The Saturday Weekly Review

Could Your Budget Handle a 6 Hour Workday? : The Saturday Weekend Review #141

The Saturday Weekend Review logo- 6 hour workdayIMPROVE MORAL AT WORK

 

For many of us our workday consists of long hours and if there was an opportunity to go home early we’d take it.

We are conditioned from a young age that working full-time meant at least an 8 hour workday unless of course you work non-traditional hours or part-time hours.

Working 8 hours a day may be exhausting for many people but if we just cut out 2 of those hours our lives may change for the good or is that entirely true?

Anyone who works a typical full-time job of 40 hours a week bases their budget around the income they earn. Could you handle that financial change to your income?

If you work part-time hours you wouldn’t have to worry so much unless your part-time hours meant your 2-8 hour working days are now 6 hour working days which means you make less money. Of  course no matter if you work part-time or full-time hours budgeting your money is always important and any dips in your income can cause a ripple effect in each category. Catching my drift yet?

Just yesterday I read that Sweden is offering employees the opportunity to bin the 8 hour workday to embrace the 6 hour workday. Instantly I was like, hell ya that sounds good to me but that excitement didn’t last too long. I don’t think this would ever fly in North America but if it ever does catch on we should be prepared for this change.

Why would Swedish employers want a 6 hour workday anyhow? Well, they want their employees to be happy and by cutting back the hours they work each day they believe it will increase productivity and morale.

You see happiness and health should be very important factors for anyone not just the Swedish but they seem to have found a way to bring it all home for their employees. According to the article I read the 6 hour workday has already become a great success for some companies in the Scandinavian country so the rest of Sweden wants in on this smart way to run a business. It truly is IF you have employees who are ready for the change.

Most people in Canada get 2 weeks vacation with their employer where they can take time off to de-stress and think and do other things besides going to work. In order to get 5 weeks vacation each year most employees in Canada would have to work at least 5 years.

In the UK I was getting minimum 7 weeks vacation each year with the overtime I was working but it was standard to get 5 weeks vacation right from the start of employment. I was in shock when I moved to Canada to find out I would only get 2 weeks vacation.

I can see how the 6 hour workday would be appealing to an organization because if a company has a lower turnover rate and happy employees you will see your profits go up. That is of course as long as you have a business that is in demand but on the other hand your business may pick up if your employees champion the company.

In my 20’s I worked in a massive production facility in the UK for years and most people were miserable working a 12 hour workday. I was always an over-productive employee beating out other employees for speed and packaging making me employee of the month but I did it because I like a good challenge.

I didn’t have any kids or any financial stress but I did have debt, mortgage debt. Although there were days I wanted out most times I worked every shift I could, including all holidays and overtime that was offered.

I didn’t love my job by any sense of the imagination but I had bills to pay after all and since I was young when I bought my first house I wanted to pay it off as soon as I could.

How many times are you at work dying to punch out and go home? If you’ve just said never then you must don’t work, love your job or you’ve got no one to go home to. Even when I was single I would have done anything to get out of work early to get home to my dog who was always waiting and wagging his tail at the door for me. I miss that poor boy who passed away just 2 years ago but now I have a son who is running towards the door when I come home.

 

My Workday is long

 

A typical workday for me these days is still anywhere from 12- 16 hours or more depending on the day of the week. It feels like I’m always on call and I do get called in often. Not only do I have one job but I’m working a second job which is my dream job that I’m waiting to be hired on full-time at.

I’m exhausted, yes. I sleep as much as I can and when I’m not sleeping I’m blogging, cooking, renovating and enjoying time with the family. Everything in my life seems to be on a schedule when I’m working both jobs.

Yes, I’m tired but I’m generally a happy guy who gives 110% although I know once I get hired on permanently I will see a change in my mood and productivity. I eat on the run most days but do try to eat healthy and work seems like a workout for me even though I run at home at least 3-5 days a week for about an hour. I believe this really keeps my spirits up along with smiles and cuddles from my boy but most of all support from my wife.

 

The 6 hour workday and finances

 

Working a 6 hour workday sounds great and I’m sure many of you reading this today have your hand up asking where you can sign up BUT is this perk really that good? I had to take a step back and wonder how that would impact us financially. I also had to think about whether I was overdoing it with my work schedule which could impact my health and stop me from going to work.

It would be great if your employer said listen, you only have to work a 6 hour workday now instead of an 8 hour workday and we’ll still pay you like you were working 8 hours.

