One reason why I've never worked in the area, hardly any IT jobs anyway and the rare time I ever did see one it was well below similar jobs a little further afield.
Personal Allowance
- Thread starter No1newts
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One reason why I've never worked in the area, hardly any IT jobs anyway and the rare time I ever did see one it was well below similar jobs a little further afield.
More net income for almost everyone. There's a thin band at around £117k (depending on pension conts.) where your income drops, but everywhere else there's a gain. Although I've been vandalised by the child benefit changes, which is a net loss of £242.00 a month.
Surely not. I live in a nice part of central London, smoke, drink and go out most nights and I don't spend anywhere near £5k/month.
Ha-ha
most people would be lucky to have an income of £1.5k a month, or a joint income of 3k, you my friend have 'first world' problems!Ha-ha
Actually a monthly net income of £1.5k is slightly below the UK average.
5K a month outgoings in a 'standard area' in the Midlands? Got kids?
Hopefully you're outgoings are into investments/savings etc otherwise you got some serious problems going on.
Supporting myself and international family on £1.7k a month NET. (and yes... it's bloody tough on that).
Hopefully you're outgoings are into investments/savings etc otherwise you got some serious problems going on.
Supporting myself and international family on £1.7k a month NET. (and yes... it's bloody tough on that).
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I was referring to another posters monthly spending habits, rather than average income.
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I'm afraid not, you forgot the 20% part. You would have paid 20% tax on that £107 difference, now you don't. So you save £21.40.
But the real figure is £9940, so £111.25 a month, and therefore £22.25 savings a month.
I hope, it's been a long day.
Soldato
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- 15 Feb 2003
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- Europe
Not looking to get into a pedants debatebut one could argue that in a salary sacrifice scheme, technically the employee isn't actually making contributions, so what he said wasn't necessarily incorrect as he was talking about the individual's contributions rather than the employer's (although it is still worth pointing out such schemes as you have done).
For people with kids who use childcare, childcare vouchers are another option worth looking in to, although the system is changing in a couple of years I believe.
One thing I'd be interested to know is how tax is handled in cases where a person has a rated annual salary above the threshold and earns that pro rata at the start of the tax year, but ends up at the end of the year earning below the threshold (e.g. due to maternity leave), presumably they pay tax in the early months at the rate as if they were going to earn that much all year round, and then get a rebate in the new tax year? Or can the system 'work it out' during the course of the year and charge less tax than normal to start repaying the 'over taxation' that happened earlier in the year?
Doesn't the new real-time information thingy take care of that? Your details are now updated every month, as oppose to once a year.
I'd hardly call it real-time though. lol
Ha-ha
Ugh, this is why I shouldn't read this forum. No wonder you all earn a pittance.
Soldato
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- 22 Feb 2008
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- 11,114
We're in the Midlands too, no kids, and around £56k joint income. Sure, we're at the breadline quite often but that's mainly due to carrying debt from getting to where we are. Mortgage is also crap due to buying at the height of the boom in 2007.
We could save more, really, but I like enjoying myself too much.
Things should improve immeasurably once the debts are gone later this year -- but I wouldn't consider us wealthy by any means. We certainly can't afford to be having children, for one, and an unexpected car bill really does become a setback with the meagre savings we've managed to shift away.
Associate
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- 20 Apr 2004
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- Somerset
Yes we have one child.
The only investment our money goes into is the house which is about 1/5 of our income. Apart from our mortgage and car finance we have no other debts. Living just eats our money.
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We used to haemorrhage money when we had more (both people working and no kids). It's amazing what you actually do spend it on that you just don't need. Used to consider my sports car essential etc. lol.
Cost of living has definitely gone up substantially the past few years though
Our main problem was the debt that I foolishly built up. £350+ a month takes a large chunk out of you living (plus student loan repayments if I had those on the go as well).
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I'm not sure which side you are coming from as you are quite neutral in what you state but earning over 45k and being in the top 15% of earners does not make you wealthy.
If suddenly all incomes were lowered to 10k in this country except for a million people on 15k they would not be wealthy, they would just be better off than the rest and that is the inherent failure that the "hate the wealthy" attacks come from. Rather than saying "lets better ourselves and our country" they instead say "lets kick chunks out of the well off until they are no longer well off." This is a pathetic and envious view which will slowly destroy any countries economy as there is no incentive to go out and do well if you can do average and be just as well off. Communism and far left socialism will always fail because of this.
Not directed at who I quoted, just a general point (unless you were saying people earning 45k are wealthy, then it is directed at you too
)