Author Topic: Work Dilemma  (Read 1598 times)


  • Stubble
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  • Posts: 166
  • Location: Scotland, UK
Work Dilemma
« on: January 22, 2014, 04:37:43 AM »
Hi everyone, I'm fairly new here but have already made some life changes to get me out of the hole I've dug - walking to and from work, created a budget, joined my pension, turned down the heating etc.  Now I have a dilemma I would like your advice on:

I work as a Senior Administrator/PA in a government office, earning £21700 per annum.  I manage a team of 3, it's busy but I can do it with my eyes shut and quite frankly I hate managing staff.  At the moment, due to some very, very bad decisions, I have £14000 debt in credit cards and a loan plus a mortgage of £44000.  No savings at all.  About 33% of my wages go to minimum payments on my debt.  My goals are as follows:

1. get a basic emergency fund in place
2. start eliminating my debt emergency while saving to refurbish my flat (my bathroom is a wreck - holes in the ceiling, wonky floor, damp on the walls, and my second bedroom is a junk room).  My reasoning is that if I can get these rooms sorted I can let out my second bedroom for £200 a month. 

I've worked out that I can do the refurb and repay all my debt by June 2016 on the projected salary I have in my current role.
My contract will end in March 2017 and by then I would also have assets of £23000, and no debt except a £35000 mortgage.

The dilemma is I've been offered a new job at £25300 as a Project Officer, same organisation.  This would enable me to get the refurbishments completed and repay my credit cards.  However, the contract is only until July 2015 and unlikely to be extended.  I also cannot apply for another job within the organisation until 3 months before the contract ends.  By July 2015 I will still have about £4500 of my loan to pay, and £9000 in my pension.

My question is, do I take the job with more money, which will have less responsibility (no line management!) and give me new skills I could potentially use elsewhere - but still have outstanding debt on a shorter contract, or stay where I am and get rid of my debt completely, and start saving seriously for retirement?  By 2017 I will be 46 and unlikely to get an admin job paying as much as I get now...

Please help!

P.S. Facepunch away, believe me I know how stupid I've been with my finances.


  • Pencil Stache
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  • Posts: 637
Re: Work Dilemma
« Reply #1 on: January 22, 2014, 09:07:27 AM »
I'm not qualified to offer advice and can only speak from my personal experience.  I think a lot depends on your risk tolerance. I would prefer the job security even if it took me lo get to reach my goals.