You know as well as I that it will never happen. So, if you work 8 hours a day, 40 hours a week and you now only get 6 hours a day and 30 hours a week. You’ve now lost 10 hours of pay. If you earn minimum wage in Ontario at $11.25 an hour that’s a whopping loss of $112.50 before taxes. Most people who work minimum wage rely on those 40 hours a week and would work any overtime they could to earn extra money come payday.

Even those employees who earn more than minimum wage may rely on their workday hours because they have settled into a lifestyle based around their income level. Honestly, isn’t this what everyone does, settles into what they earn so they can live life and pay the bills?  This however could change at a moments notice so we all should be prepared for the ‘What If’s’ or even worse, job loss.

Working a 6 hour workday may relieve some of the daily stresses of life and give employees more time with their families or to do their hobbies, BUT if they can’t pay their bills and debt starts to mount they’ve got an entirely different problem on their hands.

I don’t think people will ever get used to earning less money for less hours worked just to chill out and have more time off work unless it benefits a new generation of workers coming into the workforce. They could get used to working less hours, budget accordingly and hopefully keep debt to a minimum.

I could see many people opting to find a second job to make up for the loss in hours just to earn the same amount of money which really renders the 6 hour workday pointless for them.

This 6 hour workday led me to ask myself who it would benefit the most. If you have no debt or have lots of money in the bank you may not care about working fewer hours. All those financial numbers you ran for your retirement savings and pensions would change as would your monthly net income.

If you rely on a budget every month like we do this means you will have to juggle around your budget once again to see if you can balance it. You may not be able to save as much as you once were in your investments or you may have to chop your grocery budget to pay for your rent or mortgage.

All in all the 6 hour workday sounds like a trip to the beach but it sure does give me the sense that it will turn into a big mess until people get used to earning less money. Unless of course your employer is willing to top up that pay cheque each pay.

Could your budget handle a 6 hour workday and how would it impact your life?

 

CBB Week At A Glance

 

This week was one of those weeks where you wonder if you are going to get anything accomplished.

On top of the entire family getting ill I was asked to come in on my one day off. Although I contemplated it I had to say no because I wanted to spend time with my family. I also wanted to start cleaning out the garage for winter which I started to do.

I had already come home early from work once this past week because our son had a fever and we almost had him off to the hospital. Getting ill can be costly when you have children and a topic I’m gong to be writing about very soon. We are prepared now for the next flu or cold but we could have saved ourselves some money if we thought ahead.

The blog was busy this week once again as well my recent post about Stag Parties was featured at the Globe and Mail online once again by Rob Carrick, which is always appreciated. Thanks Rob!

That’s our week and although it was very boring we did manage to get out to the park with our son and get a few family laughs in together.

How was your week?

-Mr.CBB

 

Published This Week

 

Just in case you’ve missed any of my blog posts this week I will share them all below. If you are looking for past Saturday Weekend Review posts scroll down to the bottom of this post where I will list up to 5 previous weeks for you to read.

If you have a question that you would like to ask Mr.CBB fill out the Contact Mr.CBB form on the Home Page and send in your questions.

If you want to share a story via a Fan Question only please ensure that there is minimum 500-1000 words and details… we love details!

Right now CBB is posting Tuesday (Grocery Game Challenge) , Thursday (Personal Finance Post), Saturday (Personal Finance and Weekly Wrap-Up and a recipe on Sunday!

 

Budget Brags

 

Submit your Deal or Brag:

Saving money while grocery shopping is essential in the CBB family and that’s why we share our grocery shops every week in The Grocery Game Challenge 2015.

What I love the most is when my fans share their amazing shops with me whether it be groceries or other deals they find at a garage sale, online or freebies!!!

If you have a brag that you want me to share email me at canadianbudgetbinder@yahoo.(ca) < remove brackets) or fill out my contact form by Friday each week to have your brag considered for the Saturday post.

jens garage sales oct 3 (1)Hi Mr. CBB and Fans!

A neighbour is moving and had all sorts of stuff out for free. We took a T square, skill-saw, bubble wand, jug of bubbles, tie-wraps, and sidewalk chalk. All free! My dad took a bunch of stuff too. We could have taken more but didn’t want to be greedy!

Garage sale finds today:

  • Baby bottle liners $1
  • Old Navy throw blanket $1 (they were asking $2)
  • Halloween decoration $1
  • Picture frame $3 (they were asking $5)
  • Bath toys $2 (they were asking $4)
    Total spent $8

-Jen Peacock

 

Making A Difference (MAD)

 

Note: If you are a personal finance blogger (anywhere around the world) and would like your blog to be MAD featured simply drop me an email and I’ll explain the process to you.

This is my way of giving back to the personal finance community through networking and sharing knowledge with my fans.

