The midfielder left Sixfields last week after it was confirmed he had been unable to agree an extension to his contract with the club, which has now expired.
Manager Aidy Boothroyd confirmed the details of the new deal Guttridge had been offered included a reduction in the player’s salary.
But Guttridge was willing to take a pay cut - in fact he described it as ‘a good contract’ - and stresses his main issue was that his role in the first team would have been reduced.
“It was a two-year deal at a club I enjoy playing for, helping the younger players come through and taking a back seat,” he said.
“I took my time and it was a question of ‘do I want to sit on the bench picking up my money and having it easy for a few years or do I want to go elsewhere and play football?’
“It did take some time to decide because I wanted to stay at the club and have a great relationship with the manager.
“But I decided at 31 I’m too young to fill that role and would always choose playing over picking up money for an easy life.”
Read our exclusive two-page interview with Luke Guttridge in this week’s Chronicle & Echo