you can save you significant amounts of money in interest costs.  Investigate ways to reduce your monthly mortgage payment.  Getting tough on the budget might just allow you to cut back on your hours more than you originally thought possible!

4. Ask yourself, “How long do I plan to work a reduced hour schedule?”  It’s possible that you’ll only need to work part-time for a few years and then you’ll be ready to return to work full-time.  If this is a relatively short-term arrangement, living on a reduced income might become a feasible option if you are willing to do some serious financial belt-tightening for a few years.

Finally, if you do all of the above and still can’t see your way clear to cutting back your hours, consider other flextime alternatives such as telecommuting or home-based business options.  Increasing your flexibility and gaining the ability to work from home may be as effective at reducing stress as a reduction in hours, without the financial hardships involved with going part-time.

©Copyright Nancy Collamer.  For permission to reprint or transmit, contact the author at NCollamer@aol.com.

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