She Picks Up Pennies

Happy Saturday, Frugal Friends at CBB!

It’s such an honor to be able to write to all the Canadian Budget Binder readers today. I’m Penny, and in case my spelling (misspelling?) of honor wasn’t a complete giveaway, I’m from the United States. I blog at She Picks Up Pennies, which chronicles my attempt to live a more purposeful life one cent at a time.

My blog name came from spending decades walking side by side with my grandma. She had this wonderful ability to savor the simple things in life and had a special knack for finding loose change wherever we went.

As someone who had taken an unfortunately frenetic approach to living and finances over the past few years, I decided to start She Picks Up Pennies to record my journey towards being more purposeful with my finances and my life.

Truth be told, I’ve never had to scale mountains of student loans or combat serious consumer debt. I did however find myself plummeting down the pit of excessive consumption. When Mr. P and I got married two years ago and moved into our house, I spent the first month convinced that our 3-bedroom, 1800-square-foot-home was far too small. Then I realized the problem wasn’t our closets but rather what I had tried to stuff in them.

This affection for stuff is also partly to blame for our savings account that never budged. I had made some really smart financial decisions growing up but I was spending just enough to essentially negate them. I never spent beyond my means but I did have a talent of spending right up to them.

I’m in the midst of using my blog to chronicle two goals–reducing our grocery budget to $200/month while still eating healthfully and trying to declutter the kitchen. Over time, I plan to tackle more obstacles on this personal finance journey.

I’ll continue to outline various frugal tips and tricks that have worked for me (anyone up for learning how to regrow your own romaine lettuce indoors?). I also promise to be embarrassingly honest and document my blunders, as well as my successes.

I’d love for readers to chime in with insights and stories of their own. I also hope to inspire everyone to feel better about buying less, saving more, picking up pennies. After all, it’s the little things that add up.

Thank you for your time and for this incredible opportunity!

-Penny

Top Recipe

 

easy vegetable risotto a dish of daily life blogFood  and grocery shopping is a BIG part of CBB because food is a large part of the budget which people struggle the most with.

If you are someone who would rather buy convenience meals or products consider cooking homemade meals or baking from scratch.

Not only will you save money but you will be proud of what you accomplished and you’ll see that from the smiles on those you feed.

If you don’t already know I have a second Facebook page called The Free Recipe Depot where I share recipes from other Food Bloggers from around the world.

I also share recipes on the blog once a week on Sundays either made by my in-house home blog cook Nicola Don or myself. So we’re not just a boring personal finance blog. This is a fun, interactive blog where we talk about everything that happens in our world.

This week our Top Recipe Pick goes to Michelle from A Dish Of Daily Life because this Easy Vegetable Risotto seemed perfect to make with the chilly breeze from a Fall afternoon coming through the window. This is a hearty dish that will hit the spot and won’t cost much to make which is great in my books. I like risotto for that reason.

 

Editor’s Pick

 

Every week I will pick a blog post of the week from around the web that I found interesting and want to share with you and an Editor’s top blog post pick.

Editor’s pick (That’s me Mr.CBB) goes to Freedom 35 Blog who shared a post that makes you think about what you want to do with extra money you may have come into. There are so many people (us included) who have asked what we should do with x amount of dollars we have stashed in the bank.

We have over $100,000 in the bank and have struggled with what to do with it even though we know where some of the money will go. It’s hard to sit on money and it’s hard to be given money when you may never of had large amounts of money in the bank before. NO, we were never given any money or any financial help on our journey although some people do get this help. I wouldn’t turn it down, would you?

Many people get an inheritance that they may not have expected and it turns out to be a very large one and they are stumped with what to do with it. Although you can talk to a financial advisor not everyone wants to go this route. Ultimately it’s best to get professional advice otherwise do what makes you happy.

 

How people find CBB

 

Every week I get thousands of people visit Canadian Budget Binder because they did a search online and found my blog. Keep in mind any spelling errors below are because I share with you the exact way they typed their search engine query to land on my blog.

  • Freshly Squeezed Canadian Lemonade– Haha, they are just lemons.
  • Spending too much money on smokes and not enough on my wife- Now that is strange. Get it together and sort out your priorities.
  • Is it uncommon to be in debt $100,000 as a lawyer?– It depends if you are new out of school and if you are building your business. If it’s consumer debt that you just blew away then Yes!
  • Why do women complain about money so much?– I don’t know, you ask them then let me know.
  • Jobs to do on maternity leave– The only job my wife had time to do was care for our son. I don’t think she would have been able to fit in a side job unless it involved sleeping.

