Is it worth it doing overtime?

Guest2

Guest2

Guest2

Soldato
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Using a salary calculator I have worked out my monthly take after tax, ni, 5% pension and student loan is £1480. This month I putting through £673 of overtime - quite a decent amount IMO

If I add that to my annual salary and re-calculate with the salary calc my take home comes to £1511. My £673 of hard earner money has been turned into + £31 :eek:

Yes my student loan will be a little more paid off and pension pot bigger when I can draw it in ~35 years but big wow

edit - i needed to do 12x673 to work out the month take home (as below)
 
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You have calculated that wrong. Yes its very much worth doing over time.
I'm on similar amounts and well your calculations are wayyyyyyyyy offf.
 
Thats overtime per year you're calculating.

You need to calculate it per month

24500 + (673 x 12)

Is more like £1849 a month
Depending how your pension is claculated.
 
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Glaucus said:
Thats overtime per year you're calculating.

You need to calculate it per month

24500 + (673 x 12)

Is more like £1849 a month
Depending how your pension is claculated.
Click to expand...

Are right yes, makes sense now + ~£370

doh

still - an extra £33 pension, £60 student loan, £127 tax, £80 NI. That's almost half of it gone :(
 
Do you pay more pension? Ours is only done on basic wage, it depends how your pension is done.

Its more than worth, thats a lot of extra money a month.
Student loan is a lot and you notice it, unlike most people say in the student loan threads, mine should be gone in march. It should have ended towards end of 2014, but paying the extra off so it ends at end of tax year.
 
Guest2 said:
Are right yes, makes sense now + ~£370

doh

still - an extra £33 pension, £60 student loan, £127 tax, £80 NI. That's almost half of it gone :(
Click to expand...

lol that's some mighty 5% pension (for the avoidance of doubt I'm not laughing at the amount of your pension, just the maths).

Edit - actually I think I didn't realise you were talking net there, so perhaps the laughs are on me :D
 
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Guest2 said:
Are right yes, makes sense now + ~£370

doh

still - an extra £33 pension, £60 student loan, £127 tax, £80 NI. That's almost half of it gone :(
Click to expand...

Yep, and when you start to earn £50k+ per year you'll start to hate the young little scrotes that yell "Tax the rich even more!!"
 
Nitefly said:
lol that's some mighty 5% pension (for the avoidance of doubt I'm not laughing at the amount of your pension, just the maths).

Edit - actually I think I didn't realise you were talking net there, so perhaps the laughs are on me :D
Click to expand...

yes - £102 on normal wage, £135 on £32576
 
Overtime is a good way to save money - Years ago before retirement I worked extra hours beyond knocking off time and most Saturdays - spent Sunday in bed and there was no internet to buy from - So while it lasted was good saving's opportunity.


Dave
 
Lol, epic.

Of course it is worth doing, you ultimately have more to spend, pay more off debts, put more away for your future... i'm struggle to find a down side other than your loss of free time which of course you are being subsidized for?

Going without saying that the degree isn't in maths. (Edit) not useful at all so i apologize for that.
 
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Of course it is. I've done 14.5 hours last week and after deductions it works out that I have earned enough extra to pay for all the materials I need to build a walk in wardrobe next weekend.

I would have only been sat at home playing games anyway.

So I still get my regular wage + free wardrobe!
 
I'd say it's worth doing in moderation, as long as you don't burn yourself out and / or damage your health.

I've finished a project last week after working insane hours for the past 4 weeks; it triggered shingles in the final few days :( Really not worth the money to suffer that.
 
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