Is It Worth It to Take a Pay Cut for Better Work-Life Balance?

Do you ever get that feeling that you’d rather scoop ice cream for the rest of your life than spend one more waking hour at your current job? 

Are you feeling so burnt out, frustrated, and like you can’t even try to focus on finding a new job because you are at work. All. The. Time?!

If you are like I was during my Wall Street years, I had these same urges. I was constantly tied to my Blackberry, my life revolved around work, and I was a fraction of myself. When I had time, I would read books like A Year with Eleanor or Eat, Pray, Love and just hope that I would have the guts to get myself out of my situation.

But then in the same moment I was planning my exit, I would panic and think… “Omg, I’m crazy. This is a terrible idea!!! Will I be ruining everything I’ve ever worked for in the name of work-life balance? Is the balance I’m craving even possible?” 

Ultimately, I was asking: “Is it worth it to take a pay cut for better work-life balance?”

Now, your exit strategy may not be as drastic as mine was, but you may be thinking about a job that will pay you less, but that will offer you more flexibility. I have a lot of clients who choose this route and many clients who keep escalating up the ladder. Neither are inherently wrong, it just depends on your value system. 

So while I wish I could say a hard YES or a hard NO, it just completely depends on who you are, your financial situation, and your season of life. 

Instead of giving you a directive, I’ve included 3 reasons it’s better to take a pay cut and 3 reasons the pay is more important.

3 Reasons It’s Better to Take the Pay Cut

IF YOU’RE PHYSICALLY ILL

When I was in investment banking, my body started to shut down. In combination with a nasty eating disorder, the stress was wreaking havoc on my body. I honestly was not capable of physically handling the job. The long hours, the amount of stress, the bad food and inactivity - it was all contributing to me being physically – and then mentally and emotionally – ill. If your job is having this much of an impact on your life, it is time to find another route…even if it means you have to take a pay cut. 

What’s the point of a job making you a ton of money if you don’t have the time or health to spend with people you love? 

When I moved from investment banking to the NYSE, I was technically taking a pay cut. The salary was around the same, but the bonus structure was much lower. At that point, I didn’t even care. I needed out so badly that I left banking before I could snag my bonus and ended up paying them back my signing bonus...that’s how bad it was. 

Needless to say, if you’re having physical reactions to your job that are hindering other parts of your life, you probably won’t ultimately care if you leave for less pay if it means you can have your life back. 

Heck, you might even pay your employer to let you leave like I did.

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