That’s all for this week friends be back here next Saturday for more or Mr.CBB and Friends. Don’t forget to subscribe to my daily blog post by entering your email address on the home page and verifying the subscription email once it is sent to you.

-Mr.CBB

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14 Comments

  1. I definitely think if your finances can handle a shorter work day that that is the way to go. I feel so much better when I’m able to take time with my family and for myself instead of just working all the time.

  2. I would love a 6 hour work day, it would absolutely boost my morale. But I agree, I think most would be unable to handle a reduction in hours since there is such a high percentage of people living paycheck to paycheck (at all income levels I might add). Nice post.

    1. Thanks. That’s exactly what my thoughts were when I read about the idea. There are so many things we could do with the extra time but the money is needed. We are accustomed to the hours and the money.

  3. Thanks for the Editor’s Pick. 🙂 Your week sounded more exciting than mine. Every year around the beginning of Fall I notice a lot of people I work with getting sick. A lot of them have kids, and school just started, so germs spread quickly. I can see how it can be mentally tasking juggling work and family responsibilities, and financially expensive to take care of children sometimes. Looking forward to when you elaborate on that.

    1. Both times our son was sick this year were when we had him around other kids. This time a friend he was playing with had a runny nose which we didn’t give my thought to. Bad mistake. We all got ill once again. Ah well. So far the expenses have been minimal but I’m sure they will be increasing as time goes on. 🙂

  4. Could this be a good thing for unemployment? If a business normally has employees working 12 or more hours in a day, they could break that down to 2 shifts (2 people doing what 1 person was doing). Then unemployment should go down right?
    also, if everyone’s pay went down due to fewer hours worked, then so may the tax bracket that you are in (so would the tax man get as much from your pay?)

    1. There are lots of ‘If’s” and “Maybe’s” with this one. I get what you are going on about and yeah it could very well happen that way. It sounds like it’s great for the employer. The employee may have less taxes to pay BUT they still have the same debt load they went in with. It may be great for those just starting out with little to no debt but for those deep in the woods it may be tough going.

  5. Hubby worked a lot of OT back when. He had to watch as the union regulations said how much time he had to have between shifts and just how much OT he could work. Mind you he bent those rules at times. He was in sanitation for a meat processing plant and they had to keep things like machinery clean. He’d go in on weekends to clean light fixtures as they had to be done as well. Him having to retire due to illness has been a shock to the bank balance.
    I’m guessing that any company that cuts hours down to a 6 hour day is not going to pay for any more than the 6 hours actually worked. Plus a lot of places don’t pay benefits for part time workers and 6 hours a day is coming mighty close to being classed as part time so they are going to save by not paying for benefits as well. It does sound good but I can see the companies saving some serious money this way. If this is what you are working then you will need to budget carefully and/ or have a second job to make ends meet.
    Some nice deals as usual from Jen!! Have a great weekend!!

    1. I’m guessing if they made changes to the 8 hour work day than the definition of part-time and full-time would change meaning that benefits would still be covered for those that qualify. I wouldn’t want to have to find a second job because my hours were cut. There are so many pros and cons with this system.

  6. I’m currently a salaried employee who has been trying to keep my hours in check as much as possible. I think the increases in productivity would help out weigh the fewer hours since we all know that by the end of the work do our quality of work is taking a dip. I just can’t see the US ever making a change like this. The culture has long hours as a sign of success too engrained in it.

  7. I think I forgot that you were originally from the motherland… I saw about that 6hr work week too, and thought: ‘yeah that’d be awesome’ but only if they didn’t cut the pay to go with it. Maybe if they cut the standard 5 weeks and 3 days’ holiday we get here to partially make up for it, then cut the salary slightly, it could work well for us.

    Cheers

  8. Since I am no longer in the work force, I can’t really comment on whether I would want a 6 hr work day. At the factory where I did work, we received 3 weeks vac after 5 years, 4 weeks after 12 yrs, and 5 weeks after 20 yrs.
    Like you, when there was something I wanted, I worked all the overtime offered. For one straight year, I worked my normal 40 hrs and on the weekends I worked 2-16 hr shifts….for a total of 72 hrs a week. (there were 3 weeks when overtime wasn’t offered)
    I had a goal, and that was to qualify for a large mortgage on an apt building, we were buying….which then proceeded to lead to my early retirement.
    I guess, if I was to see young people taking a 6 hr work day…I would think they were lazy, unless they already owned their own home, maxed out their RRSPs, and had no debt…but that is just me.
    For the most part, I think everyone is getting lazier….and feel ‘entitled’

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